Standard Chartered has launched its working capital and lending capability on the Straight2Bank (S2B) online platform for businesses to manage their transaction banking needs.
The new module allows clients to initiate loan drawdown and rollover requests. In addition to providing a real-time view of the facility limits and utilizations, clients can also track the maturities of their outstanding transactions and repayment dates through an easy-to-use interface.
By digitizing and simplifying the end-to-end exchange of information, clients are able to view real-time updates on the progress of their loan requests, thereby benefiting from greater transparency and cost efficiencies across the supply chain.
This capability eliminates the challenges associated with paper-based loan drawdowns, including the inefficient process of physical signatures as well as the manual tracking of limits and transaction status, the bank says. The service is now available in several of the bank's key markets, with a progressive rollout across the rest of its footprint.
“With the launch of our working capital and lending capability on S2B, our clients can now view transaction information across their cash, trade and working capital facilities in a single interface,” says Jia Yu Liao, global head of working capital. “Not only does this offer a faster and more seamless experience for corporates in making better working capital decisions, the move to a paperless process is also a step forward in our journey towards sustainability.”