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.
This newly introduced digital platform will enable capital market investors to transfer funds to their Beneficiary Owners (BO) Account with ease 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), said a press release.
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. This 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.
“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,” said Enamul Haque, managing director and head of client coverage, CCIB, Standard Chartered Bangladesh.
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,” LBSL Chief Executive Officer and Director Khandoker Saffat Reza said.
He reiterated that the new end-to-end solution digitises the collection process and provides prompt notifications to investors. He concluded by expressing that by working together, Standard Chartered and 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 longstanding partner in progress, Standard Chartered is facilitating major investments in power, energy, transportation, and urban development. The Bank accounts for a major share of all export and import financing, as well as power generation financing and SME lending by foreign banks.
At the same time, the Bank commands a leading position in the retail finance space. Standard Chartered’s commitment to supporting Bangladesh’s continued journey of prosperity even in the face of a global pandemic saw the bank secure 30 major international awards in 2021.
LankaBangla is a market leader in Bangladesh’s capital market services sector. LankaBangla Securities Limited provides top-notch brokerage services and is leading the industry with cutting edge trading, top rated research information, and customer service.