Standard Chartered Bangladesh (SCB) recently introduced a Virtual Accounts for Payments (VAP) solution for World Vision Bangladesh, a press release said Tuesday.
This digital solution, implemented for the first time in Bangladesh, will simplify the fund and payment management process for clients.
A Virtual Account for Payment (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, MD, head of client coverage, corporate, commercial & institutional banking, SCB, 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.”
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.”
For stakeholders, benefits from the Virtual Account for Payment (VAP) solution include: ability to maintain full control of virtual accounts, centralise funds in one physical account, with the choice to segregate funds for different payments, a distinct authorisation matrix for individual virtual accounts, etc.
