Standard Chartered has been selected to provide USD-denominated payments for the Industrial and Commercial Bank of China (ICBC).
Go deeper with GlobalData
The payments are provided under the bank’s Express Guaranteed Payment service that guarantees same or next day cross-border payment delivery to beneficiaries in Asia and Africa.
Standard Chartered said that its Express Guaranteed Payment service will help ensure quick transmission of funds, effectively enhancing working capital efficiency.
"Clients will also benefit from better visibility and control over funds as well as the ability to guarantee payments to the ultimate beneficiary at the end of the payment chain," said by Standard Chartered in a statement.
Madhavan Ramaswamy, head, correspondent banking, Standard Chartered Bank, said: "As trade flows between China and Africa are expected to continue to grow in the coming years, our partnership with ICBC highlights the increasing demand for seamless cross-border settlement solutions in these dynamic markets.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"With our strong presence and expertise in Asia, Africa and the Middle East, Standard Chartered is well-positioned to support our footprint clients in their international growth agenda, and we continue to invest in enhancing our innovative and competitive clearing and settlement solutions for clients."
