Standard Chartered Bank and one of Pakistan's major mobile telephony companies have signed an agreement aimed at saving processing time for letters of credit (L/Cs) and other instruments.

Established in 2001, Advance Telecom will help develop an electronic banking platform called Straight2Bank for Standard Chartered Bank.

Efficiencies

Straight2Bank aims to improve efficiency in many areas of the bank's activities.

It should execute and monitor cash management, foreign exchange and trade finance activities more efficiently..

L/C benefits

According to Advance Telecom's chief operating officer, Rizwan Majeed, the Straight2Bank electronic platform leads to improved workflows.

This he said has resulted considerable time savings in the processing of transactions, especially in L/C openings.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.