Standard Chartered Bank and Bahrain-based BMB Investment Bank have entered into a multi-country clearing and cash management agreement, said a report.

The main objective of the agreement is to implement a market leading host-to-host solution that allows BMB to use the Standard Chartered network for local currency clearing and payments in five different currencies across Bahrain, UAE, the US, UK and Europe, reported the Gulf Daily News, our sister publication.

"We have a long standing relationship which has been further expanded," Standard Chartered Bank regional sales and transaction banking director Vishal Virmani said.

"The delivery of a best-in-class technical solution will create efficiency for BMB Investment Bank," he noted.

According to BMB Investment Bank chief executive Ritchie Skelding, the implementation of the solution had already delivered direct cost savings.

"We are pleased that BMB Investment Bank has selected Standard Chartered Bank to commence its digitisation journey," Standard Chartered Bank transaction banking for Bahrain, Oman, Jordan and Lebanon head Yasser Tahboub said.

"Universal Adaptor allows us to seamlessly integrate with almost any enterprise resource planning or accounting system and with our experienced technical resources on the ground in Bahrain, we are well positioned to manage such implementations," he said.-TradeArabia News Service