Standard Chartered has announced the implementation of Autoquote, a digital request for quote (RFQ) module for its Straight2Bank Next Gen digital banking platform. Following this announcement, customers and clients will be given the possibility to digitally request and receive letters of credit quotations through Standard Chartered’s new digital capabilities.

In addition, with the use of Autoquote, Standard Chartered users around the world will be enabled to seek pricing quotations for their letters of credit (LCs), as well as confirmation and discounting/negotiation. The process can take place at any point in time and place, and it will provide the individuals with a digital reply. More insights on the announcement Throughout this implementation, the self-service capability is expected to allow clients to securely acquire pricing for their LCs by submitting a digital form at their convenience, as well as receiving a quote digitally.

Apart from enhanced productivity, users will also gain from increased transparency in monitoring the progress of their quotes through alerts and notifications on the platform, as well as from the simplicity of organising and accessing their previous history. The process of clients requesting and accepting LC confirmation and discounting/negotiation pricing quotes is usually a multi-step and manual procedure across the industry. The digitalisation and simplification of this price discovery and acceptance procedure are in line with Standard Chartered’s commitment to improving client experience, while also providing users with efficient, secure, and transparent digital trade finance services and tools.

The financial institution will continue to focus on meeting the needs, preferences, and demands of users in an ever-evolving market while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. Source: Link .