BB&T signs for American Express Bank multi-currency cash management package

Source: American Express Bank

BB&T and Standard Chartered announced today that BB&T has signed a white label contract with American Express Bank for eAccess, its multicurrency cash management platform.

American Express Bank became a Standard Chartered Group company as of February 29, 2008.

Offering payments and accounts in a broad array of currencies, eAccess gives corporate customers an easy-to-use online tool to manage their global cash positions. eAccess is a white label solution that will allow BB&T to tap into American Express Bank's international network.

Of particular interest to BB&T was the direct access that AEB offers to the Single European Payment Area (SEPA) through AEB's Eurolink service. "Our customers have significant and growing demand for euro denominated transactions, and Eurolink gives our clients the best possible combination. They get all the benefits of an account in Europe, plus they'll be able to access and manage it through the BB&T website they use for their domestic transactions," says Doug Parker, SVP of International at BB&T. "It means we're now better able to serve our customers locally for their global needs. The additional capabilities that Standard Chartered brings to the table helped clinch the deal," continued Parker. "We know Standard Chartered well, having worked with them for more than 10 years. So we feel confident about the synergies these two banks bring to the table."

"We are delighted that BB&T has selected us as their provider," says Thomas Wiles, Senior Director and Global Head of eBusiness Development at AEB. "We developed our capabilities because we understand that banks need better ways to meet the growing international needs of their customers and to compete with global banks. That we can count banks like BB&T as our clients validates our concept. And now that we are part of Standard Chartered, I look forward to the expanded product range and geographic reach that our two banks bring together for our clients."

Jiten Arora, Managing Director and Global Head of Client Access at Standard Chartered, says: "We were impressed with the white label solutions that AEB has brought to the market, and will nownnow integrate these capabilities within Straight 2 Bank, our comprehensive internet solution for cash management, trade, global markets, and information management."

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