SCB, Transcom Beverages to launch collection solution

Transcom Beverages Ltd has signed a memorandum of understanding with Standard Chartered Bangladesh (SCB) to launch the first-ever digital collection solution with real-time reconciliation via Application Programming Interface (API) integration for the fast-moving consumer goods (FMCG) industry. 

Luthful Arefin Khan, head of transaction banking of Standard Chartered Bangladesh, and Mohammed Ismail, chief financial officer of Transcom Beverages Ltd, inked the MoU at the bank's head office in Dhaka, a press release said.

The digital platform will enable manufacturers to conveniently collect and reconcile funds from distributors with ease. The solution will also ensure a shorter turnaround time for distributors.

By leveraging the bank's virtual account for collection solution with API connectivity, Transcom Beverages can now access detailed information about payments made by its distributors and use the data to automatically complete the reconciliation process.

The real-time solution eliminates manual data entry delays and errors. With the solution, the beverage company will also experience enhanced data security, better operational risk management, and a major efficiency boost, said the press release.

"Our virtual account for collection solution with API connectivity has had a notable impact across various industries, and we are happy to help bring new benefits to the FMCG industry," said Enamul Huque, head of client coverage, corporate, commercial and institutional banking at Standard Chartered Bangladesh.

"The solution has simplified our process, ensured error-free and real-time reflection of customer ledger, enabled faster customer service, and minimised human effort. With this digitalisation, we are now able to serve our customers four to five hours earlier than before," said Kamrul Hassan, group chief financial officer of Transcom Group.