Xchanging Announces Financial Processing Services Agreement With Standard Bank

LONDON, August 8, 2013 /PRNewswire/ --

Xchanging, the business process, procurement and technology services provider, has announced it has won a new contract with Standard Bank. The contract will see Xchanging supplying financial processing services to one of Africa's largest financial services groups, initially for one year.

Xchanging was selected for its expertise in working with major banks to deliver complex business processing solutions, and for its innovative approach to sharing risk and reward.

Xchanging will provide its operational expertise in reconciliation, payment processing, origination, and data and document management.

Ken Lever, Chief Executive, Xchanging, comments: "We are pleased to be announcing this new contract with Standard Bank. It builds on our domain strength in Financial Services and also represents our first major customer in Africa."

Peter Wharton-Hood, Standard Bank Group's Chief Operating Officer, comments: "Our aim is to improve our operational efficiencies and enhance customer experience of our services. Standard Bank's new partnership with Xchanging will help us to deliver this."

Xchanging

What we are

Xchanging provides business process services, technology enabled outsourcing and procurement outsourcing services internationally for customers across multiple industries.

What we do

Xchanging brings innovation, thought leadership and passion to its customers' businesses so as to enhance performance and value. Our values are embedded into everything we do.

What we want to be

Xchanging wants to be regarded as the best provider in its chosen markets by delivering services that are recognised for outstanding quality, reliability and innovation.

http://www.xchanging.com

Standard Bank

Standard Bank Group is the largest African bank by assets and earnings. Our strategy is to build the leading African financial services organisation using all our competitive advantages to the full. We will focus on delivering superior sustainable shareholder value by serving the needs of our customers through first-class, on-the-ground operations in chosen countries in Africa. We will also connect other selected emerging markets to Africa and to each other, applying our sector expertise, particularly in natural resources, globally. We operate in 18 countries on the African continent, including South Africa.

Standard Bank has a 150-year history in South Africa and started building a franchise outside southern Africa in the early 1990s. In recent years, Standard Bank has concluded key acquisitions on the African continent. Africa is at our core and we will continue to build first-class on-the-ground banks.

The group's 49 000 employees in all regions deliver a complete range of services across personal and business banking, corporate and investment banking and wealth management.  Standard Bank's Corporate & Investment Banking division offers its clients banking, trading, investment, risk management and advisory services to connect selected emerging markets to Africa and to each other. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.

Normalised headline earnings for 2012 were R15 billion (US$1.8 billion) and total assets were R1 549 billion (about US$183 billion). Standard Bank's market capitalisation at 31 December 2012 was R191billion (about US$23 billion).

The group's largest shareholder is Industrial and Commercial Bank of China (ICBC), the world's largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.

For further information go to http://www.standardbank.com

For further information, please contact:

Xchanging
Jenny Rushforth
Global PR Manager
Direct: +44(0)20-3604-3060
Mobile: +44(0)7920-781-736
E-mail: [email protected]

Standard Bank
Tanya Early
Communications Specialist
Direct: +27(0)11-631-6301
E-mail: [email protected]

SOURCE Xchanging