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CASH MANAGEMENT | Staff Reporter, Singapore

StanChart to develop new receivables management capability

It'll help improve sales turn-around.

According to a release, Standard Chartered Bank has unveiled its plan to develop a new receivables management capability to help clients unlock cash flow in working capital. 

This new capability will improve sales turn-around by facilitating timely release of credit limits, significantly reduce resources for managing receivables and freeing up cash locked in suspense.

One of the biggest challenges corporates face in managing receivables stems from lack of structure in the information they receive, which forces them to invest significant time and human resources in the tedious task of reconciliation.

The new capability powered by an innovative, intelligent heuristic engine will identify invoice numbers and provide automated reconciliation, enabling early release of customer credit limit. With its in-built self-learning capabilities, the engine will be able to optimise itself and improve auto-match results with more transactions over time.

It will also provide receivables performance trends that will help understand debtors’ specific payment behaviours. This will give insights into expected cash flows from current receivables for predictive analysis on future collections enabling better forecasting and working capital management.

George Nast, Global Head of Products, Transaction Banking, commented:

“In the current volatile economic environment, corporates are under pressure to improve their working capital efficiency and free up trapped cash in accounts receivables. Traditionally banks have focused on expediting money into their clients’ accounts and have neglected the information aspect of the collections.

With Accounts Receivable Management, we will be able to plug this huge gap and help corporates achieve operational excellence.”

Jiten Arora, Global Head of Sales, Transaction Bankiong, commented;

“Working capital management is as important to our clients as growth and profitability as it creates real value for business growth. There is substantial working capital opportunity in the receivables space that corporates can tap into.

Our new capability will help them capture the opportunity and improve their working capital management, which will ultimately increase their competitiveness.”

The new capability will be rolled out into more than 30 markets across Asia, Africa and the Middle East by end of Q1 2014.  

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