Standard Chartered Bangladesh (SCB) has recently inked an agreement with Lanka Bangla Securities Limited (LBSL) to automate LBSL's collection from investors and subsequent reconciliation process.
Under the agreement, Standard Chartered provided LBSL with Virtual Account for Collection solution where each investor was provided with a unique virtual account.
Through the accounts, investors can make their payments to LBSL seamlessly from their respective banks.
The investors are also able to make payments in cash or cheques using the same virtual accounts, read a press release.
The virtual accounts are tagged to LBSL's bank account number held with Standard Chartered and enable LBSL to get the required depositor information for reconciliation purposes.
Standard Chartered has also provided Host to Host (H2H) connectivity with LBSL's Enterprise Resource Planning (ERP) system.
Through this connectivity, LBSL will be able to get all the required Management Information System (MIS) reports in its ERP system directly fed from SCB's online banking channel Straigh2Bank (S2B). This removes the need for any manual intervention on LBSL's side and having to access multiple systems.
LBSL CEO and Director Khandoker Saffat Reza said, "With the help of SCB's Virtual Account and Host to Host integration, LBSL clients can now invest in banking channel digitally with little effort as well as helping us in day-to-day reconciliation which has a direct impact on our efficiency and customer service."
Standard Chartered MD and Head (Financial Institutions) Alamgir Morshed, said, "We are proud to partner with Lanka Bangla Securities, an early adopter of innovation in the capital market segment, to bring in automation and efficiency in their collection process."