Financial news

Checkout.com, the global payments service provider, has improved its operational and performance for its merchants in the UAE by partnering with Standard Chartered. In doing so, Standard Chartered will act as Checkout.com’s cash management bank.

The partnership leverages technology to integrate payment systems. Standard Chartered will also deliver an infrastructure that will power Checkout.com as it enters its next phase of growth across the Middle East.

Wolfgang Bardorf, group treasurer of Checkout.com said: “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 organisation such as Standard Chartered.”

The client experience will be improved by:

• bringing comprehensive multi-currency coverage
• extending funding cut-off times,
• advancing liquidity management within a complex account structure
• foreign exchange execution
• transparent pricing models
• automated settlements integrated with clearing schemes.

Motasim Hasan Iqbal, head transaction banking sales, Africa Middle East, Standard Chartered, added: “This partnership signifies our commitment to shaping the future of commerce, where innovation and trust converge to redefine the payments industry across the region.”

The collaboration deploys a sophisticated framework. It combines multiple currency accounts and proprietary treasury funding with extended funding times and cross-border direct debits. Moreover, it grants access to direct clearing via Standard Chartered’s network. This facilitates faster high-value payments by leveraging the bank’s regional market access.

The partnership represents a significant milestone in advancing payment services in the UAE and the Middle East. Both organisations share a commitment to innovation and excellence.