Checkout.com appoints Standard Chartered as banking partner in MENA

DUBAI, UNITED ARAB EMIRATES, 29 NOVEMBER 2023 -  Checkout.com, the global payments service provider, announced today a strategic partnership with Standard Chartered as their cash management bank to bring improved operational and performance to Checkout.com’s merchants in the region.

The partnership leverages state-of-the-art technology to seamlessly integrate payment systems and deliver an infrastructure that will power Checkout.com as it enters its next phase of growth across the Middle East. This will deliver an unrivaled client experience, bringing comprehensive multi-currency coverage, extended funding cut-off times, advanced liquidity management within a complex account structure, foreign exchange execution, transparent pricing models, and automated settlements integrated with clearing schemes.

Wolfgang Bardorf, Group Treasurer of Checkout.com, said: "This partnership marks a sustained investment by Checkout.com to streamline the operational complexity in the region and bring increased performance and flexibility that benefit our merchants. As the first global payments provider to be granted an acquiring license in the UAE, we are pleased to partner with a trusted financial organisation such as Standard Chartered.”

Motasim HasanIqbal, Head Transaction Banking Sales, Africa MiddleEast, Standard Chartered, added: “We are thrilled to extend the reach of Checkout.com in the UAE and across the wider region. This partnership signifies our commitment to shaping the future of commerce, where innovation and trust converge to redefine the payments industry across the region.”

The dynamic collaboration deploys a sophisticated framework, combining multiple currency accounts and proprietary treasury funding with extended funding times and cross-border direct debits. Moreover, it grants access to direct clearing via Standard Chartered's network, facilitating faster high-value payments by leveraging the bank's regional market access.

The partnership between Checkout.com and Standard Chartered represents a significant milestone in advancing payment services in the UAE and the Middle East. Both organisations share a commitment to innovation and excellence, and together, they are poised to lead the transformation of digital commerce and redefine the payments landscape across the region.

*ENDS*

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