StanChart provides cash management solution for Schlumberger across Asia

It will cover 13 markets.

According to a release, Standard Chartered has been selected to provide a comprehensive cash management and trade guarantee solution for the Asian business of Schlumberger, the world’s largest oilfield services company.

Under the mandate, Standard Chartered has become the primary cash management partner for Schlumberger in 13 markets (12 countries in Asia and Ghana).

With its expansion in a growing number of markets in Asia, Schlumberger was seeking ways to optimise its working capital management processes across Asia.

Standard Chartered has developed a tailored centralised payments and regional liquidity management solution for Schlumberger by simplifying its banking structure, improving and standardising cash management practices across the region and optimising returns on trapped cash in restricted local markets.

Centralisation and automation are key features of the solution which uses SWIFT Fileact as delivery mechanism for industry standard ISO XML file for payments.

Credit facilities supporting the cash management and trade guarantees are consolidated under the regional umbrella agreements, and cash management processes are integrated to support Schlumberger’s Shared Service Centre in Kuala Lumpur, Malaysia.