StanChart Unveils SCPrismFX
Posted by Colin Lambert. Last updated: January 22, 2025
Standard Chartered has launched a new transactional FX suite of solutions aimed at its financial institution, non-bank financial institution, paytech and corporate clients that brings together several of its existing products.
Under the new umbrella, the bank’s transaction banking, financial markets, and digital platforms’ capabilities have been brought together to offer FX payment services across over 130 currencies in more than 40 markets.
For corporate clients, the bank says SC PrismFX provides a consistent transactional FX payments experience across its markets globally, with FX pricing and emerging markets insights coupled with a suite of payables, receivables, and trade finance solutions.
For PayTech clients, the new service provides a distribution and payments network across developed and emerging markets, connectivity to local and instant payment schemes, and a variety of digital FX solutions “integrated into client journeys”.
StanChart adds that clients from both financial institution segments can benefit from upfront FX rate visibility and transparency to have full control over margins and rates for their own customers. Additionally, clients can benefit from automated FX payments with faster multi-destination delivery, auto FX conversion solution, and integration with minimal operating process changes and set-up costs.
“Beyond mainstream settlement and payment currencies, corporate, financial institutions and paytech clients are increasingly transacting in emerging markets currencies,” says Michael Spiegel, global head of transaction banking at Standard Chartered. “SC PrismFX offers clients access to a robust payment distribution network with direct clearing across multiple domestic schemes. Our strong on-the-ground network in some of the world’s most dynamic markets, coupled with our continued investments in our platforms give us an edge in the market and allow us to offer our clients an end-to-end transactional FX solutions suite that can be tailored to their specific needs.”
Sharad Desai, global head of markets sales and structuring at the bank, adds, “In a rapidly evolving macro-economic and geopolitical environment, corporates and financial institutions need competitive, digital, and automated FX solutions that help them efficiently manage their risks, control their costs, and gain a competitive advantage. SC PrismFX brings together the strengths of Standard Chartered’s FX trading capabilities, on-the-ground insights, and our world-class payments platform to offer clients a suite of FX payments solutions that meet their specific needs, regardless of how complex they are.”