Clients can request pricing quotations and get responses digitally.

Standard Chartered has introduced Autoquote, digital request quote module (RFQ), on its digital banking platform Straight2Bank.

Autoquote enables clients globally to request pricing quotations for their letters of credit (LC) confirmation and for discounting/negotiation. Response will be given digitally on demand.

This does away with the current process, where clients request and accept LC confirmation and discounting/negotiation pricing quotes through a multi-step and manual process, said Samuel Mathew, global head of documentary trade, Standard Chartered.

“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,” Mathew said.

Clients can see the status of their quotations through platform alerts and notifications. They can also easily manage and retrieve their past quotation history through the module.