Standard Chartered Bank announced yesterday that it had enhanced its robust electronic payment capabilities further by implementing a Remote Printing Solution for printing Corporate Cheques at the premises of DHL Global Forwarding Lanka Pvt. Ltd. (DGF).
This first of its kind solution is delivered through Standard Chartered Bank’s internet-based global delivery channel, Straight2Bank. The solution combines the efficiencies of uploading and authorising DGF’s account payable data electronically, with the convenience of having cheques being printed automatically at their own office.
Speaking on the introduction of the product, Head of Standard Chartered Bank’s Transaction Banking Business Bingumal Thewarathanthri attributed this investment to the bank’s continued focus on evolving needs of the market and its commitment to innovation.
“At present, many of our corporate clients instruct their electronic and paper based payments via Straight2Bank. This facilitates a comprehensive automation of the payable process from creating the instruction to delivering a post-payment advice to the respective beneficiaries.”
The remote printing capability is an extension of Standard Chartered’s existing proposition and will be an effective solution for clients who need cheques to be printed and handed over to their payees at their own office.
“The physical movement of cheques between the bank and the company is time consuming and becoming increasingly costly. We are delighted to be the first transaction bank to address this challenge through our Remote Cheque Printing solution and find DHL Global Forwarding as the ideal partner to introduce this innovation to Sri Lanka, given the brand’s reputation for speed within the world of logistics.”
DHL Global Forwarding Lanka Pvt. Ltd. is a global leader in the air and ocean freight markets, focusing on transporting goods and merchandise to an agreed destination, at a customer specific agreed delivery time and price, providing customised solutions for major logistics projects, as well as comprehensive customs and warehousing services.
DHL Global Forwarding Lanka Pvt. Ltd. CFO Yishani Abeysuriya cited the product as a superior solution that meets their payee demands for quick turnaround times on cheque issuances.
“The logistics business is dynamic and our ability to produce payments throughout our business hours is pivotal to maintaining our valued supply chain relationships. The improved payment system facilitates speedy clearances through faster generation of payments. The measure helps improve productivity thus enabling operational efficiencies.”
Speaking further on the benefits of the solution, Standard Chartered’s Head of Solution Delivery Devaka Wijedoru identified this product as the only guaranteed method of having payments ready for dispatch from your office when payees demand cheques.
“In addition to saving time and the money spent on the physical movement of cheques, we have also ensured that the solution adheres to Standard Chartered’s robust security standards. All files transferred to our customers will be via a channel that is 128 bit encrypted. The cheques will print once the decryption takes place at the designated printer, which needs to be assigned correctly when the payments are instructed. Further, all printed files are deleted to avoid duplication. The only prerequisite is that a MICR printer is available at the client’s office. The printers can be procured via the bank’s office equipment partners.”
Standard Chartered bank combines its Cash, Trade and Securities Services businesses under the umbrella of Transaction Banking to address client requirements related to payables and receivables in a manner that is all encompassing.
The bank’s Corporate delivery channel, Straight2Bank, takes a prominent position in its transaction banking strategies and has been recognised as the ‘Best Integrated Corporate Bank Site in Asia, Middle East and Africa’ by Global Finance in 2010. SCB was also recognised as ‘The Best Transaction Bank in Asia’ at the Asset Triple A Transaction Banking Awards 2010.