Standard Chartered Bank has launched its end-to-end supply chain management system on its internet channel, Web Bank. This provides vendors and their customers with an online portal where they can transact directly and seamlessly.
A multi award-winning supply chain management solution, B2BeX (business-to-business exchange) is designed to streamline and accelerate the entire trade cycle, from procurement to payment. The enhanced document exchange functionality enables customers to create, track, and exchange a complete set of trade documents electronically with their trading partners on a global scale.
Jiten Arora, global head of channels and solution delivery, transaction banking, says: “There is a trend towards open account trading, and we are moving quickly to meet this need. Through this innovation, we offer our customers a holistic channel covering end-to-end document and open account trade services. This will deliver significant operating efficiencies and cost savings to buyers, suppliers and their trading partners. We are putting the power in our customers’ hands to choose the systems auto purchase order grouping functionality to create a letter of credit or settle on open account terms.”
The new look B2Bex platform features include automated electronic purchase order (PO) grouping for letter of credit (LC) application, which significantly decreases the time spent preparing LC applications, reduces the risk of errors and improves the overall trade cycles leading to an acceleration of cashflow. The result is a highly secure, user-friendly, cost-effective and scalable solution all performed in a near-paperless environment, claims the bank.
In addition to the new B2Bex capabilities, Web Bank has recently been transformed offering clients a single sign on channel with complete working capital solutions for trade, cash, securities rates and FX, across all client segments, geographies and products.
As part of the bank’s global transaction solutions to corporates and institutions, transaction banking provides cash management, securities services and trade services through the bank’s network in Asia, Africa, the Middle East and Latin America. The business provides a full suite of transactional products and serves as a bridge to these markets for clients from the US and Europe.