Standard Chartered unveils industry-first ‘Virtual Accounts for Payments’ solution for World Vision Bangladesh

Standard Chartered recently introduced a Virtual Accounts for Payments (VAP) solution for World Vision Bangladesh.

This unique digital solution, implemented for the first time in Bangladesh, will simplify the fund and payment management process for clients, said a press release. 

A Virtual Account for Payment (VAP) is an account that facilitates payment initiation, where clients have the option to open one virtual account or multiple virtual accounts as required. This structure allows for the segregation of payments based on client-defined criterion, leading to a more simplified reconciliation and audit process.

"We are constantly working with our clients to elevate their banking experience, listening to their needs, and leveraging our innovative product capabilities to deliver ground-breaking solutions. We would like to thank World Vision Bangladesh for closely collaborating with us to design and implement a solution that will serve as template for the industry," said Enamul Huque, managing director, head of client coverage, corporate, commercial and institutional banking, Standard Chartered Bangladesh.

Stanislaus Rozario, senior director of finance and corporate services, World Vision Bangladesh, said, "A simple idea can make an innovation. The new initiative of Standard Chartered Bangladesh 'Virtual Account for Payment' is the great example of it. The idea to comply our Global compliance as well as statutory requirements lead to make this innovation. We are very happy to be part of this process. Our partnership will be stronger in coming day."

With over 117 years of uninterrupted presence in the nation, Standard Chartered Bangladesh is the only multinational universal Bank in Bangladesh. As the nation's longstanding partner in progress, Standard Chartered is facilitating major investments in power, energy, transportation, and urban development, the press release added. 

The bank accounts for a major share of all export and import financing, as well as power generation financing and SME lending by foreign banks. At the same time, the Bank commands a leading position in the retail finance space. Standard Chartered's commitment to supporting Bangladesh's continued journey of prosperity even in the face of a global pandemic saw the bank secure 30 major international awards in 2021.