Home ›› 16 Jun 2022 ›› Corporate
Standard Chartered Bangladesh recently inked an agreement with Green Delta Securities Limited (GDSL) to automate GDSL’s payment collection procedure and subsequent reconciliation process.
Under the agreement, Standard Chartered is providing GDSL with a Virtual Account for Collection (VAC) solution, said the bank in a statement.
The end-to-end solution enables GDSL to digitise the company’s process of collecting funds from investors. The technology also provides investors and relevant stakeholders prompt notification regarding the collection.
The Virtual Account for Collection solution provides each investor with a unique virtual account. Customers can use their individual accounts to pay GDSL via their bank’s respective online portal, using any of the available digital channels.
The virtual accounts are tagged to GDSL’s bank account number – which is held with Standard Chartered – enabling GDSL to acquire the necessary depositor information for reconciliation purposes seamlessly.
The use of virtual accounts significantly improves the automated reconciliation success rate within GDSL’s ERP (Enterprise Resource Planning) system while reducing operational risk and increasing data security.
Standard Chartered has also provided Host-to-Host (H2H) connectivity with GDSL’s ERP system. Through this connectivity, GDSL will receive all required MIS reports in its ERP system. These reports will be sent via Standard Chartered’s digital banking channel, Straight2Bank (S2B).
This connectivity removes the need for any manual intervention on GDSL’s end, as S2B ensures that all banking information is automatically available within GDSL’s ERP system.
