Shell Awards Pan-Asia Cash Management Contract To Standard Chartered
The Royal Dutch/Shell Group of Companies’ (Shell) Treasury Centre East has awarded Standard Chartered Bank a major cash management contract that covers ten markets across Asia and the Middle East. In its role as primary bank and in coordination with its network of correspondent banks Standard Chartered Bank will deliver local currency cash management services, including cash concentration, payments and collections to Shell’s network of wholesale and retail operations. The contract was awarded after a ‘rigorous’ six-month selection process. Under the agreement, Shell and Standard Chartered Bank will implement a host-to-host communication link to transfer all settlement instructions, remittance information and bank statements in harmonised format. To effect this, Shell plans to leverage its existing bank communication infrastructure put in place to service a similar initiative in Europe.