SCB to provide digital cash management solution to BRAC

Standard Chartered Bangladesh (SCB) has inked an agreement with BRAC to enable digital collection and payment processes for 2,800 microfinance branch offices across the country.

This collaborative initiative between BRAC and Standard Chartered will provide the world’s largest NGO with a first-of-its-kind solution suited to their wide-ranging cash management requirements, said a press release on Wednesday.

SCB Head of Transaction Banking Luthful Arefin Khan and BRAC Executive Director Asif Saleh signed the agreement on behalf of their respective sides at the bank’s head office in Dhaka.

According to the release, the bespoke solution uses Bangladesh Electronic Funds Transfer Network (BEFTN) and Bangladesh Real Time Gross Settlement (BD-RTGS) system to digitise loan disbursement. Additionally, Direct Debit Instruction (DDI) is utilised to fully automate the collection process.

Standard Chartered’s Straight2Bank offering makes it possible for disbursement and collection to be conducted seamlessly on one platform. Real-time debit and credit notifications, instantaneous account reconciliation, the ability to initiate all transactions from their own platform, and on-demand custom reporting will provide BRAC with around-the-clock access to critical information along with improved control, speed, and visibility, the release said.

SCB Chief Executive Officer Naser Ezaz Bijoy, Managing Director and Head of Client Coverage, Corporate, Commercial and Institutional Banking Enamul Huque, Standard Chartered ASEAN and South Asia Regional Head of Public Sector and Development Organisation Jason Ving, and BRAC Microfinance Bangladesh Senior Director Arinjoy Dhar were present at the agreement signing ceremony among others.