Standard Chartered and Worldpay from FIS have teamed up to expand the bank’s one-stop payment platform Straight2Bank Pay.
According to a statement, the partnership will allow the bank use Worldpay’s payment processing capabilities to extend the reach of the service into a host of new markets while increasing its range of digital payment capabilities.
“With the global e-commerce market expected to reach USD8.53 trillion by 20261, businesses need to adapt at speed to both the evolving digital payments landscape as well as their consumers’ preferred payment options,” said Philip Panaino, Global Head of Cash, Transaction Banking at Standard Chartered.
He added: “Straight2Bank Pay was designed to tackle this challenge by allowing our clients to offer their customers more digital payment options without the need for multiple integrations and managing different collection accounts, and we’re delighted that our strategic partnership with Worldpay can further our reach to even more markets across the Bank’s footprint, as well as provide an expanded range of payment capabilities.
On the back of the deal, Asia is set be a key area of expansion for Straight2Bank Pay as well as other established global markets. The platform has seen steady growth since its inception with transaction value more than doubling from 2021 to 2022, the bank said.
Phil Pomford, General Manager for Global eCommerce, APAC at Worldpay from FIS added: “Standard Chartered will take advantage of the global reach of Worldpay from FIS and its ability to provide speed and convenience for merchants to accept the preferred payment methods from their customers. Together, we can drive new growth opportunities and fuel smarter commerce for merchants on Straight2Bank Pay regardless of geography.”
