Standard Chartered has successfully executed its first digital bank guarantee transaction using ICC-Swift API standards through Komgo’s Konsole platform. This transaction, completed for a global energy company, marks a significant advancement in creating a fully interoperable digital bank guarantee ecosystem. The integration allows real-time connectivity between Komgo’s platform and the bank, simplifying processes and enhancing speed, transparency, and reliability.
The transaction, initially executed through Standard Chartered UK, will be extended to clients across all the bank’s markets. This initiative underscores Standard Chartered’s commitment to innovation and its leadership in trade finance digitisation. Samuel Mathew, Global Head of Documentary Trade at Standard Chartered, stated, “We are delighted to be among the first banks to commercialise the ICC-Swift API standards for bank guarantees.”
Komgo, a global digital trade finance platform, plays a crucial role in streamlining corporate-to-bank trade finance communication. The platform’s seamless integration with financial institutions aligns with ICC-Swift API standards, reinforcing its position as a scalable enabler of industry-wide connectivity and automation.
This development not only enhances operational efficiencies but also makes digital guarantees more accessible to multibanked clients. As Standard Chartered continues to expand this solution, it aims to build a future-ready, globally interoperable trade ecosystem.
