Standard Chartered with Transcom Beverages co-created a real-time collection solution for the FMCG industry
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 consumer goods industry at fast spinning (FMCG).
This newly implemented digital platform will allow manufacturers to easily collect and reconcile funds from distributors and will also ensure a faster turnaround time for distributors, reads a press release.
By leveraging the bank’s Virtual Account for Collections solution with API connectivity, TBL can now access detailed information about payments made by its 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 benefit from improved data security, better operational risk management and major improvement in efficiency.
Transcom Beverages Limited has signed the Memorandum of Understanding (MoU) with Standard Chartered Bangladesh at the head office of the bank.
Luthful Arefin Khan, Head of Banking Transactions, Standard Chartered Bangladesh and Mohammed Ismail, Chief Financial Officer 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 at Standard Chartered Bangladesh, said: “Digital solutions, streamlined processes and a focused effort on efficiency are all keys to catalyzing economic growth in Bangladesh. Our virtual account solution for collections with API connectivity has had a noticeable impact in 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 keen to embrace innovative solutions and are committed to working with the Bank to drive automation and efficiency.
Kamrul Hassan, Chief Financial Officer of Transcom Group, said: “It is indeed a must-have automation in our time. The solution simplified our process, ensured error-free and real-time reflection of the customer registry, enabled faster customer service and minimized human effort. Thanks to this digitization, we are now able to serve our customers 4-5 hours earlier than before.
The new virtual account solution for collection with API connectivity provides each TBL distributor with a unique virtual account, allowing them to make payments seamlessly from their respective bank accounts through the use of all available digital channels ( including ACH/BEFTN, RTGS and IBFT).
The implementation of this solution eliminates any manual intervention on the part of TBL. All banking information is automatically made available to Transcom Beverages Limited’s Enterprise Resource Planning (ERP) system. This real-time funds deposit solution enables TBL to embrace and advance automation, digitalization and greater efficiency in collaboration with the bank.