Business Bureau, Gulf Today

Standard Chartered (StanChart) Bank has signed a strategic partnership agreement with UAE Exchange, a leading financial services brand in the United Arab Emirates, that further strengthens the existing relationship between the two companies. The new partnership will enable the corporate clients of Standard Chartered Bank to deposit cash in their bank accounts through UAE Exchange’s vast retail network of 150+ branches across all seven emirates in the UAE.

Through this extended partnership, Standard Chartered will now be able to provide its corporate clients with multiple touchpoints for depositing cash in the UAE. For added convenience, the new cash deposit service will be available seven days a week along with extended cut-off time for depositing cash at UAE Exchange branches.

Standard Chartered’s latest arrangement with UAE Exchange, a Finablr company, is an alternative and integrated solution for cash deposit management, making it an efficient and cost-effective channel for the Bank’s corporate clients. The introduction of this innovative service enables the Bank’s corporate clients to deposit cash at the nearest UAE Exchange branch. Clients can receive near real-time credit into their account, complemented by Standard Chartered’s Virtual Account solution offering payer identification and enriched narrations.

Standard Chartered has successfully piloted this solution with five select corporate clients, who are actively using this arrangement. Among them is BRF, one of the largest food companies in the world, who has managed to streamline its cash collections through UAE Exchange. “Being one of the first clients to use this innovative solution, we are delighted with the implementation, outcome, convenience and efficiency this has brought for our sales team and account receivables process,” said Bruno Massera, Head of Treasury, BRF.