Extensive clearing network
Our extensive branch network, complemented by our correspondent banks' network, provides you with a wide coverage of clearing locations to ensure you get the benefit of early availability of funds. This is further enhanced by our cheque purchase and guaranteed credit services.
Guaranteed credit
To help you manage your cash inflow from your accounts receivable more efficiently, Standard Chartered can arrange for guaranteed (subject to prior agreement) credit to your account for cheque collections. Your local and foreign currency cheques will be credited to your account on a fixed date even if the Bank is not in receipt of the funds from the clearing house or correspondent bank. The faster availability of funds helps reduce overdraft balances and consequently lowers interest costs.
Comprehensive MIS
We understand the importance of timely and accurate information regarding accounts receivable to help you effectively manage your receivables and debtors, and minimise losses caused by delayed receipts and defaults. You can also better manage your buyers' requirements and improve your inventory management.
Based on your choice of Straight2Bank channels, multiple, detailed reports are delivered to you via email, fax, Straight2Bannk Access (Host-To-Host channel) or Straight2Bank Web(Internet Banking Channel).
These reports are tailored to your needs and provide details such as invoice number, drawer name, customer reference number, debtor code, special narration, remarks and any other information you have requested for. Here are some of the comprehensive reports the Standard Chartered solution provides you with:
• Activity Reports e.g. information on collections activity for the period
• Deposit Reconciliation Reports e.g. deposit confirmation
• Return and Reversals Report e.g. information on cheques returned
• Drawer Summary Report e.g. information on drawers
System integration
The Standard Chartered collections platform can be integrated with your account receivables system to enable auto reconciliation for your account receivables. You get fully reconciled receivables files with invoice details and amounts matched against receipts.
In addition, Straight2Bank Web (Internet Banking Channel) can also be used as an electronic channel to transmit collection information such as DDI (direct debit initiation) files or invoice number (account receivables) details to the Bank. We also provide the option of transmission of files and MIS through Straight2Bannk Access (Host-To-Host channel)
Outsourcing of collections
Standard Chartered supports your complete collection cycle. These services cover:
• Courier pick-up service, which is available for cheques from your office, dealers' and distributors' offices, from PO boxes etc.
• Clearing of instruments whether local or foreign currency through the clearing houses, directly by Standard Chartered or through our correspondent bank network.
• Electronic collection services through the ACH.
• Data capture of information.
• Reconciliation activities.
Types of collections
We provide collection services for:
• Local currency cheques
• Foreign currency cheques
• Lock box services – retail and wholesale
• Direct Debits
• Credit card collections
• Inward telegraphic transfers
Please refer to the Standard Chartered individual country website to confirm the availability of specific collections products and services.