Checkout.com, the global payments service provider, recently announced a strategic partnership with Standard Chartered as their cash management bank to boost the operational and performance of Checkout.com’s merchants in the region.
Industry sources added that this partnership permits state-of-the-art technology to seamlessly integrate payment systems and deliver an infrastructure that will power Checkout.com as it enters its further phase of growth across the Middle East.
Industry sources added that it will deliver an unrivaled client experience, bringing better multi-currency coverage, extended funding cut-off times, advanced liquidity management within a complex account structure, foreign exchange execution, transparent pricing models, and automated settlements integrated with clearing schemes.
Wolfgang Bardorf, Group Treasurer of Checkout.com, stated: “This partnership marks a sustained investment by Checkout.com to streamline the operational complexity in the region and bring increased performance and flexibility that benefit our merchants. As the first global payments provider to be granted an acquiring license in the UAE, we are pleased to partner with a trusted financial organization such as Standard Chartered.”
Motasim Hasan Iqbal, Head of Transaction Banking Sales, Africa Middle East, Standard Chartered, added: “We are thrilled to extend the reach of Checkout.com in the UAE and across the wider region. This partnership signifies our commitment to shaping the future of commerce, where innovation and trust converge to redefine the payments industry across the region.”
Industry sources further added that this partnership will be deploying a sophisticated framework, combining multiple currency accounts and proprietary treasury funding with extended funding times and cross-border direct debits. Moreover, it will be granting access to direct clearing via Standard Chartered’s network, facilitating faster high-value payments by leveraging the bank’s regional market access. This partnership also displays a significant milestone in advancing payment services in the UAE and the Middle East.
