Standard Chartered has announced the introduction of Autoquote, a new digital request for quote (RFQ) module available on its Straight2Bank Next Gen, the bank’s digital banking platform. The new digital capability offers its clients globally the ability to request pricing quotations for their letters of credit (LCs) confirmation and discounting/negotiation and receive a digital response on demand, from anywhere and at any time.

By digitising the end-to-end LC confirmation and discounting/negotiation price discovery process, the self-service capability empowers clients to easily access pricing for their LCs, by submitting a digital form at their convenience and receiving a quote digitally. In addition to improved efficiency, clients also benefit from the added transparency of staying informed of the status of their quotations through platform alerts and notifications, as well as the ease of managing and retrieving their past quotation history.

Samuel Mathew, Global Head of Documentary Trade, Standard Chartered, said: “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.”

Standard Chartered is one of the largest Trade Finance & Working Capital Banks globally. The Bank offers clients world-class solutions and services across more than 51 markets and is a connector for corporates and institutions across the world’s most dynamic trade corridors.