Standard Chartered enhances SWIFT offering
Standard Chartered has added new features to its SWIFT solution as part of an initiative to further digitize the services it offers clients.
Standard Chartered has added new features to its SWIFT solution as part of an initiative to further digitize the services it offers clients.
Financial services giant Standard Chartered has enhanced its SWIFT for Corporates Trade offering to provide a full suite of trade messaging capabilities which will enable the digitization of trade and trade finance for international clients.
The move comes as new digital initiatives sweep across the industry and as organizations prepare for the impending changes in SWIFT Trade message formats.
Samuel Mathew, global head, documentary trade, transaction banking at Standard Chartered said: “Trade of the future will be largely digital in nature. Digitization is a core theme for both our clients and us, and it is imperative we work with our clients to digitize their trade finance flows by enhancing existing digital channels such as SWIFT and embarking on new technologies such as APIs and distributed ledger-based solutions.”
Demand for electronic trade initiation
For large multinational corporates already connected directly to the SWIFT network, there has been increasing demand for multi-bank electronic trade initiation and advising solutions. The digital trade channel, powered by SWIFT MT798, is an important enabler, allowing corporates to communicate their trade banking needs digitally, in an integrated and seamless manner.
Huny Garg, head of trade & supply chain at SWIFT said: “Corporates face major operational challenges in documentary trade and are looking for improved workflow to streamline their trade processes, especially in multi-bank relationships.
“We are glad to see that MT798 volumes grew by 81% in the first half of 2018 over the same period last year, which is testament to the value that this solution brings to corporates. Asia, Africa and the Middle East account for over 80% of documentary trade flows and Standard Chartered’s initiative will provide a major boost to further the digitise trade in these markets”
The solution adds to the existing suite of multi-banked and digital trade solutions Standard Chartered offers across transaction banking, and is aimed at helping corporates achieve greater efficiency through centralized management of their trade instruments.