Truist and Standard Chartered join forces to boost trade finance
By Delisha Fernandes
Standard Chartered Americas (the “Bank”) has announced that it has entered a trade finance partnership with Truist Bank that will enhance Truist clients’ ability to conduct global business.
Through this strategic partnership, Truist Bank and Standard Chartered aim to create a seamless and efficient business environment for importers and exporters in the US Standard Chartered will provide centralised processing, analytics and tracking services by leveraging the Bank’s unique network, local expertise, infrastructure, and technology.
Truist’s corporate and commercial clients will benefit from Standard Chartered’s ability to fulfill their trade finance needs in emerging markets in Asia, Africa and the Middle East.
“Many of Truist’s corporate and commercial clients operate in the global economy and require solutions that allow them to complete transactions effectively across borders and throughout the supply chain,” said Chris Ward, Head of Wholesale Payments at Truist. “This partnership will allow our clients to more efficiently achieve their goals, scale their business, invest in their teams and build their communities.”
Key Highlights of Trade Finance Services Partnership Are:
- Export and Import Letters of Credit: Truist will gain access to Standard Chartered’s footprint and ability to monitor transactions in real time for the entire value chain of documentary trade.
- Standby Letters of Credit (SBLC):Truist clients can execute performance and commercial contracts with counterparts in markets that require local knowledge and expertise in addition to local SBLC delivery capabilities. Standard Chartered’s unique solution will allow Truist to process and issue SBLCs end-to-end using the Bank’s network to improve turnaround times and provide transparency on cost.
“We are proud to have a strong network across the world’s most dynamic emerging economies and regions, which have the US as its major trade partner. This presents immense opportunities for companies looking to expand their reach and tap into these new markets,” said Chris Burtch, Head of Financial Institution Sales at Standard Chartered Americas.
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