Standard Chartered has introduced Autoquote, a digital request for quote (RFQ) module for its Straight2Bank Next Gen digital banking platform.

With the use of Autoquote, Standard Chartered clients worldwide may now seek pricing quotations for their letters of credit (LCs), as well as confirmation and discounting/negotiation, and they can do so anytime, anywhere, and get a digital reply.

The self-service capability enables clients to conveniently acquire pricing for their LCs by submitting a digital form at their convenience and receiving a quote digitally. This is achieved by digitising the end-to-end LC confirmation and discounting/negotiation price discovery process.

Apart from enhanced productivity, customers also gain from increased transparency in monitoring the progress of their quotes via alerts and notifications on the platform, and from the simplicity of organising and accessing their previous quote history.

Samuel Mathew, global head of documentary trade, Standard Chartered, stated: “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 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.”

Furthermore, in August, Jean Lu was named as chief executive officer, China, and executive vice chairperson of the board of Standard Chartered Bank (China), effective immediately.

Lu’s new responsibility will be to oversee the bank’s activities in Mainland China and report to Mary Huen, CEO of Standard Chartered Hong Kong, and Greater China & North Asia. Lu succeeded Jerry Zhang, who was previously Cluster CEO, China & Japan, and executive vice chairperson of Standard Chartered China. Zhang has been named global co-head, financial institutions coverage and will be located in Hong Kong.

"Standard Chartered implements Straight2Bank Autoquote" was originally created and published by Private Banker International, a GlobalData owned brand.

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