Sunday, April 3, 2011

SCB – World Debit Card

SCB (Standard Chartered Bank) – World Debit Card
As the financial year 2010-2011, was coming to a close, SCB (Standard Chartered Bank), unveiled the World Debit Card for Small and Medium Enterprise (SME) customers.

SME Banking World Debit Card is a first-of-its-kind cash management tool that provides convenience, savings and relationship rewards for small-and- medium-enterprise (SME) customers.

It is an ideal tool to separate business and personal expenses.
The present practice is to spend money from one’s pocket, and claim the reimbursement later, from the firm. 

This can now be minimized.

Top three features, which I like about this card, are
01)  All the key personnel can be of the SME transactional account can avail individual cards, with individual spend limits.
02)  The cards can be issued to individuals, who need not be authorized signatories of the firm’s bank’s accounts.
03)  The reward points are converted to rupees as cash credit to the firm’s account.  

This card will be available to all those SME customers, who have their transactional account with the bank.

I am sure; SCB has taken the necessary steps for appropriate transaction alerts, usage tracking by the SME’s finance department, and to eliminate fraudulent transactions.

Was thinking as to how the SMS alerts, emails alerts will be handled in this multiple cards linked to one account?

Trust SCB, in the near future, will introduce many more new Products from it’s Global platform in India, viz: Express Trade, SCB SME Venture, SCB SME Business Expansion etc