Standard Chartered Bank has announced the launch of enhanced online foreign exchange services through its secure banking platform Straight2Bank.
It brings a choice of 130 global currencies to the bank's clients in Bahrain, the UAE, Oman and Qatar.
It is seamlessly accessible to all corporate clients through the platform. This added advantage allows clients to access international trade currencies within Straight2Bank - ultimately making currency payments for Middle East-Asia and intra-Middle East trade relationships faster and executed in a currency of choice.
The product innovation saves clients' unnecessary costs in currency conversions and avoids the inherent risks associated with fluctuating currency rates - a challenge most traders face when dealing with trade partners outside their economies.
Standard Chartered corporate clients can now access instantaneous foreign currency quotations within their secure corporate online banking portal Straight2Bank.
The request for quote feature allows customers to avoid the onerous process of calling for currency quotations from a bank's local treasury desk, to trade in a company's currency of choice.
By selecting their currency and volumes for conversion online, clients receive an almost instantaneous quotation, with the option to accept or decline within minutes.
"This value added service is a demonstration of our commitment to enable the burgeoning trade flow between our clients in Asia, Africa, the Middle East and the rest of the world, supporting our clients in their drive to connect with their trading partners in any part of the world," said Standard Chartered global corporate cash and trade product management head Ashutosh Kumar.
"Our corporate clients in Bahrain, Oman and the Levant as well as a number of other international markets in our footprint, will have immediate access to these product innovations without incurring set-up costs or installation delays through our secure online banking portal," said Bahrain, Oman and the Levant transaction banking head Hussain Shirazie.
"This move comes in line with our continuous efforts to leverage the benefits of electronic enhancements for our clients," he added.