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Business News of Thursday, 26 October 2000

Source: GNA

Standchart launches on-line banking service

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Standard Chartered Bank (SCB) on Wednesday launched an on-line banking service to enable corporate customers access their accounts and trade banking reports through the internet.

Dubbed the "information reporting service," it would also provide information about customers' accounts in other banks, using the SWIFT multi-bank reporting capacity. The bank's Managing Director, Mr Joseph Abraham said the launch demonstrates the SCB commitment to offering clients convenient means of banking.

He said the rapid growth of technology world-wide imposes on all to adapt to the changing trend, especially in the competitive field of banking. Mr Abraham disclosed that the bank would in future introduce full internet banking, which would allow clients to do all their transactions by the internet.

He, however, declined to give the cost of the project, saying it was a part of the global strategy of the Standard Chartered Group. Mr Edmund Kumah, Head of the Electronic Banking Unit assured customers that the bank has in place measures to protect outsiders from getting access to their accounts information. Mr Ansong Dankyi, Head of Cash Management, said the service would initially be free but would attract a fee from January next year.

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