OANDA has extended its partnership with Standard Chartered Bank by assigning the bank to manage its payments, collections, and hedging.
In an expansion of an existing partnership covering the Singapore market, Standard Chartered Bank has been designated as OANDA's cash management bank for payments and collections in the United States and the United Kingdom. The Bank has also been mandated as OANDA's foreign exchange (FX) prime broker for its retail FX business internationally.
In the field of electronic trading, OANDA was acknowledged as a pioneer. The brokerage firm, established in 1996, launched an FX trading platform at the forefront of web-based currency trading and was the first business to release exchange rate data freely on the Internet. Considering Standard Chartered's competencies, OANDA now perceived that they have been actively a supporting system.
"Standard Chartered's ability to offer a one-stop Cloud-based solution that encompasses foreign exchange, prime brokerage, payments, collections, and FX hedging is aligned with our mission to efficiently support our retail and corporate clients across the globe."
Through the Bank's Straight2Bank platform, the agreement will enable OANDA to handle its payments and collections through optimized Cloud-based processing services across numerous regions. In turn, the ability to implement new payment methods securely and reliably will increase the company's time to market.
Both sides indicate optimism as to the partnerships. Gavin Bambury, Chief Executive Officer of this tier-1 regulated broker, said, due to Standard Chartered's competence in offering a one-stop Cloud-based solution for the business, more collaborations and opportunities are awaited in different markets, where Karen Hom, Managing Director of Transaction Banking at Standard Chartered Americas, assured their partner that this provision would help them scale and grow efficiently.