In Africa, companies across sectors and markets have an acute need for frictionless payments. Ongoing challenges in moving goods, managing import cycles and distributing products with certainty have made effective Payments, Working Capital and Trade Finance solutions a priority.
Businesses need speed, flexibility, visibility and control of their payment flows. In response, Standard Bank’s OneHub business platform harnesses Artificial Intelligence (AI), machine learning, Cloud-based computing and application programming interfaces (APIs) to integrate payment features within client Apps, systems and architecture.
“Leveraging our deep insights and knowledge about our clients and the sectors and industries within which they operate, we spend a lot of time innovating for bespoke Payments, Working Capital and Trade Finance solutions,” said Crosby.
Giving customers what they need
The OneHub business platform provides more than what Standard Bank alone can deliver. Not only does it enable access to all the bank’s solutions and the bank’s partners’ solutions, it also offers important features that help clients with their Working Capital and Payment cycles.
“We partner with fintechs and other organisations to deliver holistic, best-in-class solutions,” said Crosby. “We find that works very well in staying ahead and being competitive.
This approach reflects his view that in such a competitive landscape, the bank’s strategy should be shaped by client engagement and knowing the customer, which are key components to innovation.
Standard Bank is well-positioned for this, with a footprint in many markets throughout the continent. “We understand the risk very well. We understand the logistics and various mechanisms of the underlying Working Capital cycles.  And we play a strong role in financing,” Crosby explained.
Swift and smooth
Digital innovation has become key to complementing this physical presence. For example, it has helped Standard Bank deliver bespoke Payment solutions for the healthcare industry in Ghana to ports authorities in Kenya and across East Africa.
More specifically, the technology architecture and systems the bank uses, play a critical role in creating frictionless Payment solutions that are fast, efficient, reliable and secure – essentials for Transaction Banking.
“We leverage the Cloud because the hyperscalers give us significant computing power as well as other out-of-the-box solutions. When appropriately deployed, it’s a strategy that lowers operating costs, requiring only the purchase of Cloud capacity.”
Crosby Mkhwanazi, Head of Transaction Banking at Standard Bank
Modularised services have also proved effective in keeping the technology architecture dynamic, so the bank can innovate quickly and deliver the right solutions.
Further, Mkhwanazi points to connectivity via APIs and automation – at both the front- and back-end – as other core components for frictionless Payments. This applies either through pre-populating information for efficient web-based Payments or by integrating directly into a client’s system. “That enables clients to lower costs and to achieve near real-time Payments, to the extent possible within the bounds of applicable regulations.”
New partners, new solutions
Understanding what clients need also informs Standard Bank’s future digital transformation agenda within Transaction Banking, driving its innovation cycle.
As a result, solutions for telecom companies are on the horizon, for example. “We are working with telcos around accessing banking infrastructure to deliver Payments to allow for better access into the areas where perhaps, as banks, we haven’t reached before,” said Crosby.
Remittances have swiftly become a cornerstone of foreign currency inflows for many African nations. For Standard Bank, this represents a pivotal opportunity by: reimagining the remittance experience, Standard Bank aims to empower communities and drive broader economic inclusion across the continent.  “Not only is it about enhancing accessibility and expanding distribution, but also about ensuring seamless foreign exchange availability and reducing the overall cost of sending money home.” Crosby explained.
Such an ambition reinforces Standard Bank’s broader focus: being a trusted partner in a continent where it has pioneered change for over 160 years, crafting bespoke agile, relevant and market-leading products and services, tailored for clients’ growth and success.
