Standard Chartered Unveils Autoquote: A Digital RFQ Module for Pricing Quotations

Standard Chartered has launched Autoquote, a new digital request for quote (RFQ) module, on its Straight2Bank platform. This innovative tool allows clients to request pricing quotations and receive responses digitally.

What is Autoquote?

Autoquote is a digital RFQ module that enables clients worldwide to request pricing quotations for their letters of credit (LC) confirmation and for discounting/negotiation. Responses are provided digitally on demand, streamlining the process significantly.

Benefits of Autoquote

The introduction of Autoquote eliminates the need for the current multi-step, manual process of requesting and accepting LC confirmation and discounting/negotiation pricing quotes. According to Samuel Mathew, Global Head of Documentary Trade at Standard Chartered, this digitalisation and simplification align with the bank's efforts to enhance client experience by offering efficient, safe, and transparent digital trade finance solutions.

Features of Autoquote

•  Digital Responses: Clients receive pricing quotations digitally, reducing time and effort.

•  Status Tracking: Clients can monitor the status of their quotations through platform alerts and notifications.

•  Quotation History Management: The module allows easy management and retrieval of past quotation history.

Understanding Quotation Quotes

A quotation, in the context of business and finance, is a statement of how much a job, service, or product will cost. It is a formal offer to provide goods or services at a specified price and under certain conditions.

In digital platforms like Autoquote, quotations are generated and managed electronically, enhancing efficiency and accuracy.