StanChart unveils 'Virtual Accounts for Payments' solution for World Vision Bangladesh
DHAKA, Sept 27, 2022 (BSS) - Standard Chartered has 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, said a press release today.
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 and 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."