Asia Awards 2022: Best IT team—Standard Chartered

Standard Chartered’s Transaction Banking team wins the best IT team category in this year’s WatersTechnology Asia Awards on the back of its efforts in tackling the challenges presented by the Covid-19 pandemic, with sustainable digitization being the watchword.

A key project from the team that contributed to it winning this category entailed the cloud migration of the firm’s SCPay global payments platform in India, which had its first technical go-live in March 2021. Transaction Banking collaborated with multiple teams, applications and interfaces to build new capabilities, enabling a shorter time-to-market, reducing operational costs, and offering faster speed for clients. 

Another successful initiative was the launch of Standard Chartered’s Scroe smart contract suite, an API-enabled escrow solution designed to help clients write self-executing payment contracts, thus eliminating the need for manual intervention. The suite boasts several features such as the ability to tweak codes to create new contracts, live tracking/monitoring of transactions, auto-reconciliation in order to eliminate errors, seamless UX with the API architecture, and built-in regulatory compliance.

Additional projects from the Transaction Banking team include its Statement Engine solution for sustainable customer-centric banking; the vendor pre-pay supplier enrollment process, designed to improve operational efficiencies; and P2P Send, which supports faster cross-border transactions in Hong Kong.