At Money 20/20 Asia, Standard Chartered and Temenos announced a collaboration to leverage Standard Chartered Aggregated Liquidity Engine (SCALE), the bank's foreign exchange (FX) API service, making Standard Chartered the first bank to list its solution on the Temenos Exchange partner ecosystem of fintech solutions.
The collaboration will bring together Standard Chartered's solution offering FX execution and settlement with Temenos' core banking and payments technology via an integration. This enables financial institutions (FIs) on the Temenos platform to enhance their services and to implement Standard Chartered's FX services more efficiently with fewer requirements on technology resources. The ease to getting started is especially beneficial for retail banks, wealth managers and payment providers handling low-value or high-volume transactions that sit outside their treasury function.
Through this integration, FIs will benefit from a faster go-to-market in accessing the Standard Chartered's extensive currencies offering, allowing them to price services across more than 130 currencies and 5,000 currency pairs while managing exposure risks to FX market volatility. Having access to Standard Chartered's advanced FX and payment capabilities also allows FIs to be in full control of FX margins applied to their customers' transactions.
Additionally, when combined with Temenos Payment Hub, the integration will allow FIs to consolidate the SCALE FX service with other domestic and international payment rails on a single platform, connecting multiple payment sources, channels, clearing networks, and distribution services.
Cross border payments is seeing rapid growth driven by globalisation and digital commerce. The market is projected to grow from $194 trillion to reach $320 trillion by 2032. By offering seamless, fast, and cost-effective international transactions, banks can capture a larger share of this high-growth market and attract new customers.
Monty Bhatia, EVP of Global Alliances and Partner Ecosystem, Temenos, commented: "We are proud to welcome one of the world's leading financial institutions to Temenos Exchange. This collaboration demonstrates the strength of our ecosystem to create superior solutions and drive greater value for our clients. It enhances our best-of-suite core banking solution and strengthens our payments offering, giving customers more options to grow their payments business."
Janet Thomas, Global Head of Strategic Partnerships, Corporate & Investing Banking, Standard Chartered, added: "We are delighted to partner with Temenos to extend the reach of SCALE to even more financial institutions globally, by building on the geographical synergy that Standard Chartered shares with Temenos. Being a part of the Temenos Exchange is testament to our continuing commitment to deepen our relationship with financial institutions, with the goal of accelerating their journey in achieving FX centralisation and supporting them in meeting their clients' transaction needs through differentiated solutions that raises the bar on efficiency and accessibility."
Source: Standard Chartered’s foreign exchange (FX)