MANILA, Philippines - Standard Chartered Bank has launched its Onsite Cheque Printing service,a first-of-its-kind banking solution in the Philippines allowing the bank’s corporate clients to process cheque payments on a 24/7 basis.
“This feature is the first of its kind in the Philippines, making round-the-clock onsite cheque printing,†it said.
Specifically, Onsite Cheque Printing would provide clients the convenience of having control on the cheque disbursement process centrally via Straight2Bank, the bank’s proprietary electronic banking platform.
The Onsite Cheque Printing service combines the efficiencies of uploading and authorizing client’s account payable data electronically, with the convenience of having cheques printed automatically along with the signatures at the client’s premises. As a result, the turnaround time for payment delivery to beneficiaries is significantly reduced.
The service also provides access to payments in remote or out-of-town locations across the country. The only prerequisite is that a MICR printer is available at the client’s office. The printer can be procured via the bank’s office equipment partners.
StanChart Philippines head of transaction banking Joel De Vera said this innovation supports the bank’s drive towards digitization of payments.
“As part of our commitment to place our clients’ needs at the forefront of our product innovation, the Onsite Cheque Printing service is available round the clock. Now clients can continue to make cheque disbursements after banking hours,†he said.
De Vera said in addition to saving time and money spent on the physical movement of cheques, they have also ensured that the solution adheres to the bank’s robust security standards.
He said the service saves significant client management time from physically signing cheques, as the signatures on the cheques are captured and printed electronically through an encryption.
He said this capability would also give corporates an added advantage in their treasury operations by enhancing control and streamlining processes, while at the same time reducing operational risks caused by fraud or mail loss.