Comprehensive receivables management solution
We understand that operating and sustaining a profitable business these days is extremely tough. Your key business concerns could be:
- Receivables management - ensuring receivables are collected in an efficient and timely manner to optimise utilisation of funds
- Risk management - ensuring effective management of debtors to eliminate risk of returns and losses caused by defaulters and delayed payments
- Inventory management - ensuring efficient and quick turnaround of inventory to maximise returns
- Cost management - reducing interest costs through optimal utilisation of funds
Our collections solution leverages the Bank's extensive regional knowledge and widespread branch network across our key markets to specially tailor solutions for your regional and local collection needs.
With this collections solution, delivered through a standardised international platform, there is flexibility of catering to your local needs, thus enabling you to meet your objectives of reducing costs and increasing efficiency and profitability through better receivables and risk management.
The key components of our solution include the following:
Our extensive branch network, complemented by our correspondent banks' network, provides a wide coverage of clearing locations to ensure efficient and quick availability of funds. This is further enhanced by our cheque purchase and guaranteed credit services.
To help you manage your cash inflow from your accounts receivable more efficiently, we can arrange for guaranteed (subject to prior agreement) credit to your account for cheque collections. Your local and foreign currency cheques will be credited to your account on a fixed date even if the Bank is not in receipt of the funds from the clearing house or correspondent bank. The quick availability of funds helps reduce overdraft balances and consequently lowers interest costs.
We understand the importance of timely and accurate information regarding accounts receivable to help you effectively manage your receivables and debtors, and minimise losses caused by delayed receipts and defaults. You can also better manage your buyers' requirements and improve your inventory management.
Based on your choice of Straight2Bank channels, multiple, detailed reports are delivered to you via email, fax, Straight2Bank Access (Host-To-Host channel) or Straight2Bank Web (internet banking channel).
These reports are tailored to your needs and provide details such as invoice number, drawer name, customer reference number, debtor code, special narration, remarks and any other information you have requested for. Here are some of the comprehensive reports our solution provides you with:
- Activity reports, e.g. information on collections activity for the period
- Deposit reconciliation reports, e.g. deposit confirmation
- Return and reversals report, e.g. information on cheques returned
- Drawer summary report, e.g. information on drawers
Our collections platform can be integrated with your account receivables system to enable auto reconciliation for your account receivables. You get fully reconciled receivables files with invoice details and amounts matched against receipts.
In addition, Straight2Bank Web (internet banking channel) can also be used as an electronic channel to transmit collection information such as direct debit initiation (DDI) files or invoice number (account receivables) details to the bank.
We also provide the option of transmission of files and MIS through Straight2Bank Access (Host-To-Host channel).
We support your complete collection cycle. These services cover:
- Courier pick-up service, which is available for cheques from your office, dealers' and distributors' offices, from PO boxes etc
- Clearing of instruments whether local or foreign currency through the clearing houses, directly by Standard Chartered or through our correspondent bank network
- Electronic collection services through the Automated Clearing House (ACH)
- Data capture of information
- Reconciliation activities
Types of collections
We provide collection services for:
- Local currency cheques
- Foreign currency cheques
- Lock box services – retail and wholesale
- Direct Debits
- Credit card collections
- Inward telegraphic transfers
Please refer to your relationship manager to confirm the availability of specific collections products and services.
Navigate the waters of international trade through our fully integrated channels and global technology platforms.
Choose from a range of physical and electronic channels according to your business need for product simplicity or sophistication.