Standard Chartered enhances corporate offering for digital collection

Straight2Bank Pay aims to simplify the collection process.

Standard Chartered has expanded its corporate digital offering, Straight2Bank Pay, to additional Asian markets including China, Hong Kong, India, Malaysia, Singapore and Vietnam and will be progressively rolled out to Bangladesh and Kenya.

Straight2Bank Pay aims to simplify collections from instant and QR-based payments, bank transfers, cards and mobile wallets. With the bank serving as single collections provider, clients no longer need to set up multiple technical collections, open multiple accounts, negotiate multiple contrast and undertake due diligence on multiple partners.

Standard Chartered has also launched a Straight2Bank Pay mobile app for corporates enabling companies to collect funds in-person from consumers for in-store or payment on delivery scenarios. Initially available for download in Singapore, the app also notifies the corporates’ in-store staff or delivery agent of the transaction status in real-time.

“The global e-commerce market is expected to account for around one-fifth of the total commerce market by 2021, with more than half of this market value driven by mobile payments. As our corporate clients look to capitalise on this opportunity, we want to be their trusted partner in the growth journey, with this expansion of Straight2Bank Pay further supporting their need for a seamless digital collections experience,” Judy Bei, global head of payments and receivables, cash, transaction banking said in a statement.