Standard Chartered Bangladesh and Transcom Beverages Limited (TBL) recently launched the first-ever digital collection solution with real-time reconciliation via Application Programming Interface (API) integration for the Fast-Moving Consumer Goods (FMCG) industry.
This newly implemented digital platform will enable manufacturers to conveniently collect and reconcile funds from distributors with ease and will also ensure a shorter turnaround time for distributors, reads a press release.
By leveraging the bank’s virtual account for collection solution with API connectivity, TBL can now access detailed information about payments made by their distributors and use this data to automatically complete the reconciliation process.
This real-time solution eliminates manual data entry delays and errors and with the newly implemented solution, Transcom Beverages Limited will also experience enhanced data security, better operational risk management, and a major efficiency boost.
Transcom Beverages Limited signed the Memorandum of Understanding (MoU) with Standard Chartered Bangladesh at the bank’s head office.
Luthful Arefin Khan, head of Transaction Banking, Standard Chartered Bangladesh and Mohammed Ismail, CFO of Transcom Beverages Limited signed the document on behalf of their companies.
Enamul Huque, managing director and head of Client Coverage, Corporate, Commercial and Institutional Banking of Standard Chartered Bangladesh said: “Digital solutions, simpler processes, and a concentrated effort on driving efficiency are all key parts of catalysing economic growth in Bangladesh. Our Virtual Account for Collection solution with API connectivity has had a notable impact across various industries, and we are happy to help bring new benefits to the FMCG industry. We are proud to partner with Transcom Beverages Limited, who are eager to adopt innovative solutions and are committed to working with the Bank to drive automation and efficiency.”
Kamrul Hassan, Group CFO of Transcom Group said: “It is indeed much-needed automation in this time and age. The solution has simplified our process, ensured error-free and real-time reflection of the customer ledger, enabled faster customer service, and minimized human effort. With this digitalisation, we are now able to serve our customers 4-5 hours earlier than before.”
The newly launched Virtual Account for Collection solution with API connectivity provides each TBL distributor with a unique virtual account, allowing them to make payments seamlessly from their respective bank accounts via the use of any available digital channels (including ACH/BEFTN, RTGS, and IBFT).
The implementation of this solution removes the need for any manual intervention on TBL’s side. All banking information is automatically made available to Transcom Beverages Limited’s Enterprise Resource Planning (ERP) system. This real-time fund deposit solution enables TBL to embrace and drive forward automation, digitalisation, and greater efficiency in collaboration with the bank.