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.
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.
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.