RiskTech Forum

Standard Chartered upgrades Swift solution

Posted: 17 August 2018  |  Source: Finextra

Standard Chartered has enhanced its SWIFT for Corporates Trade solution to provide a full suite of trade messaging capabilities which will enable the digitisation of trade and trade finance for their international clients.

This is in line with the current wave of digital initiatives across the industry and in preparation for the impending changes in SWIFT Trade message formats.

Samuel Mathew, Global Head, Documentary Trade, Transaction Banking, Standard Chartered, said, “Trade of the future will be largely digital in nature. At Standard Chartered, we are constantly striving to improve and simplify the way our clients interact with us. Digitisation is a core theme for both our clients and us and it is imperative we work with our clients to digitise their trade finance flows by enhancing existing digital channels such as SWIFT and embarking on new technologies such as APIs and distributed ledger based solutions.”

For large multinational corporates who are already connected directly to the SWIFT network, there has been increasing demand for multi-bank electronic trade initiation and advising solutions. The digital trade channel, powered by SWIFT MT798, is an important enabler, allowing corporates to communicate their trade banking needs digitally, in an integrated and seamless manner.

Huny Garg, Head of Trade & Supply Chain, SWIFT said, “Corporates face major operational challenges in documentary trade and are looking for improved workflow to streamline their trade processes, especially in multi-bank relationships. We are glad to see that MT798 volumes grew by 81% in the first half of 2018 over the same period last year which is testament to the value that this solution brings to corporates. Asia, Africa and the Middle East account for over 80% of documentary trade flows and Standard Chartered’s initiative will provide a major boost to further the digitise trade in these markets”

This solution adds on the existing suite of multi-banked and digital trade solutions which Standard Chartered offers its clients, across transaction banking, and is aimed at helping corporates achieve greater efficiency, through centralised management of their trade instruments. Standard Chartered remains committed to deliver best-in-class services and solutions to facilitate trade flows for its clients.