Standard Chartered Bank has launched a new cash management service for corporate and institutional clients in the United Arab Emirates (UAE). Client Account Services (CAS) is a web-based solution designed for organisations to manage customer funds.
CAS can be used by a variety of sectors including securities brokers, portfolio management, property management, law firms and aviation/logistics industries. it allows users to administer and segregate downstream customer bank accounts with greater efficiency, visibility and security.
“During the recent financial crisis, regulators and end-customers were demanding more cash management transparency and increased protection for customer’s funds. There is also a rising need across finance, legal and property sectors to segregate individual customer’s funds from being co-mingled with one another or with the company’s own operating funds,” said Haytham El-Maayergi, head of transactional banking, Standard Chartered Bank UAE.
Offered through the bank’s electronic banking channel, Straight2Bank, users can arrange for collection and payment from individual customers via the newly created bank accounts (sub-accounts) and obtain real-time account information on all accounts. This enables Standard Chartered’s clients to accelerate their business transactions, make timely decisions for potential investments and offers them increased flexibility to make urgent, time-sensitive transactions.
The service also helps the bank’s clients to cut operating costs by reducing manual reconciliation inaccuracies and errors. Internal fraud and compliance risks are also significantly reduced due to greater visibility of fund movement combined with the enhanced control over individual customer’s funds in segregated bank accounts, according to the bank.