Standard Chartered Bangladesh recently inked an agreement with Mokam, one of ShopUp’s subsidiary platforms, to automate payment processes via Application Programming Interface (API) integration. This real-time digital payment solution has been termed move money payment API. according to a press release.
Standard Chartered Bangladesh is helping ShopUp and Mokam to simplify working capital management and reconciliation processes – which ensures quick product sourcing and eventually, quick selling. By implementing the Move Money Payment API connectivity between Standard Chartered Bangladesh and Mokam, the Bank has provided Mokam – and by extension, ShopUp, with a secure, transparent, and fast payment flow.
Enabling payment processing instructions through API integration, combined with real-time payments such as Real Time Gross Settlement (RTGS) and Book Transfer, has already facilitated faster payments to suppliers and producers. This solution also supports both ShopUp and Mokam’s vision of centralising their payment flow seamlessly with instant payment initiation and real-time reconciliation with payment status notification
Luthful Arefin Khan, Head of Transaction Banking, Standard Chartered Bangladesh, said, “Standard Chartered Bangladesh is a long-standing pioneer in banking innovation – starting from the launch of the country’s first-ever credit card to the issuance of the first Letter of Credit. We are proud to continue this trend by launching Move Money Payment API. This new solution will enable the digitisation of payment flows for our valued clients through real-time integration using robust end-to-end API connectivity. It will eliminate manual data entry delays and errors thanks to enhanced data security. We are proud to partner with ShopUp, Bangladesh’s leading business-to-business e-commerce start-up, which recently secured one of the largest foreign investments in series B funding.”
Ataur Rahim Chowdhury, Co-Founder and Chief Product Officer, ShopUp, said, “We are very thankful to Standard Chartered Bangladesh for providing us with a right-fit solution. We strongly believe this Move Money Payment API integration will help us make supplier payments frictionless and working capital management more efficient”
