Standard Chartered Bank recently launched SC PrismFX, its cross currency foreign exchange (FX) trading solution suite for global financial institutions, non bank financial institutions, payment technology companies, and corporate clients. This suite integrates Standard Chartered Bank's existing digital transaction banking, financial markets, and digital platform capabilities.

SC PrismFX aims to provide global clients with forex payment services covering over 130 currencies and more than 40 markets. This solution aims to provide a personalized forex experience for different customer groups by integrating various financial services into a unified product.

For corporate clients, SC PrismFX offers a forex trading and payment solution that spans Standard Chartered Bank's global network, including competitive forex pricing, as well as trade financing, accounts receivable, and accounts payable services. The bank stated that these features are designed to support businesses in handling operational needs involving international transactions, whether in developed or emerging markets

For payment technology companies, SC PrismFX provides an extended payment and distribution network. This solution connects customers with local and instant payment systems in various markets, with a focus on seamlessly integrating digital forex solutions into customers' operational processes.

Financial institutions and non bank financial institutions can also benefit from SC PrismFX, which provides customers with visualization and control of foreign exchange spreads and rates. This platform also offers automated multi destination payment solutions and automatic forex conversion options. This method aims to provide customers with faster and more efficient forex trading without the need for significant changes to their operational processes or increased setup costs.

Michael Spiegel, Head of Global Transaction Banking at Standard Chartered Bank, stated that as the relevance of emerging market currencies increases among the bank's customer base, SC PrismFX enables customers to directly clear through multiple local clearing systems, enhancing the bank's ability in foreign exchange trading.

Sharad Desai, Head of Global Market Sales and Structure at Standard Chartered Bank, emphasized that in the context of constantly changing macroeconomic and geopolitical environments, businesses and financial institutions need digital and automated forex solutions to help them effectively manage risks, control costs, and gain competitive advantages. SC PrismFX combines Standard Chartered Bank's forex trading capabilities and payment platform to meet these needs.

The launch of SC PrismFX reflects Standard Chartered Bank's continued commitment to developing comprehensive integrated financial solutions for global clients. The platform is now available to global customers and aims to meet the growing demand for cross-border payments in response to the rapidly changing financial environment.