Standard Chartered Completes Mobile Wallet Collection for Metso

The first global bank to offer one-stop corporate online collection via WeChat Pay

Standard Chartered Bank (China) Limited (“Standard Chartered China”) announced that the Bank had successfully completed mobile wallet collection for Metso, a world leading industrial company. Standard Chartered is the first global bank to provide the one-stop online E-commerce solution for corporate through WeChat Pay, simplifying the work of corporate treasurers with fewer accounts to manage, while effectively improving cash flow and working capital.

Wendy Wang, Treasury Manager of Metso China, said, “Our products range from mining and aggregates processing equipment and systems to industrial valves and controls. Some of our customers are SME owners, who have to pay cash if not familiar with internet banking operations, and thus prefer a more flexible payment channel. With the launch of Standard Chartered’s WeChat mobile collection solution, our customers now can easily pay with their WeChat wallets, which provides a much more convenient and secure way for their payment. Furthermore, Standard Chartered also provides us a consolidated and accurate transaction report which greatly optimizes our reconciliation work.”

Sam Xu, Head of Transaction Banking, Standard Chartered China, said “This WeChat wallet collection solution going live is a milestone of innovation. China’s GDP growth is now heavily driven by domestic consumption, and the payment activities supporting the huge domestic consumption feature world leading e-commerce and mobile payment innovation. Our WeChat wallet collection solution is a key step to embrace China’s economic new normal.”

Mobile wallet collection is another innovative feature on Standard Chartered’s online platform – Straight2Bank. This fully integrated end-to-end platform is already one of the most comprehensive in the market today, covering cash, trade, securities services, foreign exchange and research. Interoperability across web, host to host and mobile allows the Bank’s clients to effectively manage their business anytime, anywhere.

“As technology evolves and new payment channels emerge, it is critical for merchants to find a one-stop integrator who could handle payments from all channels and provide a single interface with highly automated information reporting and reconciliation,” added Xu, “and we will soon release another solution covering both online and point-of-sale, mobile wallets and credit card collections.”