Reported by: banking|Updated: June 18, 2021
Standard Chartered Bank has come out with an industry-first innovative digital SOFTEX solution intended to support clients in their software export processes that run through the bank’s digital platform Straight2Bank. The bank said the solution will simplify the filing process for software exporters and simultaneously ensure regulatory compliance. The process begins with Software Technology Parks of India (STPI) filing and concludes with the Export Data Processing & Monitoring System (EDPMS) reconciliation with the bank and collection of export proceeds thereby automating the end-to-end process and significantly reducing the manual touch points. The solution has functionalities like creating files in the requisite formats, data upload and reconciliation tools, integration to the Bank’s internal tool to provide an end-to-end digital package encompassing all stages of documentation and forex execution on inward remittances received. Zarin Daruwala, Cluster CEO, India and South Asia, Standard Chartered Bank, said the new system will support the bank’s software exporter clients by helping them automate the erstwhile manual process.