St George wins Charles Schwab payment systems deal

St George Bank has signed an agreement with the local arm of US broking giant Charles Schwab to provide corporate banking, cash management and transaction processing services.

Charles Schwab Australia is a 50/50 joint venture between San Francisco-based Charles Schwab Corporation and Australian Internet company Ecorp.

Charles Schwab launched here last Tuesday with an equities and derivatives trading service and other related financial services.

St George will take charge of the cash management facilities which underpin the "SchwabOne" product, a personalised financial management solution for Charles Schwab Australia customers which includes accounts, cheques, Visa cards and Internet transactions, company sources said.

General manager of St George Bank's corporate and business banking, Max Leslie, said St George won a competitive tendering process having met Charles Schwab's "technical specifications and [delivered] the capabilities to reduce settlement risk and process transactions in real time".

Lynnda Sarinske, chief executive of Charles Schwab Australia, said: "[We] selected St George because of its technological approach and its drive to provide the best customer solutions."

Leslie said the deal "adds scale" to St George's presence in the financial services market, positioning the bank as a major provider of payment solutions and cash management services to that industry sector.

The market value of the deal was not disclosed.

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