Standard Chartered Unveils Fraud-Busting Payment Tool in UAE Fintech Push

Editorial Team

Last updated 3-06-2025

3 min

Standard Chartered has launched "Beneficiary Validation" in the UAE to reduce payment errors and fraud.

Collaborating with the UAE's Central Bank, the service verifies recipient details before transaction processing.

Avoidable payment mistakes lead to losses of over $2 billion annually, according to Swift.

The solution supports the UAE's digital ambitions by enhancing transaction efficiency and security.

This initiative aligns with Standard Chartered's global pre-validation services, promoting safer international transactions.

Standard Chartered has rolled out a new solution in the UAE to tackle fradulent and incorrect domestic payments—potentially saving businesses millions lost each year due to simple mistakes and scams. The bank's new "Beneficiary Validation" service was introduced in close collaboration with the Central Bank of the UAE and allows corporate clients to check recipient details thoroughly before processing payments.

As many Arageek readers would know, small typos and incorrect details—including things like mucked-up IBANs and misplaced account numbers—can be frustratingly costly. According to Swift, the international payments network, avoidable payment mistakes contribute to losses exceeding a whopping $2 billion annually. So, anything that takes the headache out of domestic payments—and keeps clients safe—is certainly welcome news.

Mahesh Kini, Global Head of Cash Management at Standard Chartered, remarked that the launch of this validation service is a significant leap forward for the bank's operations in the UAE. "This solution doesn't just streamline domestic payments," said Kini. "It dovetails perfectly with our existing Global Payment Pre-Validation offering for international transactions. Fundamentally, it helps us establish a robust payment foundation that supports faster, safer and more reliable transactions, cutting back errors and curbing fraud."

Adding to that, Rola Abu Manneh, CEO of Standard Chartered's operations across UAE, Pakistan, and the Middle East, highlighted the importance of this partnership with the central bank. "Our new Beneficiary Validation solution illustrates our firm commitment to supporting the UAE's digital ambitions and positions the country as a real innovator in financial services," she noted. "By enhancing both the efficiency and security of payments, we're responding not only to immediate client needs but helping the UAE realise its economic vision of building a truly resilient and connected financial system."

One of my banking friends once joked that entering payment details accurately is a tougher test of concentration than finishing a crossword over a crowded brunch. Joking aside, though, initiatives like this definitely seem to bring a much-needed simplicity to daily financial transactions for business clients across the Emirates.

Standard Chartered operates extensively across 53 countries and serves businesses and individuals in more than 60 additional markets, highlighting their expansive role in international finance. The company remains publicly listed in both London and Hong Kong.

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