Standard Chartered Bank partners with Planet Payment

29th November 2006
By Julia Chan

Standard Chartered Bank has partnered with Planet Payment, an international multi-currency payment and data processor, to offer integrated payment solutions for hospitality and retail merchants located within Hong Kong, China and Macau.

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Currently, the majority of merchants in the Greater China region utilize a standalone card terminal to transact payments, which operate separately from the merchant's other business management solutions. With the new partnership, merchants can integrate their credit card processing functionality directly with these business management solutions.

Benefits of the integration include the ability to streamline business operations by allowing easier reporting and reconciliation of card transactions, as well as a reduction of operating costs through the elimination of multiple credit card terminals and supporting phone lines at the point of sale.

In addition to the processing of Visa and MasterCard transaction, the payment solution will also deal with a Standard Chartered's Dynamic Currency Conversion service, powered by Planet Payment, which provides customers with the convenience of paying in their home currencies based upon a real-time conversion performed at the point of sale.

"Our merchants in the Greater China Region have consistently inquired about integrated payment capability which can create efficiencies by directly feeding credit card transaction data directly into those systems which merchants use to run their business, such as hotel property management systems," said Mary Lo, general manager for credit cards and personal loans at Standard Chartered Bank. "With Planet Payment as our partner, we are confident that Standard Chartered Bank will be in a position to fill this current market need."

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