Standard Chartered adopts TSU

Standard Chartered has boosted its offering to clients by adopting Swift’s Trade Services Utility (TSU) standard into its one-stop proprietary electronic banking channel, Straight2Bank.

The fully integrated platform will now offer open account functionality to Standard Chartered’s corporate and institutional clients, allowing the bank's clients to extend their supply chain reach.

Jiten Arora, global head of client access at Standard Chartered Bank, explained: “We sees TSU as a complementary tool to our suite of products aimed at satisfying the needs of customers who choose open account as their means of settlement. By utilising TSU we can additionally extend our clients' reach beyond any one bank’s proprietary system and provide them with the ability to exchange electronic documents with their trading partners," says Arora.

“The move to open account is largely driven by the need to optimise the cost of procurement, but additional drivers include risk mitigation and effective balance sheet management. We now have a fully integrated and holistic suite of tools available on Straight2Bank to make this a reality.”

Connie Leung, regional solution manager of supply chain services at Swift, comments: “Corporate customers are looking for more cost effective and efficient supply chain services from their banks. SWIFTNet TSU helps the banks and corporates by automating the supply chain. We are pleased that SWIFTNet TSU is now an integral part of Straight2Bank.”

Standard Chartered launched Straight2Bank in April this year.