Standard Chartered and Temenos announced a collaboration at the Money 20/20 Asia conference, making it the first bank to list a solution on the Temenos Exchange fintech marketplace.
The bank’s foreign exchange (FX) API service, known as SCALE (Standard Chartered Aggregated Liquidity Engine), is now available to financial institutions using the Temenos platform.
This partnership integrates Standard Chartered’s FX execution and settlement capabilities with Temenos’ core banking and payments technology.
The integration aims to allow financial institutions on the Temenos system to implement Standard Chartered’s FX services more efficiently, reducing the need for extensive internal technology resources.
This setup is positioned as beneficial for entities like retail banks, wealth managers, and payment providers handling numerous low-value transactions.
Through this arrangement, financial institutions can gain quicker access to Standard Chartered’s FX services, enabling them to price transactions across more than 130 currencies and 5,000 currency pairs while managing FX market volatility risks.
Users will also retain control over the FX margins applied to their end customers’ transactions.
Furthermore, the integration can potentially be combined with the Temenos Payment Hub, allowing financial institutions to manage the SCALE FX service alongside other payment systems on a single platform.
Monty Bhatia, EVP of Global Alliances and Partner Ecosystem, Temenos, said,
“This collaboration demonstrates the strength of our ecosystem to create superior solutions and drive greater value for our clients.
It enhances our best-of-suite core banking solution and strengthens our payments offering, giving customers more options to grow their payments business.”
Janet Thomas, Global Head of Strategic Partnerships, Corporate & Investing Banking, Standard Chartered, added,
“We are delighted to partner with Temenos to extend the reach of SCALE to even more financial institutions globally, by building on the geographical synergy that Standard Chartered shares with Temenos.
Being a part of the Temenos Exchange is testament to our continuing commitment to deepen our relationship with financial institutions, with the goal of accelerating their journey in achieving FX centralisation and supporting them in meeting their clients’ transaction needs through differentiated solutions that raises the bar on efficiency and accessibility.
