Standard Chartered has shared Autoquote, a cutting-edge digital request for quote (RFQ) module available on its Straight2Bank Next Gen platform, designed to enhance the client experience in trade finance. This innovative feature enables clients globally to request pricing quotations for their letters of credit (LCs) confirmation and discounting/negotiation, receiving digital responses on demand from anywhere at any time.
Also, by digitizing the entire LC confirmation and discounting/negotiation price discovery process, Autoquote empowers clients to access pricing effortlessly. Clients can submit a digital form at their convenience and obtain a quote instantly, streamlining a traditionally cumbersome process. This self-service capability not only boosts efficiency but also enhances transparency, allowing clients to stay informed about the status of their quotations through real-time alerts and notifications. Additionally, clients can easily manage and retrieve their past quotation history, further simplifying their trade finance operations.
Empowering Clients: Standard Chartered Launches Autoquote
Samuel Mathew, Global Head of Documentary Trade at Standard Chartered, emphasized the significance of this launch, stating, “The process of clients requesting and accepting LC confirmation and discounting/negotiation pricing quotes is usually a multi-step and manual process across the industry. The digitalization and simplification of this price discovery and acceptance process is in line with our continuous efforts to improve client experience and offer our clients efficient, safe, and transparent digital trade finance solutions and services.”
The introduction of Autoquote aligns with Standard Chartered’s commitment to leveraging technology to provide innovative financial solutions. By facilitating quicker access to pricing information, the bank aims to enhance the efficiency and transparency of trade finance operations, setting a new standard in the industry. Clients can now enjoy a more streamlined, user-friendly approach to managing their letters of credit, driving growth and success in their global trade activities.
So, as businesses increasingly seek agile and user-friendly financial solutions, Autoquote positions Standard Chartered as a leader in digital trade finance, empowering clients to thrive in the fast-paced global marketplace.
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