Standard Chartered launches Straight2Bank Access Lite with Linea Aqua

Friday, 14 November 2014 01:58 -     - {{hitsCtrl.values.hits}}

Standard Chartered‚Äôs newest integration tool Straight2Bank Access Lite was launched with Linea Aqua, a joint venture between MAS Holdings, Speedo International, and Brandot International. This pilot implementation establishes a new industry benchmark for corporate-to-bank connectivity using the latest ERP integration technologies. Straight2Bank Access Lite, the new host-to-host channel (H2H) offers an easy to adapt solution to enable straight-through payments processing directly from SAP ERP and updates SAP with end-of-day statements from the bank automatically. Roger Norton, Country Head of Transaction Banking, Standard Chartered commented: ‚ÄúOur Straight2Bank Access Lite is a unique, industry-first solution offering clients the ability to derive significant operational and financial efficiencies. With this implementation, Linea Aqua streamlined their transaction processing, maximised investment on SAP and standardised bank connectivity based on best practices. The solution also leverages on SAP‚Äôs built-in compliance processes and access controls. We are delighted to deliver a pleasant experience to Linea Aqua whilst celebrating the first integration for the Standard Chartered Group on Straight2Bank Access Lite, here in Sri Lanka.‚ÄĚ The Straight2Bank Access Lite solution helps clients achieve near real-time automation efficiencies without the need for additional hardware, licenses and skilled resources for integration. Straight2Bank Access Lite also offers pre-configured templates for local country nuances thereby reducing the implementation time. Sri Lanka as the first market for the global rollout sets an example for the next 50+ countries where Standard Chartered will offer this solution. Linea Aqua is the first client to ‚Äėgo live‚Äô on Standard Chartered‚Äôs integration solution, and its objectives were to automate all manual disbursement processes and improve risk controls. Straight2Bank Access Lite allows corporates to leverage their own SAP applications, allowing complete control of generation, security and exchange of payments with Standard Chartered. Furthermore, the account statements automation is an extension of native ERP functionalities, providing completely standardised and automated reporting workflow. Chief Operating Officer of Linea Aqua, Muditha Ferdinando stated: ‚ÄúThe Access Lite solution has enabled us to reduce our payment processing time by approximately 30% when compared with the previous solution. Our experience in implementing it has been very positive. The implementation process has been managed swiftly and in a very streamlined manner, with minimum disruptions to our day to day transaction processing. We are impressed with the continuous support and breadth of knowledge on SAP which the Standard Chartered team has displayed during this implementation.‚ÄĚ Standard Chartered‚Äôs presence in Sri Lanka is amongst the longest of any international bank and this launch is a reflection of its continued long-term commitment to Sri Lanka. Earlier this year, Standard Chartered was named as the Best E-Solutions Partner Bank in Sri Lanka by The Asset Asian Awards.