Standard Chartered has become the first bank to list a solution on the Temenos Exchange partner ecosystem.
Announced at Money20/20 Asia, the bank has integrated its Standard Chartered Aggregated Liquidity Engine (SCALE), an FX API service, with Temenos’ core banking and payments technology.
Monty Bhatia, EVP of Global Alliances and Partner Ecosystem at Temenos, stated: “We are proud to welcome one of the world’s leading financial institutions to Temenos Exchange.
“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.”
After the integration, financial institutions using the Temenos platform will be able to improve their services by adding Standard Chartered’s FX offerings.
A key benefit is quicker access to Standard Chartered’s wide range of currencies, allowing institutions to price services in over 130 currencies and 5,000 pairs, while managing risks from FX market volatility.
When paired with the Temenos Payment Hub, this integration also allows firms to combine the SCALE FX service with other payment systems, streamlining multiple payment sources, channels and networks into one platform.
Janet Thomas, Global Head of Strategic Partnerships, Corporate and Investing Banking at Standard Chartered, said the bank is delighted to extend the reach of SCALE globally, noting the geographical synergy between Standard Chartered and Temenos.
Thomas added: “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 raise the bar on efficiency and accessibility.”
Standard Chartered’s crypto ambitions
A key motivation for this partnership is the anticipated growth of the cross-border payments market. According to FXCintelligence, the market is expected to grow from $194trn to $320trn by 2032.
Standard Chartered aims to capture a significant share of this market, with a focus on stablecoins. These digital currencies are poised to transform cross-border transactions by offering the security and speed of blockchain technology while maintaining a stable value, as they are pegged to a fiat currency.
Other major banks, such as Bank of America, have also shown interest in exploring stablecoin use cases.
Earlier this year, Standard Chartered took its ambitions further by applying for a stablecoin issuer license from the Hong Kong Monetary Authority.
