StanChart, LankaBangla Securities co-create real-time fund deposit in BO account

Standard Chartered Bangladesh and LankaBangla Securities Limited (LBSL) have launched the nation's first ever digital collection solution for clients with real time reconciliation through Application Programming Interface (API) integration, says a press release.
This newly-introduced digital platform will enable capital market investors to transfer funds to their Beneficiary Owner (BO) accounts with ease and will provide users with the ability to seamlessly purchase and sell stocks on both the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE).
By leveraging the bank's Virtual Account for Collection solution with API connectivity, LBSL can now acquire detailed information about their clients against their chosen payment method, and use the data to complete the reconciliation process automatically and immediately.
This real-time solution will eliminate delays and provide LBSL with a significant efficiency boost by reducing client servicing turnaround time and operational risk, while providing enhanced data security.
With the Virtual Account for Collection with API integration solution, each LBSL client will get a unique virtual account, allowing them to make payments seamlessly from their respective banks using any available digital channels (such as eBEFTN, RTGS, and IBFT).
In addition to digital platforms, the solution also supports payments in cash through real-time cash recycler machines or over the counter cash and cheque payments. The solution removes the need for any manual intervention on LBSL's side. All banking information is automatically made available to LBSL's Enterprise Resource Planning (ERP) system.