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Standard Chartered unveils VAP solution for World Vision Bangladesh

Standard Chartered unveils VAP 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.

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.

Enamul Huque, Managing Director, Head of Client Coverage, Corporate, Commercial & Institutional Banking, Standard Chartered Bangladesh, said, “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.”

Stanislaus Rozario, Senior Director – 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.”

For stakeholders, benefits from the Virtual Account for Payment (VAP) solution include:

· The ability to maintain full control of virtual accounts – which eases payables and reconciliation for projects;

· The ability to centralise funds in one physical account, with the choice to segregate funds for different payments – which improves working capital management;

· A distinct authorisation matrix for individual virtual accounts;

· The same virtual account for payments and collections;

· Greater visibility of one’s real-time cash position;

· Reduction in processes and resources required – saving both time and costs.

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 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.

– Press release