Standard Chartered Launches End-to-end Supply Chain Management on its Internet Channel
Standard Chartered Bank has launched an Internet channel, Web Bank, to provide end-to-end supply chain management. This online portal is designed to allow vendors and their customers to transact directly. The supply chain management solution, B2BeX (business to business exchange), is designed to streamline and accelerate the entire trade cycle, from procurement to payment. The enhanced document exchange functionality enables customers to create, track and exchange a complete set of trade documents electronically with their trading partners on a global scale. The new look B2Bex platform features includes automated electronic purchase order (PO) grouping for letter of credit (LC) application, which Standard Chartered claims decreases the time spent preparing LC applications, reduces the risk of errors and improves the overall trade cycles leading to an acceleration of cash flow.