Based on the terms of the contract, the company will offer its operational expertise in reconciliation, payment processing, origination, and data and document management.
The company 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 chief executive Ken Lever said the company has won the new contract leveraging its domain strength in financial services and the bank is its first major customer in Africa.
Standard Bank Group CEO Peter Wharton-Hood said, "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."
Johannesburg-based Standard Bank manages 1,248 bank branches through more than 49 000 staff, including loan centers, and 8,464 ATMs on the African continent.
