PICT is 1st Pakistani terminal to launch virtual account system

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Pakistan International Container Terminal (PICT), in partnership with Standard Chartered Bank, has launched a virtual accounts system for more seamless and transparent client transactions.

The digital solution–the first of its kind across Pakistan’s container terminal industry–allows clients to safely facilitate their commercial transactions, especially during this period of social distancing, by minimizing human contact.  The platform also reduces cost and mitigates the challenges associated with physical accounts management.

“PICT has always kept customer value proposition as the top priority while building business resilience using technology.  As we continue to struggle with the pandemic, which necessitates social distancing, our strategy to embrace digitalization allows us to handle transactions more quickly and transparently.  This further strengthens our relationships with customers as well as our commercial ties with our partners,” said Khurram Aziz Khan, PICT Chief Executive Officer.

For PICT, the virtual accounts system automates the payment and collection processes from multiple channels, granting the Company better control while reducing credit risks.  It also provides value-added real-time data reconciliation and reporting, which breaks the geographical, manual, and time-related barriers.

Launching the virtual accounts platform is one of PICT’s several innovations to further improve the ease of doing business for clients and partners.  These measures are critical to the Company’s goal of becoming the container terminal of choice at the Port of Karachi.