4 days ago
Standard Chartered enhances payment security and efficiency in the UAE with new beneficiary validation solution
Dubai, United Arab Emirates: Standard Chartered announced today the launch of Beneficiary Validation of accounts domiciled in the UAE – a cutting edge solution designed to bolster client confidence and improve domestic payment processes across the UAE.
Developed in partnership with the Central Bank of UAE, this innovative solution allows corporate clients to verify payee details before processing domestic payments, ensuring accuracy and security while mitigating the risks of fraud and transaction failures. By integrating this service, Standard Chartered becomes one of the pioneers among international banks in the UAE to offer such a capability locally.
Mahesh Kini, Global Head of Cash Management at Standard Chartered, said: 'Introducing the Beneficiary Validation Service marks a significant milestone for Standard Chartered in the UAE. This solution not only streamlines domestic payments but also complements our existing Global Payment Pre-Validation Service for cross-border transactions. It is a crucial step towards building a robust payment infrastructure that supports the adoption of instant payment schemes, thereby catalysing economic activities, while reducing errors and preventing fraud."
Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan, at Standard Chartered, added: 'This collaboration with the Central Bank of the UAE marks a significant step in advancing the country's payment infrastructure. The launch of the New Beneficiary Validation solution underscores our unwavering commitment to supporting the UAE's ambitious digital transformation agenda and reinforcing its position as a leader in financial innovation. By enhancing payment security and efficiency, we are not only addressing critical client needs but also contributing to the UAE's broader economic vision of fostering a secure, resilient, and globally connected financial infrastructure.'
Payment friction, estimated to cost over US$2 billion annually, is largely attributed to avoidable errors such as typos, incorrect beneficiary details, and formatting issues, according to Swift, the international payment network. The Beneficiary Validation Service addresses these challenges by validating IBAN details prior to transaction initiation, thereby reducing errors and enhancing confidence in the payment ecosystem.
Standard Chartered
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