Standard Bank was awarded the ZAR payment clearing mandate for the BNP Paribas Group in South Africa. As a result, Standard Bank of South Africa will process the bulk of the ZAR payment flows from BNP Paribas and it’s group entities into South Africa. This includes all foreign exchange, money market, derivatives; (including Continuous Linked Settlement) transactions in ZAR and all commercial payments in favour of banks in the country.
The award was made after BNP tendered its ZAR clearing requirements amongst the South Africa commercial banks during an RFP process that began in February 2017. A secondary provider from amongst the South African banks was also selected during this process.
Headquartered in Paris, BNP Paribas (BNPP) was established out of the 2000 merger of BNP (Banque Nationale de Paris) and Paribas (Banque de Paris et des Pays-Bas), and is ranked as the fifth largest global bank by assets (USD2.2 trillion) in terms of Bankers Almanac.
The award of this mandate is not only a testimony to the high regard in which Standard Bank and its services are held by its international correspondents, but also deepens the strategic relationship between both organisations who also collaborate across a range of products and business areas.
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