Standard Chartered Bank has launched its Express Payment Guarantee Programme to deliver fast USD and euro cross-border payments to Asia and Africa.
It adds euro payments and Africa as a payment destination to the existing Payment Guarantee Programme, launched in 2012.
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Anurag Bajaj, head of clearing and liquidity products, said: "With growing trade between Africa and the rest of the developing world, we are seeing a strong increase in commercial payment volumes to the region."
The new project is aimed at reducing delivery time and offering clients better visibility and control with an automated email notification service, which provides notice to remitters as well as beneficiaries on the completion of each transaction.
Madhavan Ramaswamy, head of product management, explains: "As more and more trade is conducted on an open account basis, exporters increasingly demand evidence of payment before shipment of good.
"The extended Express Guaranteed Payments addresses this need, and is expected to help strengthen the relationship between remitters and beneficiaries through improved speed, efficiency and security for payments."
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By GlobalDataThe scheme is available to Standard Chartered’s clients making use of the bank’s USD and euro clearing capabilities.
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