The convergence of innovation and convenience

… how a banking platform – Straight2Bank – is revolutionising Ghanaian businesses

At a business breakfast in Accra, a group of executives gather in a corner – sipping hot tea and eating freshly baked pastries as they exchange stories of doing business in Ghana. One Chief Operating Officer – let’s call him Kwame – works at ABC Company Ltd., a modern agricultural operation that cultivates vegetables in a state-of-the-art vertical farm. Another, Ama, heads the procurement department at CBA. These vibrant young people have adopted technology as a support to achieving their employers’ objectives; and while their businesses are different, their stories converge at the place of innovation in their respective sectors.

Evolution through innovation

When Standard Chartered introduced Straight2Bank back in 2015, it represented at the time a leap into the future for businesses. This revolutionary digital banking platform brought unparalleled convenience and efficiency to businesses.  Straight2Bank was designed to serve as a link connecting businesses to the world of banking beyond traditional barriers of time and distance.

In response to valuable feedback and changing needs, the platform has undergone transformation. The result is Straight2Bank NextGen – an embodiment of simplicity, speed and an enriched customer experience. It was designed not just to meet demands of the present but also anticipate needs of the future.

Unveilling the NextGen Advantage

Straight2Bank NextGen is a beacon of efficiency, offering an array of benefits that resonate with business executives like Kwame and Ama:

• Seamless Cash Management: A streamlined approach to handling accounts, payments, and collections. This means a faster, more secure way to manage cross-border transactions – a lifeline for companies’ expansion across borders.
• Advanced Reporting and Analytics: Real-time insights allow businesses to make informed decisions about their financial health and plan for growth strategies.
• Customised User Roles and Permissions: Delegating tasks become a breeze with customisable user roles. Companies can grant specific permissions to their team-members, maintaining data security while ensuring smooth operations.
• Multi-Channel Capabilities: Whether at home or on the move, Straight2Bank NextGen is accessible through various channels. The mobile integration puts companies’ financial pulse at their fingertips.
• Enhanced Trade and Supply Chain Solutions: Simplified complexities of international trade. From financing to managing invoices, businesses can navigate the global market with confidence. Pan-African trade is enhanced through simple cross-border payments.
• Dedicated Client Support: The Standard Chartered support team’s commitment is unwavering. From onboarding assistance to technical guidance, the objective is to always make partners feel valued in their banking journey.
• Security in Transactions: This is built on a robust backbone. Straight2Bank allows encrypted end-to-end secure transactions, irrespective of the volumes.

So, for example, Kwame is paying salaries to 100 recently recruited farm workers. Each of them submitted their bank details to ABC Company Ltd.’s finance team in the morning, with salary details captured and processed on Straight2Bank. That very day, salaries will be paid and submitted before 1:00pm.

Similarly, CBA was able to make an urgent payment for goods purchased from a vendor in the USA. All Ama had to do was submit an overseas telegraphic transfer, scan and submit the invoices on Straight2Bank. The transfer was processed and reflected in CBA’s vendor account that same day.

Tomorrow today

As Standard Chartered continued to enhance the platform, businesses across Ghana joined the digital revolution. It was not merely about banking; it was about realising aspirations, fostering growth and empowering dreams. Straight2Bank NextGen has become the cornerstone of countless success stories woven into the fabric of Ghana’s vibrant business landscape. Additionally, Straight2Bank is fully integrated into government’s single digital services and payments platform Ghana.gov.gh – allowing a range of payments including tax returns and other government payments.

In a world that evolves at the speed of light, Standard Chartered stands resolute in their commitment. Businesses have been invited to embrace the future with Straight2Bank and redefine their financial strategies. The partnership is more than banking; it is a journey into uncharted possibilities, a testament to innovation shaping reality.

From agricultural operations to procurement facilitation, Straight2Bank is the enabler of prosperity. While fictional, the stories of Kwame and Ama are replicating all over Ghana, giving us a glimpse of the transformative power of technology on businesses. Thus, these businesses learn to not only survive but also thrive in this digital age.

As the sun sets each day over Accra, Kumasi, Takoradi, Tamale and other cities in Ghana, there is a sense of excitement over prospects for the future. Thousands of ABCs and CBAs are discovering that the future is digital. Many are bridging the gap between business practices and banking with the Straight2Bank NextGen – designed to meet their unique needs while providing agility, convenience and enhanced control over their financial operations. Success stories abound of those who dared to embrace the unknown, and in doing so reached new heights of achievement.

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