Standard Chartered Bank offers 24-hour cheque facility

By STANDARD REPORTER

Standard Chartered Bank has introduced round-the-clock remote cheque printing services for its corporate clients.

This means that customers can now print cheques, along with signatures, from their offices via the bank’s corporate internet banking platform Straight2Bank.

As a result, the turnaround time for payment delivery to beneficiaries is reduced. The service also provides access to payments in remote or out-of-town locations across the country.

Standard Chartered’s Head of Transaction Banking for East Africa Apurva Jain said that while the bank supports the drive towards digitisation of payments, it understands that cheques remain an important form of payment to clients.

After banking hours

“Now clients can continue making cheque disbursements after banking hours,” he said.

The onsite printing capability is an effective solution for firms with high volumes of cheques that are signed physically, authorised centrally and printed and released at multiple locations.

“The physical movement of cheques between the bank and the company is time consuming and becoming increasingly costly. We are delighted to be the first transaction bank to address this challenge through our onsite cheque printing solution. Nakumatt Holdings Ltd is the first business we have partnered with to introduce this innovation in Kenya, given their high number of cheque issuances,” added Jain.

Nakumatt Holdings Managing Director Atul Shah said he expected the system to save the company 60 hours a month of senior management time spent physically signing cheques.