Standard Chartered Launches SC PrismFX for Global Clients

​Standard Chartered has rolled out SC PrismFX, a new suite of cross-currency transactional foreign exchange (FX) solutions aimed at financial institutions, non-banking financial institutions, PayTech companies, and corporate clients worldwide. This offering consolidates the bank’s existing digital capabilities within transaction banking, financial markets, and digital platforms under one umbrella.

SC PrismFX aims to provide global clients with access to a broad set of FX payment services covering over 130 currencies across more than 40 markets. The solution seeks to offer a streamlined FX experience by integrating various financial services into a unified offering for different client categories.

For corporate clients, SC PrismFX delivers a transactional FX payments solution that spans Standard Chartered’s global network. This includes competitive pricing for foreign exchange, as well as trade finance, receivables, and payables services. According to the bank, these features are designed to support the operational needs of businesses dealing with international transactions in both developed and emerging markets.

For PayTech companies, SC PrismFX offers an expanded network for payments and distribution. This solution connects clients to local and instant payment systems across various markets, with an emphasis on seamless integration of digital FX solutions into clients’ processes.

Financial institutions and non-banking financial institutions also stand to gain from SC PrismFX, which integrates visibility and control over FX margins and rates. The platform offers an automated solution for multi-destination payments, along with an Auto FX Conversion option. This approach is intended to provide clients with faster and more efficient foreign exchange transactions without requiring significant changes to their operational workflows or incurring high setup costs.

Michael Spiegel, Standard Chartered's Global Head of Transaction Banking, discussed the increasing relevance of emerging market currencies to the bank's client base. According to Spiegel, SC PrismFX enables clients to engage in direct clearing across multiple domestic schemes, enhancing the bank's transactional capabilities.

Sharad Desai, the bank’s Global Head of Markets Sales and Structuring, emphasized the need for corporations and financial institutions to manage currency risks in a volatile macroeconomic and geopolitical environment. SC PrismFX combines the bank’s FX trading abilities with its payment platforms to address these needs.

The launch of SC PrismFX reflects Standard Chartered’s continuing focus on developing comprehensive, integrated financial solutions for global clients. The platform is now available to a wide range of clients globally and is positioned to cater to the increasing demand for cross-border payment solutions in a fast-evolving financial landscape.