Standard Chartered signs agreement to provide digital solutions to shipping industry

Standard Chartered Bangladesh and Mediterranean Shipping Company Bangladesh Ltd (MSC) have recently signed an agreement. According to the agreement, MSC's enterprise Standard Chartered will provide host-to-host connectivity to the resource planning (ERP) platform Straight-to-Bank (STUB), which will facilitate MSC's local payment process.

This connection system is managed through the Bank's Universal Adapter Tool, which will make the mapping and creation process automated and simplified, reads a press release.

MSC is implementing the bank's Virtual Accounts solution to control and make the cash management process more visible, which will help them streamline collection processes and achieve real-time automated reconciliation. 

This end-to-end solution reflects Standard Chartered's cash management benefits through technology innovation, faster turn-over, and process integration while improving MSC's payment and collection processes and ensuring a better customer experience. This is the first such solution in the country for the shipping industry, which is setting the standard for digital transformation and future-fitness.

The agreement was signed at the inauguration of this new digital solution. He was present at the time Lutful Arefin Khan, country head of Transaction Banking, Standard Chartered Bangladesh; Shamim Iqbal, head of Client Coverage (Chittagong), Standard Chartered Bangladesh (Chittagong); ATM Anisul Millat, CFO, MSC; Rashed Karim, general manager Rashed Karim (Finance & Accounts) and others.

"By re-engineering the end-to-end cash management process and providing the best experience at every step, Standard Chartered always ensures the best solution for clients. Standard Chartered has been providing host-to-host connectivity in Bangladesh for over a decade. Currently, more than 80 clients across the country are benefiting from our process efficiency, reduced risk, reduced manual intervention, and improved transparency. We are proud to partner with MSC and look forward to the future," said Lutful Arefin. 

Anisul Millat said, "This integration and digital solution reflects Standard Chartered's commitment to help meet all our banking needs. This solution will improve and simplify our payment, collection, and reconciliation processes. We are really impressed with the bank's plug-and-play host-to-host integration solution and virtual account solution through the Universal Adapter, and it has reduced our day-to-day treasury management issues."

As per the release, Standard Chartered Bank is the only multinational bank in the country that has been continuously operating in Bangladesh for more than 118 years. Standard Chartered Bank has long been a proud partner in the country's trade and development journey through the welfare of the nation, elimination of economic disparities, and protection of the environment. 

The release also mentions that Standard Chartered is committed to Bangladesh's economic and social development with the ideals of sustainability and equity at the core. Standard Chartered has received more than 25 international awards in 2022 as part of its contribution to the nation's prosperity.

According to the release, the Mediterranean Shipping Company (MSC) is a leader in the global container shipping industry. Although initially operating with just one vessel, MSC today has built a successful global logistics business with 730 vessels. The company operates in 155 countries across 5 continents. MSC has been transporting cargo to Bangladesh since 2007 and established a joint venture company in the country in 2017.