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STANDARD CHARTERED, LBSL TIE UP 

Real-time fund deposit solution in BO account launched

 TBP Desk
18 Sep 2022 00:00:00 | Update: 18 Sep 2022 05:06:11
Real-time fund deposit solution in BO account launched
Executives of Standard Chartered Bangladesh and LankaBangla Securities exchange the documents after signing an agreement in Dhaka recently– Courtesy Photo

Standard Chartered Bangladesh and LankaBangla Securities Limited (LBSL) have launched the nation’s first ever digital collection solution for clients with real time reconciliation through Application Programming Interface (API) integration.

The newly introduced digital platform will enable capital market investors to transfer funds to their Beneficiary Owners (BO) Account with easily and will provide users with the ability to seamlessly purchase and sell stocks on both the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE), according to a statement.

By leveraging the bank’s Virtual Account for Collection solution with API connectivity, LBSL can now acquire detailed information about their clients against their chosen payment method, and use said data to complete the reconciliation process automatically and immediately.

The real-time solution will eliminate delays and provide LBSL with a significant efficiency boost by reducing client servicing turn-around time and operational risk, while providing enhanced data security.

Managing Director and Head of Client Coverage, CCIB, Standard Chartered Bangladesh, Enamul Haque said, “Embracing digitalisation in the brokerage industry will catalyse capital market growth in Bangladesh by simplifying stock trading and by saving investor’s valuable time. Solutions like Virtual Accounts combined with API enable the digitalisation of collection solutions with automatic real-time reconciliation for brokerage houses, financial institutions, and corporates. We are proud to partner with LankaBangla Securities, an early adopter of innovation in the capital market segment, to drive automation and efficiency in their collection process.”

LBSL Chief Executive Officer and Director, Khandoker Saffat Reza said, “As a pioneer in capital market intermediaries, LBSL has always been an early adopter of different innovative and value-added technologies and services to provide the best service to valued clients for a smooth investment experience.”

He reiterated that the new end-to-end solution digitise the collection processand provides prompt notifications to investors. Mr. Reza concluded by expressing that by working together, StandardCharteredand LBSL have successfully implemented the nation’s first digital cash management process – a new milestone for the country’s capital market.

With the Virtual Account for Collection with API integration solution, each LBSL client has a unique virtual account, allowing them to make payments seamlessly from their respective banks using any available digital channels (such as eBEFTN, RTGS, and IBFT).

In addition to digital platforms, the solution also supports payments in cash through real-time cash recycler machines or over the counter cash and cheque payments. The solution removes the need for any manual intervention on LBSL’s side. All banking information is automatically made available to LBSL’s Enterprise Resource Planning (ERP) system.

 With over 117 years of uninterrupted presence in the nation, Standard Chartered Bangladesh is the only multinational universal Bank in Bangladesh. As the nation’s long standing partner in progress, Standard Chartered is facilitating major investments in power, energy, transportation, and urban development.

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