StanChart and Ant complete intra-group blockchain-based SGD settlement

Standard Chartered and Ant International have announced the successful completion of SGD-denominated liquidity transfers between its entities using Ant International’s blockchain-based Whale platform. To enable this transaction, the bank plugged into the Whale Platform to offer the liquidity necessary to conduct this transaction.

Ant International’s Whale platform is a next-generation treasury management solution that utilises blockchain technology, including advanced encryption and AI, to improve the efficiency and transparency of fund movements between bank accounts for better global liquidity management.

Effective and efficient intra-group movement of liquidity for Ant International and its entities optimises the Group’s treasury and working capital management. This is especially critical for global companies who frequently transact across borders, who need instant and 24/7 liquidity management. Through this transaction workflow, Ant International also benefits from additional transparency and security for its funds’ movements within the group.

Standard Chartered recently announced the test settlement of a similar HKD-denominated transaction with Ant International.

“Blockchain technology is revolutionising treasury management and we are pleased to be early adopters of its use cases to enable our clients to take advantage of its extensive benefits” said Mahesh Kini, Global Head of Cash Management at Standard Chartered. “We continue to invest in our platforms and upgrade to enable seamless interoperability and compatibility to support our clients in achieving instant access, visibility, and control of their liquidity and working capital. Our collaboration with Ant International brings us ever closer to our goal of providing real-time, 24/7, transparent and secure liquidity flows for our clients.”

 

US private sector growth led by financials

The number of US sectors registering an expansion of business activity broadened out in October. Six out of seven categories posted a rise in output volumes, up from four in September, amid renewed growth in the Consumer Goods and Technology sectors.

Financials returned to the top of the sector rankings in October, with business activity rising at the fastest pace for three months (index at 58.8, up from 55.1 in September).

Healthcare activity meanwhile saw a loss of momentum in October, but the overall rate of growth remained faster than in all sectors except Financials.

October data indicated solid increases in output levels across the Industrials and Technology sectors, with both categories gaining momentum since September. Moreover, the upturn in Technology activity was the strongest recorded since June 2023.

Consumer Services activity picked up for the ninth month running, but only marginally and at the weakest pace since the current phase of expansion began. At the same time, production of Consumer Goods increased slightly in October, thereby ending a two-month period of decline.

Basic Materials was the only sector to register an outright decline in output volumes during October. Lower levels of production were recorded for the fourth consecutive month and the rate of contraction accelerated to the fastest since January 2023.

 

Deutsche Bank invests in India growth strategy with €571m capital increase

Deutsche Bank has infused capital in its India branch operations of INR 5,113 crore (€571m) to fund its growth plans in the country. The above, along with retained earnings and other statutory components, increases the regulatory capital of Deutsche Bank AG India branches to nearly INR 30,000 crores, a jump of 33% over 2023 levels.

With India at the forefront of global investment, Deutsche Bank says it is committed to supporting the country’s growth, particularly in areas such as digital transformation, sustainable finance, technology, and infrastructure development. Over the last decade, the bank has significantly increased its capital investments, tripling the capital base for Deutsche Bank Group in India.

This capital will be used to support the further expansion of Deutsche Bank India across its businesses. The bank's franchise in the country includes Corporate Banking, Investment Banking, and Private Banking and has been consistently growing over the years. 

The capital increase applies only to Deutsche Bank’s local India branches and excludes other entities operating in the country. This is the largest capital allocation the bank has made to India in recent years.

 

Mastercard and NatWest to launch mobile virtual cards for UK companies 

NatWest has partnered with Mastercard to launch a mobile virtual card payment solution for businesses called Approval2Buy with Mobile Virtual Cards. The service is the first in Europe to use Mastercard's mobile virtual card app, enabling companies to provide virtual cards to their employees for use across the globe and eliminating the need for physical cards to make corporate payments while providing businesses with increased flexibility, control, and security.

Virtual cards can be generated instantly to use for online and now also Tap and Go payments via digital wallets, meaning there is no waiting period for a physical card to arrive in the post. Finance teams can customise spending controls, for example by setting a budget, limiting the length of time the virtual card can be used for, and designating where the card can be used by specifying merchants or geographical locations.

Other popular uses of mobile virtual cards include equipping temporary workers, infrequent travellers and recruits with means of payment for corporate travel, as well as ad-hoc or unexpected supplier costs that are made on the go, avoiding the need to rely on personal cards or cash to pre-pay for business purchases.

The app will use Mastercard’s virtual card and tokenisation technology – whereby a cardholder’s sensitive data is replaced by a unique card number so sensitive account details are not exposed to offer enhanced data security and spend control features, all accessible via a simple, easy to use interface.

 

Checkbook joins J.P. Morgan Payments’ network

Digital payments firm Checkbook is joining the J.P. Morgan Payments Partner Network. The partnership will enable J.P. Morgan Payments corporate clients to send digital cheques from their J.P. Morgan bank accounts.

Digital cheques are designed to bring security and speed to the payment landscape, giving recipients more freedom by offering an additional method to receive funds. By transitioning to digital cheques through Checkbook's platform, clients can streamline their disbursements and enhance their payment processes, while recipients have the ability to print digital cheques at home and deposit them electronically. Key elements of Checkbook’s digital cheque solution include the ability to:

• Leverage existing J.P. Morgan bank accounts for streamlined payment processing.
• Customise digital cheque designs featuring logos, colours, and branding.
• Instantly deliver cheques, eliminating traditional mail delays.
• Save costs and reduce the administrative burden compared to paper cheques.
• Enhance environmental sustainability by reducing paper usage, aligning with a client’s ESG goals.

 

Mastercard joins Buna, the Arab regional payment system

Mastercard has announced it has joined the Arab regional payment system, Buna. The collaboration combines Mastercard Move’s money transfer capabilities and extensive network with Buna’s cross-border payment system to facilitate seamless cross-border payments into and out of the MENA region.

Businesses and consumers paying into and out of the Middle East and North Africa (MENA) region should benefit from faster, cheaper and more transparent cross-border payments through the public-private collaboration.

Mastercard joins Buna’s cross-border payment systems as a direct participant. The collaboration should provide a simple, efficient and practical solution to current challenges that include high costs, long wait times and lack of transparency when moving funds into and out of the MENA region. Buna’s Real-Time Gross Settlement service, with its extended operating hours, and Instant Payments System’s 24/7 availability offer a unique advantage for direct participants.

The partnership will enable financial institutions around the globe to send fast, transparent and cost-efficient payments to Buna participants via a single connection to Mastercard Move. Buna participants will be able to leverage their existing Buna infrastructure to connect to Mastercard Move to make fast, secure and efficient payments to regions and corridors outside MENA, leveraging Mastercard’s extensive network. 

Buna’s compliance programme integrates rigorous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and sanctions screening protocols both before and after settlement, offering real-time monitoring and thorough due diligence to safeguard financial transactions.