Standard Chartered has announced the introduction of Autoquote, a new digital request for quote (RFQ) module available on its Straight2Bank Next Gen, the bank's digital banking platform.

The new digital capability offers its clients globally the ability to request pricing quotations for their letter of credit (L/C) confirmations, discounting and negotiations. They also receive a digital response on demand, from anywhere and at any time.

Digital benefits

By digitising the end-to-end L/C confirmation, discounting and negotiation price discovery process, the self-service capability empowers clients to easily access pricing for their L/Cs, by submitting a digital form at their convenience and receiving a quote digitally.

In addition to improved efficiency, clients also benefit from the added transparency of staying informed of the status of their quotations through platform alerts and notifications, as well as the ease of managing and retrieving their past quotation history.

Efficiency through simplification

"The process of clients requesting and accepting L/C confirmation and discounting/negotiation pricing quotes is usually a multi-step and manual process across the industry," says StanChart's global head of documentary trade, Samuel Mathew.

"The digitalisation 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," he concludes.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.