StanChart facilitates LC application via H2H connectivity

Standard Chartered Bangladesh has provided Genesis Fashions Limited, a leading ready-made garments manufacturer, with the resources needed to submit trade applications via Host-to-Host (H2H) connectivity, says a press release.

The bank and the Genesis Fashions, a sister concern of the M&J Group, signed an agreement to this end at bank's head office recently. Luthful Arefin Khan, Head of Transaction Banking, Standard Chartered Bangladesh, and Sheikh Mahfuzul Hoque, Chief Financial Officer, Genesis Fashions, signed the agreement.

This digital trade solution directly links the organisation's Enterprise Resource Planning (ERP) platform to Standard Chartered's transaction processing system.

This connectivity enables Genesis Fashions to directly apply for Letters of Credit (LC) and other trade products from their own ERP system, eliminating any duplication of work and thereby adding efficiency to the trade process.

The bank's Host-to-Host solution provides clients with an entirely paperless service that empowers them to minimise their carbon footprint while conducting trade processes with greater speed and efficiency.

At present, clients must manually complete individual forms to apply for a Letter of Credit. The bank's digital H2H channel eliminates this step by creating a seamless digital link between Standard Chartered and the client.

By launching digital solutions that save time and prioritise sustainability, the bank is revolutionising Bangladesh's LC application process.

Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, "Host-to-Host connectivity for trade is a major milestone in the trade digitisation journey -- one that Standard Chartered is leading in this market. This makes end-to-end trade transaction processing faster by seamlessly connecting the client with the Bank. Our Bank is constantly introducing new capabilities to drive trade digitisation. I look forward to scaling up our Host-to-Host connectivity for trade, so that clients nationwide can enjoy its benefits."