Standard Chartered, a leading international banking group with a strong presence in Asia, Africa and the Middle East, and Worldpay from FIS, the world’s largest merchant acquirer, have unveiled a strategic alliance.
The goal is to broaden the market reach of, and integrate new features into, Straight2Bank Pay, Standard Chartered’s singular digital collections platform for merchants.
The partnership embodies Standard Chartered’s consistent commitment to improving its cash management solutions through innovation and alliances, and to fulfil its clients’ digital objectives. By combining their unique strengths, both companies will provide a comprehensive array of digital collection solutions, catering to the dynamic needs of businesses.
Standard Chartered is an established international bank, providing diverse financial products and services to a broad range of clients. They excel in cash management, trade finance, treasury, and securities services. On the other hand, Worldpay from FIS® stands as the world’s largest merchant acquirer, processing payments for businesses around the world. They offer a wide range of merchant services, including payment processing, fraud detection, data analysis, and e-commerce services.
Through this collaboration, businesses will benefit from an increased variety of payment methods, including cards and alternative payment methods like e-wallets and bank transfers. Furthermore, this alliance enables Straight2Bank Pay to extend its presence across Asia and penetrate new markets in Europe, the Middle East, the UK, and the US. This expansion will support more merchants in delivering smooth payment experiences for their customers.
This partnership comes at a time when both businesses and consumers globally are embracing seamless digital payment methods. Predictions estimate the global e-commerce market will reach $8.53tn by 2026, meaning businesses will need to quickly adapt to both the evolving digital payments landscape and their consumers’ preferred payment options. Worldpay General Manager for Global eCommerce, APAC, Phil Pomford said, “We are thrilled to partner with global banking leader, Standard Chartered, to deliver our advanced acquiring solutions and set the standard for smarter, frictionless payments across the globe.”
Philip Panaino, Global Head of Cash, Transaction Banking at Standard Chartered, further added, “With a common vision to simplify the payment experience for businesses, we look forward to supporting more businesses on their digital payments journey, so that they in turn can meet their customers’ needs in a more seamless, efficient, and secure way.”
Standard Chartered, through Straight2Bank Pay, is addressing the increasing demand for efficient digital collections among corporates. This is achieved via direct connectivity to instant payment schemes across its key footprint markets, and by teaming up with prominent payment service providers and FinTech players. The platform has witnessed significant growth since its launch, with transaction value more than doubling from 2021 to 2022 and transaction volume growing more than three-fold over the same period.
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