Clearing services

Making the right connections for financial institutions

With increasing business globalisation, our banking network can provide the reach required. We have the infrastructure and resources to help you expand your network and ensure your clients' transactions are serviced efficiently.

Clearing is one of the important services in which you would need support to facilitate your clients' smooth international trade and cross-border transactions.

Our solution

Our international network and multi-currency capabilities are well placed to provide you with a seamless service for all your clearing requirements worldwide.

Our network extends across Africa, the Middle East, South Asia, Latin America, the USA and the UK. You can count on our over 150 years of on-the-ground experience to tailor a clearing solution that meets your needs.

Work with us as a correspondent banking partner to make this potentially complicated process much simpler.

Emerging markets

Emerging markets

If you are looking for a correspondent banking partner you can trust, we can help you. We are in an excellent position to design the clearing service that meets your needs.

We have offices in every Asian country with the exception of North Korea – and with almost 150 years of on-the-ground experience, we make this potentially complicated process much easier for you.

Asia Pacific, Middle East and Southern Asia

Our well established local franchise delivered throughout Asia is well placed to meet your needs. We have offices in every Asian country with the exception of North Korea.

We provide a full range of services, which includes execution of payments, reporting, liquidity management, billing and account services. This includes US dollar and euro clearing (for which Standard Chartered is the settlement agent) in Hong Kong.

You benefit from:

  • Dedicated customer service and extensive local knowledge
  • Value-added reporting capabilities (including via the internet)
  • Consistent service levels – all our offices offering clearing services are ISO accredited
  • Automated service delivery – inquiries/matching/cancellations; auto repair and detailed STP reporting
  • Customised billing

Africa

We are the experienced partner you can rely on to take care of your African clearing requirements. You can entrust us with your clients' needs throughout the region, offering them the same high level of service that they expect from you.

Africa is the latest region where we offer our clearing services, complementing the coverage already provided in Asia, the Arabian Gulf, the Eurozone and the United States. 

Our wide clearing network in Africa is managed as one business with a consistent approach to transactional services and service quality that is unique in Africa. With over a hundred years' presence in many of our African territories, our first-hand market knowledge of local business practices enables us to handle your transactions with confidence and expertise, in some of the most challenging banking environments.

Services include payments and collections, account services, trade services, investment options and reporting services via a variety of channels.

You benefit from:

  • Network approach across our 138 offices in 12 African countries
  • Consistency of services
  • Market knowledge
  • Customer service
  • Local reputation
USD clearing

USD clearing

The USD is the primary currency for the settlement of foreign exchange and international trade transactions.

With evolving changes in the marketplace, you need partners who are responsive to your growing needs and who can execute your transactions quickly and effectively. We can help give you the support you need to grow your business successfully.

Providing quick and reliable clearing is one of our core competencies. We can help improve your international transactions, allowing you to free up your time to focus on your clients' needs. We understand the clearing process clearly and have the infrastructure and expertise to help you with your USD clearing requirements around the world. Our operations are highly automated to ensure that your transactions are completed reliably, efficiently and securely.

With a comprehensive range of USD clearing services and corresponding reports available, we can customise solutions to suit your specific needs so that you can operate more efficiently and effectively.

Automated payments using SWIFT, detailed reporting and simplified billing are all designed to streamline your clearing process and improve liquidity. These are some of the key features and benefits of our USD clearing services.

We have the resources, skills and expertise to take care of your clearing concerns, while you focus on looking after your clients.

Key features

We understand how to meet your needs for a smooth and efficient USD clearing service. As one of the first foreign banks to be invited to join the Clearing House Interbank Payments System (CHIPS), Standard Chartered is a major USD clearing provider. We understand the markets where we do business, our clients' needs and the rapid changes affecting the USD clearing business.

Our network, expertise and technology enable you to resolve your clients' clearing requirements promptly and efficiently.

Automated payments

Our payment process is highly automated, making use of electronic transfer technology which reduces errors, enhances processing times and minimises costs -completing the clearing process with maximum speed and efficiency.

FedBen®

For most U.S. banks, Fedwire®* is the primary channel for making international payments. Our FedBen® service gives your bank the ability to leverage our unmatched international payment capability by simply sending a Fedwire® to Standard Chartered. FedBen® is the quick and cost-effective way to easily effect payments directly to beneficiary banks’ correspondents overseas.

Through the FedBen® service, the US bank can send international payments only through Standard Chartered via Fedwire®, thereby gaining better control over payment delivery, improving customer service, and generating new income.  This innovative solution pioneered by us seamlessly integrates into your standard payment processing environment.  One of the key features of our FedBen® service is that it will unlock the full revenue potential of international wires for your organisation while creating operational efficiencies by removing the burden of routing international wire transfers. 

FedBen® gives you a “business as usual” solution to international USD transfers.  You simply open a FedBen® account with us.  Every time you send us a FedBen® eligible payment your account will be credited. Our FedBen® service will apply a beneficiary deduction and complete the international transfer by debiting your account in real time.

*Fedwire® is a registered service mark of the Federal Reserve Banks.

Value-added reporting

We offer comprehensive reporting on balances and transaction activities. With this information, you will be better able to track transactions, oversee the reconciliation process and analyse usage patterns.

Full reporting is also available through our electronic delivery channels including the internet. Our extensive management information systems provide you with clear and timely information to help you facilitate your management decisions and simplify reconciliation. At Standard Chartered, our vast range of tailor-made reporting capabilities satisfies all your record-keeping needs.

Billing

We understand your need for a simple and transparent billing system. We offer innovative pricing structures that enable you to remain competitive. As such, you will find that our billing covers tiered pricing, volume rates as well as standard fees and services.

Customer service

No matter which part of the world you are conducting business from, we have dedicated multilingual customer service staff to attend to your enquiries. Our numerous ISO 9002 certificates earned around the world demonstrate our commitment to excellence in service delivery. For your added convenience, we have an 18-hour payment and inquiry processing service, which enables us to respond quickly to your needs. The information you need is always at your fingertips.

Technology

We consistently invest in innovation, upgrading our technology to guarantee that our services meet your needs. Our state-of-the-art technology and interfaces make the clearing process quick, secure and efficient. We also supply a PC-based automated search system for locating CHIPS and SWIFT codes to assist you in creating straight-through payments for your added efficiency.

Liquidity management

We offer an array of products and investment sweeping vehicles to allow for maximisation of your USD account balances that can be tailored to your specific requirements.

Key benefits

We have been operating in the US for over 100 years. Our in-depth experience and thorough understanding of clearing services enable us to offer you a consistently high level of quality service. While there are a number of banks offering USD clearing facilities, you will find that our tailored approach and expertise can give you and your clients a value added clearing service.

Fundamental to our business approach is a commitment to ongoing improvement, advanced technology and a system of rigorous controls. This gives us an competitive edge and enables us to offer you complete consistency and reliability.

We have the skills, expertise and experience to deliver value-added solutions to help you achieve better business results.

Euro/Sterling clearing

Euro/Sterling clearing

We're able to provide Euro products and clearing services in London, including inter-bank and commercial payments, as well as trade reimbursements. We work particularly closely with financial institutions in the emerging markets paying into Europe, financial institutions in Europe paying across Asia, and financial institutions in the Americas paying into Europe. Whatever your profile, you can be rest assured our Euro services, with its comprehensive features, will provide you with quality and consistency.

In Hong Kong, we are the sole settlement institution of the local Euro clearing system. Standard Chartered Bank (Hong Kong) Ltd provides intra-day Euro liquidity for participating banks by means of intra-day overdraft facilities and intra-day sale and repurchase agreements (“repos”). Intra-day repos are supported by eligible papers (Hong Kong dollar exchange fund bills/notes and certificates of deposit issued by Standard Chartered). 
 

Eligible Securities Hair – cut  

SCB certificate of deposit (HKD) - floater

8%  

SCB certificate of deposit (HKD) – fixed rate

HKMA Exchange Fund Bill / Notes

Years to maturity
1
2
3
4
5 or above 
Hair-cut
5%
5%
7.5%
10%
add 2.5% per year of maturity
Price Differential EUROLIBOR  

Disclosure Framework for Euro Real Time Gross Settlement (RTGS) System
The Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO) have jointly issued a disclosure framework and assessment methodology for their principles for financial market infrastructures (PFMIs), which is the new international standards for financial market infrastructures (FMIs).

The disclosure framework (DF) is intended to promote consistent and comprehensive public disclosure by FMIs in line with the requirements of the PFMIs. The EUR RTGS system is subject to the DF, and the disclosure report of EUR RTGS system is completed according to the disclosure template outlined in the DF.

TARGET Access
We participate in TARGET2 via direct clearing connection. TARGET2 has common operating times throughout the European Union for customer and inter-bank payments.

EBA Membership
The Euro Banking Association (EBA) operates the Euro1 Clearing System, which works on an end-of-day net settlement basis. We have been a clearing member of the EBA since its launch, and is able to make Euro payments via the Euro1 Clearing System for transactions of any value.

What’s next?

Trade services

Navigate the waters of international trade through our fully integrated channels and global technology platforms.

Learn more on our trade services

Securities services

We provide custody and clearing services, as well as full fund services in 11 domestic onshore markets across our footprint.

Learn more on securities services

Foreign Account Tax Compliance Act

Foreign Account Tax Compliance Act

From 1 July 2014, financial institutions are required to classify all account holders, to report and to withhold on certain holders under the US Foreign Account Tax Compliance Act (FATCA).

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