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Standard bank unveils foreign exchange app

Regina Pazvakavambwa
By Regina Pazvakavambwa, ITWeb portals journalist.
Johannesburg, 23 Jan 2017
Shyft is very much in line with the bank's focus on enhancing the banking experience for ordinary citizens, says Standard Bank.
Shyft is very much in line with the bank's focus on enhancing the banking experience for ordinary citizens, says Standard Bank.

Standard Bank has unveiled a new forex trading app, Shyft, which is now live on the Apple and Android app stores.

According to the company, through the app, customers can buy different currencies at a live rate, store the funds, load them onto physical or virtual cards, and send cross-border payments.

The app simplifies the process of making foreign exchange transactions, by eliminating the paperwork and queuing at the bank for one to make foreign exchange arrangements, says Standard bank.

"Shyft is very much in line with our focus as a bank on enhancing the banking experience for ordinary citizens," says Richard de Roos, head of foreign exchange at Standard Bank. "It puts the customer's needs at the centre of what we do.

"It's also a superb example of the way we as an African bank can harness innovation from fintechs anywhere in the world and put the convenience and simplicity that innovation makes possible quite literally in the hands of our customers. No bank can work fast enough to do that on its own."

Last year, Standard bank updated its banking app for users to be able to make international payments to individual recipients in almost 200 countries, from their Apple or Android smartphones.

Also, in July Standard Bank said its mobile traffic has grown 100% a year as customers embrace more convenient and efficient solutions for their banking needs. Moreover, 95% of its transactions are already electronic and branch transactional volumes have declined. It adds the ATM and branch transactions now make up less than 5% of total banking transactions.

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