Global payments service provider Checkout.com has announced a strategic partnership with Standard Chartered as their cash management bank to bring improved performance to Checkout.com’s merchants in the region.
The partnership leverages technology to integrate payment systems and deliver an infrastructure that will power Checkout.com as it enters its next phase of growth across the Middle East. This will deliver a positive client experience, bringing comprehensive multi-currency coverage, extended funding cut-off times, advanced liquidity management within a complex account structure, foreign exchange execution, transparent pricing models and automated settlements integrated with clearing schemes.
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Checkout.com was recently appointed as the payment provider for lastminute.com. This partnership involved Checkout.com conducting a complete payment review of lastminute.com. This resulted in an increase of 1.9% in authorisation rate.
Checkout.com looking to extend reach in the UAE
Wolfgang Bardorf, Group Treasurer of Checkout.com, said: “This partnership marks a sustained investment by Checkout.com to streamline the operational complexity in the region and bring increased performance and flexibility that benefit our merchants. As the first global payments provider to be granted an acquiring license in the UAE, we are pleased to partner with a trusted financial organisation such as Standard Chartered.”
Motasim HasanIqbal, Head Transaction Banking Sales, Africa Middle East, Standard Chartered, added: “We are thrilled to extend the reach of Checkout.com in the UAE and across the wider region. This partnership signifies our commitment to shaping the future of commerce, where innovation and trust converge to redefine the payments industry across the region.”
The collaboration deploys a framework which combines multiple currency accounts and proprietary treasury funding with extended funding times and cross-border direct debits. Moreover, it grants access to direct clearing via Standard Chartered’s network, facilitating faster high-value payments by leveraging the bank’s regional market access. The partnership between Checkout.com and Standard Chartered represents a significant milestone in advancing payment services in the UAE and the Middle East.
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