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08 December 2022

Business Insider Bangladesh

SCB unveils VAP solution for World Vision

BI Report || BusinessInsider

Published: 17:00, 28 September 2022  
SCB unveils VAP solution for World Vision

Photo: Courtesy

Standard Chartered recently introduced a Virtual Accounts for Payments (VAP) solution for World Vision Bangladesh.

This unique digital solution, implemented for the first time in Bangladesh, will simplify the fund and payment management process for clients, said a press release.

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, managing director, head of client coverage, corporate, commercial & institutional banking of 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. We would like to thank World Vision Bangladesh for closely collaborating with us to design and implement a solution that will serve as template for the industry.”

Stanislaus Rozario, senior director – finance and corporate services of 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. The idea to comply our Global compliance as well as statutory requirements lead to make this innovation. We are very happy to be part of this process. Our partnership will be stronger in the coming day.”

For stakeholders, benefits from the Virtual Account for Payment (VAP) solution include:

  • The ability to maintain full control of virtual accounts – which eases payables and reconciliation for projects;
  • The ability to centralise funds in one physical account, with the choice to segregate funds for different payments – which improves working capital management;
  • A distinct authorisation matrix for individual virtual accounts;
  • The same virtual account for payments and collections;
  • Greater visibility of one’s real-time cash position;
  • Reduction in processes and resources required – saving both time and costs.