OANDA taps Standard Chartered for FX prime brokerage, payments, collections, and FX hedging
“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.”
Standard Chartered Bank has been appointed as OANDA’s cash management bank for payments and collections in the United States and United Kingdom; an extension of an existing relationship covering the Singapore market.
The Bank has also been mandated as OANDA’s foreign exchange (FX) prime broker for its retail FX business internationally.
The partnership will allo OANDA to manage its payments and collections through streamlined Cloud-based processing services across various geographies via the Bank’s Straight2Bank platform.
With Cloud-based payment processing solutions such as Automated Clearing House (ACH) in the United States, OANDA will be able to improve its speed to market through faster service enhancements and the potential to apply new payments schemes reliably and securely.
Cloud-based payment solutions for scale and growth
Gavin Bambury, Chief Executive Officer of OANDA, said: “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. We look forward to the continued partnership and the opportunity to bank with them across different markets.”
Karen Hom, Managing Director of Transaction Banking at Standard Chartered Americas, commented: “This mandate is a wonderful demonstration of our ability to offer international clients with localized and regional solutions that support their growth ambitions. As treasury teams seek flexible and seamless processing experiences, Cloud-based payment solutions will offer forward looking companies like OANDA the opportunity to scale and grow efficiently.”
OANDA was a pioneer in the electronic trading industry. Founded in 1996, the brokerage firm was the first company to share exchange rate data free of charge on the Internet, launching an FX trading platform which was at the forefront of web-based currency trading.
The multi-regulated FX broker provides online multi-asset trading, currency data, and analytics to retail and corporate clients around the globe.