Business

StanChart to help automate transaction, reconciliation process of TMSS


Published : 23 Sep 2021 09:07 PM

Standard Chartered Bank, Bangladesh (SCB) has signed an agreement with TMSS to digitize and automate TMSS’s cash management requirements covering collections and payments from their Branches and subsequent reconciliation. Standard Chartered is proud to partner with TMSS, an early adopter of innovation in Cash Management, to introduce automation and efficiency in their payment and collection process.

 The agreement was signed by Prof. Dr Hosne Ara Begum, the Founder Executive Director of TMSS and Alamgir Morshed, Managing Director and Head of Financial Institution, Standard Chartered Bank Bangladesh in a ceremony recently. 

Amongst others, TMSS high officials Md Abdul Quader, Deputy Executive Director From Standard Chartered Bank, Farheen Rahman, Director Development Organizations; were present at the signing ceremony.

 TMSS was looking for an end to end solution to digitize its collection from their 748 Branches across the country.  Standard Chartered provided TMSS with Virtual Account for Collection solution whereby each Branch and Enterprise Borrower is provided with a unique  identifier that enables TMSS to get the required Branch or Enterprise Borrower’s information for reconciliation purposes when a payment is made.

To make their interbank collection more efficient Direct Debit instruction (DDI) will be used for centralized treasury management.

Both the organizations have also agreed to implement Host to Host (H2H) connectivity between Standard Chartered and TMSS’s ERP systems. 

This removes the need for any manual intervention on TMSS’s side and having to access multiple systems. All banking information is automatically made available to TMSS’s ERP system.