Standard Chartered Bank is first in Singapore to embark on a new service commitment for local trade finance customers by adding a service guarantee to their overnight document checking service. As a result of this service commitment, trade customers will enjoy a quicker turnaround time, which helps the company’s cashflow and reduce interest costs.
The overnight document service checking allows customers to submit export letter of credit (LC) documents to the bank up until 6.00pm, with the commitment that any notice of discrepancy (NOD) will be delivered by 9.00am the next working day.
If the bank does not meet the 9.00am deadline, the service guarantee offers customers the ability to claim a credit note of up to S$100 in commission fees off their next trade transaction.
The bank also plans to extend the service guarantee offering to importers on import letter of credit issuance starting September 1, 2006.
Chris Jenkins, global head of trade operations, Standard Chartered says: “As the first bank in Singapore to offer a service guarantee, it displays our absolute commitment to service. This is a value-added service which ultimately allows our trade customers to fast track their trade capabilities.
With the recent integration of Trade Transaction Initiation (TI) technology on our web based integrated channel – Web Bank, and year-on-year growth in the number of trade customers, we are strengthening our position as one of the leading trade services banks globally.”