In keeping to its client focus approach to banking, Standard Chartered Bank has launched a new cash management service for corporate and institutional clients in United Arab Emirates (UAE). Client Account Services (CAS) is an innovative web-based solution designed for for organisations to manage customer funds. This is a first-of-its-kind solution by Standard Chartered Bank which enables clients to open downstream customer bank accounts online.
CAS can be used by a variety of sectors including securities brokers, portfolio management, property management, law firms and aviation / logistics industries- it allows users to administer and segregate downstream customer bank accounts with greater efficiency, visibility and security.
“During the recent financial crisis, regulators and end-customers were demanding more cash management transparency and increased protection for customer’s funds. There is also a rising need across finance, legal and property sectors to segregate individual customer’s funds from being co-mingled with one another or with the company’s own operating funds,” said Haytham El-Maayergi, Head of Transactional Banking, Standard Chartered Bank UAE.
Offered through the Bank’s electronic banking channel, Straight2Bank, users can immediately arrange for collection and payment from individual customers via the newly created bank accounts (sub-accounts) and obtain real-time account information on all accounts. This enables Standard Chartered’s clients to accelerate their business transactions, make timely decisions for potential investments and offers them increased flexibility to make urgent, time-sensitive transactions.
This service also helps the Bank’s clients to cut operating costs by reducing manual reconciliation inaccuracies and errors. Internal fraud and compliance risks are also significantly reduced due to greater visibility of fund movement combined with the enhanced control over individual customer’s funds in segregated bank accounts.
“Client Account Services is a strategic tool which not only benefits our clients with unparalleled efficiency and security but also enables them to improve their customer and supplier interaction with greater transparency and responsiveness. Going forward, we will continue to engage our clients to understand their requirements so as to deliver solutions that best meet their needs”, added Haytham.
Subscribing to the Bank’s innovative web based solution is ASAS Capital Ltd, an asset management company regulated by Dubai Financial Services Authority (DFSA). The new customer cited that the facility supports the company’s focus for operational efficiency whilst meeting with its Shariah compliant fund management criteria and its investors account management needs. The company’s initial fund is Shariah compliant providing long term capital growth investing in Emerging Markets equities.
Source: news release
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