StanChart Launches Integrated European Domestic Cash Management Services

Published 

By Tom Alford, Deputy Editor

A full range of Standard Chartered cash management services is now available covering the UK and Eurozone countries. The expanded offering follows a major revamp of the bank’s cash management infrastructure. TMI spoke to Karin Flinspach, Regional Head Transaction Banking, Europe and Americas, Standard Chartered, to get the details.

Standard Chartered has unveiled its new cash management service for Europe. Delivered out of London and Frankfurt, it will connect clients in the bank’s core footprint across Asia, Africa and the Middle East who are looking to do more business in Europe, while serving Europe-based clients and also helping them reach into that wider network.    

This has been made possible by the bank’s investment in a ground-up rebuild of the technical infrastructure in Europe underpinning it global offering, explains Flinspach.

Karin Flinspach,
Regional Head Transaction Banking, Europe and Americas, Standard Chartered

Where the bank’s previous European focus has been on origination services, she says the extension brings a range of new products and services to its wider client base. In addition to existing high value clearing, transactional FX and pooling services, Standard Chartered is now offering extra services including virtual accounts, enhanced pooling and liquidity services, application programming interface (API) capabilities, low value clearing, and in the future new payment methods supporting e-commerce such as UK Faster Payments and SEPA Instant.

With some banks having retrenched in Europe, Flinspach says Standard Chartered is leveraging demand out of its major corridors of trade, such as China, Hong Kong, South Korea, Japan and India in Asia, and Dubai, South Africa, Kenya and Nigeria in the Middle East and Africa.

“These are the networks where we have very strong corridor relationships between large local clients in these countries and Europe,” she explains. “What we’re looking to offer in Europe is services for their operating subsidiaries but also offer centralisation and pooling centres and some more niche products such as escrow.”

Indeed, with the opportunity afforded by “stronger client demand” across the regions, Standard Chartered’s overarching services will also now cover a broader scope for corporates, says Flinspach. These include supporting operating subsidiaries, running regional or global treasury centres, trading centres, or investment arms in Europe. The bank will also deliver complex solutions for central treasuries, in-house banks, trading centres and billing hubs operated by its clients, including global pooling structures.

Tech revamp

The core build of the new infrastructure was driven by a need to offer a fully digitised product set to all clients. “This will help us to make our internal processes smoother but also to develop solutions that will help our clients to digitise and automate their own financial and treasury processes,” says Flinspach.

As part of the development process, Standard Chartered’s cash management team has been partnering with a number of other functions within the bank. This includes work with its foreign exchange services team to enable the roll-out of FX-related products, such as automated currency conversions and a new pricing engine.

The technical roadmap started two years ago with a “massive ground-up rebuild”, she notes. To help deliver the most appropriate solutions, Flinspach says Standard Chartered has also been engaging with the fintech community. This covers areas such as artificial intelligence and machine learning in reconciliations processing, and the development of a new direct-to-bank payment gateway across its European network.

“We have a concrete roll-out plan for this year and we have an overall roadmap for digitisation capabilities, but we need to remain agile,” Flinspach confirms. With the bank having been “very active” in Asia with its API connectivity programme, embedding these into a number of marketplaces, its work with fintechs has been augmented by collaboration with the established core system providers, such as the TMS and ERP vendors.

The ultimate aim, Flinspach reports, is for Standard Chartered to deliver a holistic product suite to its Europe, Asia, Middle East and Africa clients. “We now have the core cash capabilities in Europe, so we can start fully leveraging the build out of our wider digitisation agenda.”

Most recent episodes

What’s on the Horizon for Short-term Investments?

The treasury community has risen to the ongoing challenge of rising interest rates and inflation, with corporate cash serving as the sought-after safety net. Here, Daniel Farrell (Northern Trust Asset Management) and Karl Adams (ICD) consider how the latest MMF reform proposals affect short-term...

Transitioning a Corporate from LIBOR to CME Term SOFR

The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward looking risk-free benchmarks to support their activities. Listen to this podcast, featuring Gavin Lee, Marco Bianchi (CME...

37:16

HSBC’s Sibos Spotlight – View from Sibos

TMI's Eleanor Hill invites Neil Atkinson, Nadine Lagarmitte, and Vinay Mendonca (HSBC) to discuss the critical treasury topics and conversations highlighted at this year's Sibos conference in Amsterdam. Amongst a wealth of market insights, our guests consider the most critical developments emerging from...

38:40

ECB’s Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th...

05:42

Asian Treasury Trends: Learnings and Opportunities

Former corporate treasury professional, Valerie Heng (Deloitte) joins Eleanor Hill to discuss the hot topic of treasury transformation, alongside other key shifts treasurers should be aware of. In this podcast, Valerie uses her knowledge of the Asian Treasury market to explain how the role of the...

20:27

Collaborative Trade Finance: How to Unlock Liquidity at Speed

Imagine if trade finance applications were fully collaborative and corporates could communicate with every trade participant via an open digital hub.  In this podcast, Vincent Almering (Interfood Holding B.V.) and Enno-Burghard Weitzel (Surecomp) explain to TMI's Ben Poole how collaborative trade...

35:54

Critical Trends in Trade and Supply Chain Management

Three trade finance experts from Societe Generale join Ben Poole (TMI) in the virtual TreasuryCast studio to discuss critical developments in the trade space that are particularly impactful to corporate treasurers. In this podcast, Isabel Santos, Ariel Emirian and Pierre-Antoine Barreault (Societe...

21:32

Citizen Development: The New Productivity Engine for Corporate Treasurers

‘Citizen development’ is about encouraging non-IT professionals to learn software development skills. Here, Dor Haim (Kryon) questions whether, with the roll-out of low-code platforms, treasure...

07:09

Managing the Impact of Rising Interest Rates and Inflation

With interest rates rising as central banks try to contain inflation, a difficult balancing act is in progress. The responses of the various monetary policy committees are being watched with a keen eye by treasurers the world over as they consider their next actions. Tarek El-Yafi and Karen Hom (Standard...

08:21

Community Impact: Cash and Fixed Income Investing for Good

CNote is a tech-enabled impact investment platform – and a means for finance to be used as a “tool for economic justice”. Its focus on diversity, equity, and inclusion helps corporate and institutional investors use their capital to strengthen underserved communities.  Catherine Berman (CNote)...

13:37