StanChart Malaysia continues cost-efficient improvements

Addition of Global Payments Solutions breaks barriers in cross-border transactions with 80 percent savings in transaction costs.

Global Payments Solutions (GPS) enables a cost-efficient approach to streamline cross-border payments processes of corporate and institutional clients from various sectors.

GPS would allow clients to make payments in 78 currencies in more than 110 countries, through a single centralised account, according to a statement by the bank.

"The benefits are tremendous. By reducing multiple trading accounts, minimising foreign exchange risk and administrative hazards, clients are now able to consolidate their dealings through a single account channel," said its Global Head of Payments, Rodney Gardner in a report in Bernama.

With the GPS, clients can save up to 80 percent in potential transaction costs by trimming extra accounts and systemic layers, and by fostering transparency through providing real-time currency exchange data.