Standard Chartered Bangladesh (SCB) and Transcom Beverages Limited (TBL) have recently launched the first ever digital collection solution with real-time reconciliation via Application Programming Interface (API) integration for the Fast-Moving Consumer Goods (FMCG) industry, a press release said Saturday. This newly implemented digital platform will enable manufacturers to conveniently collect and reconcile funds from distributors with ease. The solution will also ensure ashorter turnaround timefor distributors. Luthful Arefin Khan, Head of Transaction Banking, SCB and Mohammed Ismail, chief financial officer, TBL signed the MoU on behalf of their companies at the bank’s head office recently. By leveraging the bank’s virtual account for collection solution with API connectivity, TBL can now accessdetailed information about payments made by their distributors and use thisdata to automatically complete the reconciliation process. This real-time solution eliminates manual data entry delays and errors. With the newly implemented solution, Transcom Beverages Limited will also experienceenhanced data security, better operational risk management, and a majorefficiency boost.
