Standard Chartered Bank is simplifying payments with the roll-out of a new payments hub.
It is working with suppliers HP and Software Integrators, a London-based firm specialising in the development of financial message and payment solutions, to provide the system.
The ability to efficiently send and receive financial messages is a vital part of the bank's daily operations, and the consolidation of the payments infrastructure and streamlining of payments operations is becoming increasingly critical, Standard Chartered said.
The payments hub from HP and Software Integrators uses STAR Message Processing software and the COPE Integrated Payments System, both running on HP Integrity NonStop servers.
STAR and COPE serve as the central control point for a globally integrated payments database, real-time monitoring and reporting, and payment processing. HP NonStop software and HP Services also support the payments hub solution.
“With a global payment business to support, we needed a robust and flexible operating model to help drive efficiencies and provide us with a platform for growth,” said Sham Arora, head of technology solution delivery at Standard Chartered Bank. “We chose Software Integrators’ solution for its proven track record in this area combined with HP’s strong Integrity NonStop platform.”
Standard Chartered, which focuses on emerging markets, announced at the end of 2008 that it was creating a global reconciliation platform as part of an ongoing technology review.
The platform would be used in the bank’s financial markets operations, and would be based on SmartStream transaction lifecycle management (TLM) reconciliations software.