StanChart enables microfinance sector’s digital cash management solution for BRAC

Business Desk :
Standard Chartered Bangladesh recently inked an agreement with BRAC to enable digital collection and payment processes for 2,800 microfinance branch offices across BRAC’s footprint.
This project is a collaborative initiative between BRAC and Standard Chartered and provides BRAC with a first-of-its-kind solution suited to their wide-ranging cash management requirements.
The bespoke solution uses the Bangladesh Electronic Funds Transfer Network (BEFTN) and Bangladesh Real Time Gross Settlement (BD-RTGS) to digitise loan disbursement.
Additionally, Direct Debit Instruction (DDI) is utilised to fully automate the collection process. Standard Chartered’s Straight2Bank offering makes it possible for disbursement and collection to be conducted seamlessly on one platform.
Real-time debit and credit notifications, instantaneous account reconciliation, the ability to initiate all transactions from their own platform, and on-demand custom reporting provides BRAC with around-the-clock access to critical information along with improved control, speed, and visibility.
The agreement between Standard Chartered Bangladesh and BRAC was signed by Luthful Arefin Khan, Head, Transaction Banking, Standard Chartered Bangladesh and Asif Saleh, Executive Director, BRAC. Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh and other senior officials were also present.