Standard Chartered Bank Improves Corporate Connectivity with Blockchain Technology

Digital Trade Finance Execution for enhanced visibility, transparency and risk mitigation.

Company Overview

Standard Chartered Bank is a leading international bank with a history spanning more than 160 years. The bank operates in over 60 markets and serves clients in some of the world’s most dynamic economies, providing a range of financial products and services to individuals, businesses, and institutions.

With a strong focus on sustainable business practices, Standard Chartered Bank is committed to making a positive impact in the communities where it operates while delivering long-term value to its stakeholders.

Problem Statement

Standard Chartered faced a challenge related to the lack of digitalization in their multiparty transactions. The bank’s processes were slow due to a lack of transparency and the need to manually verify numerous paper-based documents.

As a result, the bank faced increased processing times, higher operational risks, and increased costs of doing business, ultimately leading to lower profit margins. The lack of digitalization also made it challenging for the bank to compete with other financial institutions that have invested heavily in digital transformation.

To address this challenge, Standard Chartered has focused on digitizing their processes to improve transparency, reduce manual effort, and enhance the customer experience.

Through these efforts, the bank aims to remain competitive and provide a seamless and efficient experience to its corporate clients.

Solutions

Standard Chartered implemented the Business Network digitalization solution from #dltledgers. The solution is natively built on blockchain technology and helps their multi-bank and multi-corporate connectivity.

The solution incorporates blockchain encryption and digital signatures to improve security and enable faster exchange of messages with financial institutions. By digitizing the process and using native authentication, the bank was able to reduce the risk of fraud and identify duplicate submissions.

Additionally, the solution helped to reduce the reliance on paper-based documents, leading to faster turn-around times and increased efficiency for the bank.

Being part of this digital networks has helped banks with more visibility into customer operations, increasing transparency of the business transactions. This will surely reduce fraud and related risk and build cross border inter-connectivity.”

Samuel Mathew

Global Head of Documentary Trade, Standard Chartered Bank

Benefits

#dltledgers’ Platform helped streamline bank to corporate connectivity through a secure channel with data/document exchanges shared in real-time.
Banks can have digital trade finance execution using the application and increase their wallet share as Global Business Partners in the network
The Platform brought more transparency and greater value to the network, providing faster time to resolution and reduced fraud.
Visibility into transactions generates more confidence in client and their operations.
Platform allows banks to create more value from existing network of clients and create new revenue streams.

Product Capabilities

Easy Network Creation and onboarding multiple parties.
Digital Assets configured to be maintained as part of the distributed ledger with blockchain.
Real Time notification to expedite and avoid any delays in shipments across multiple parties.