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Standard Chartered’s bespoke digital solution for shipping industry

Standard Chartered’s bespoke digital solution for shipping industry

Standard Chartered Bangladesh recently signed an agreement with MSC Mediterranean Shipping Company Bangladesh Limited (MSC) to provide the organisation with Host-to-Host (H2H) connectivity. This solution directly links MSC’s Enterprise Resource Planning (ERP) platform and Standard Chartered’s Straight2Bank (S2B) offering with one another – enabling MSC to process local payments with ease. This H2H connectivity is routed through the Bank’s Universal Adaptor tool – automating and simplifying file mapping and creation. To bring greater visibility and control to the remainder of the cash management process, MSC has implemented Standard Chartered’s Virtual Accounts solution to streamline the collections procedure and receive automated reconciliation support in real-time.

The bank’s tailormade end-to-end solution not only upgrades MSC’s payments and collections interface but also addresses the Bank’s broader objective to introduce and implement cash management facilities that focus on technology innovation, process consolidation, and faster turnaround times as a catalyst for better client experiences. The bank’s effort to design a solution of this kind is a first for the nation’s shipping industry – setting the standard for digital transformation and future-fitness. An event was held to inaugurate the newly designed digital solution. Luthful Arefin Khan, Country Head of Transaction Banking, Standard Chartered Bangladesh; Shamim Iqbal, Head of Client Coverage, Chattogram, Standard Chartered Bangladesh; ATM Anisul Millat, Chief Financial Officer, MSC Mediterranean Shipping Company Bangladesh Limited; Rashed Karim, General Manager (Finance & Accounts), MSC Mediterranean Shipping Company Bangladesh Limited; and others from both organisations were in attendance.

Luthful Arefin Khan, Head of Transaction Banking, Standard Chartered Bangladesh, said, “By re-engineering end-to-end cash management processes and adopting best-in-class practices at each step, Standard Chartered is able to offer comprehensive solutions for all our clients. Standard Chartered has been offering H2H connectivity in Bangladesh for over a decade. Now, in 2023, over 80 clients nationwide are currently enjoying the benefits of process efficiencies, risk mitigation, reduced manual intervention, and greater transparency. We are proud to partner with MSC and look forward to growing our relationship.”

ATM Anisul Millat, Chief Financial Officer, MSC Mediterranean Shipping Company Bangladesh Limited, said, “This integration and digital solution is a reflection of Standard Chartered’s continued long-term commitment to supporting all our banking needs. The solution will improve our payment and collection processes and reconciliation time. We are impressed with the Bank’s plug-and-play H2H integration solution through Universal Adaptor and the Virtual Account solution which significantly reduced disruptions to our day-to-day treasury management.”

Standard Chartered Bangladesh is the only multinational universal bank in Bangladesh. The Bank’s commitment to service excellence – to ensure efficiency and accuracy across all daily cash, trade, and working capital operations – continues to be a driving force. Currently, Standard Chartered brings a wide range of digital offerings, state-of-the-art products, and bespoke solutions to the table in order to support clients and their evolving cash management needs.

A world leader in container shipping, MSC Mediterranean Shipping Company (MSC) has evolved from a one-vessel operation into a globally respected logistics business with 730 vessels. MSC’s wide range of operations covers 155 countries across five continents. MSC has been helping customers to ship cargo to and from the Bangladesh since 2007 and established its Joint Venture company in Bangladesh in 2017.

– Press release