Connected Banking with Standard Chartered Bank

Zoho ERP has partnered with Standard Chartered Bank to link your core business processes and banking to the same platform. This integration enables you to automate and simplify complex banking activities, such as international vendor payments and bank reconciliations. So, you no longer have to log in to your Straight2Bank (the online banking portal of Standard Chartered Bank) to initiate payments.

Note: This integration is available only for users in the India edition of Zoho ERP created under the zoho.in domain.

Benefits

Initiate payments to your vendors directly from Zoho ERP.
Fetch bank feeds securely with direct feeds from the bank.
Reconcile bank statements easily with the best and exact matches of transactions.
Initiate payments in bulk and reduce time spent on bill payments.
Make cross-border payments securely in other currencies.
Manage a large number of transactions with virtual account numbers.

Prerequisite: Ensure you have added other users to your organisation to initiate payments and perform tasks.

Set Up the Integration

Connecting your Zoho ERP organisation with Standard Chartered Bank is a simple and straightforward process.

Initiate Integration

To get started with the integration, you will need a current account with Standard Chartered Bank. If you do not have one, you can also request one from Zoho ERP. To set up:

Log in to your Zoho ERP organisation.
Go to Settings and then Online Payments.
Under Vendor Payments, you will be able to find Standard Chartered listed under it.
Click the Set up Now button.

You are a new user to Standard Chartered Bank:

Click the Request for a New Account link in the pop-up that appears.

Note: The annual turnover of the organisation should be greater than 2.5 crores to request a new current account in Standard Chartered Bank from Zoho ERP.

Enter your Organisation Details and Contact Details in the page that follows.
Verify and agree to the Terms and Conditions and click Save.

The bank executives will contact you to assist with opening a new current account. Once done, you can follow the steps provided below.

You are an existing user of Standard Chartered Bank:

Click the Set up Now button, and a pop-up appears.
Enter your Organisation Details and Contact Details on the page that follows.
Agree to the Terms and Conditions, as well as allowing Standard Chartered Bank employees to contact you, by checking the boxes.
Click Save.

Once done, the bank executives will get in touch with you to provide a one-time token for authentication to complete the integration.

Authenticate Integration

Once you have initiated your integration, the status of your integration will be Pending until you enter the one-time token provided by the bank executives. Once you receive the one-time token:

Click the Enter the token provided by RM option in the Vendor Payments page.
Enter your Straight2Bank Group ID.
Select your Integration Administrator. An Integration Administrator is an admin of the organisation who will have complete control over the integration.
Enter the One-time Token.
Click Save.

After validation by bank officials, the integration status will be updated to Active, and your Integration Administrator will be able to configure your integration settings.

Configure Integration

After integrating your bank account, you can configure your settings based on your organisation’s preferences. To do so:

Click the Edit Settings option in the Vendor Payments page.
Fill in the details in the pop-up that appears.

Field	Description
Integration Administrator	Select an admin of the organisation to regulate all the actions in the integration.
Straight2Bank Group ID	Enter the Group ID with which you have registered your integration.
Allowed Payment Accounts	Select the Standard Chartered Bank account(s) from which payments can be initiated.
Payment Initiators	Select the users who can initiate a payment using Standard Chartered Bank from Zoho ERP.
Bank Statement Accounts	Select the Standard Chartered Bank accounts for which you want to receive the bank statements to reconcile transactions.

Click Save.

All users of your organisation will be able to view the configured settings, but only the Integration Administrator will be able to edit them.

Add Vendor Bank Account Details

Once you have completed setting up your integration, you can add your vendor’s bank account details to start making payments. To do so:

Go to Purchases and then Vendors.
Select a particular vendor and click the More dropdown, then select Add Bank Account.
Enter the vendor’s bank account details in the pop-up that appears and click Save.

Make Payments to Vendors

1. Initiate Payments from Zoho ERP

Once you have added your vendor’s bank account details, you can make a vendor payment. In Zoho ERP, you can:

To Make Domestic Payments:

Log in to your Zoho ERP organisation.
Go to Purchases in the left sidebar and navigate to Bills.
Select the bill for which you need to make the payment.
Click the Pay via Standard Chartered button in the bill options.
Enter the details in the pop-up that appears.

Fields	Description
Balance Due	The total sum of the money due for payment for a particular bill.
Amount	Enter the Amount you would like to pay. You can choose to make a complete or a partial payment towards the bill.
From Account	Select the From Account from the list of Standard Chartered bank accounts from which you can initiate a payment.
To Account	Select the account to which you would like to make the payment.
Transaction Type	Select the Transaction Type from the available fund transfer options. The modes of fund transfer available are IMPS/RTGS/NEFT and Book Transfer.

Click Proceed and the payment will be initiated from Zoho ERP.

To Make International Payments:

Go to the Purchases in the left sidebar and navigate to Bills.
Select the bill for which you need to make the payment.
Click the Pay via Standard Chartered button in the bill options.
Enter the details such as Balance Due, Amount, From Account and To Account.
Select Telegraphic Transfer (TT) as the Transaction Type.
Select the Purpose of the Payment from the dropdown.
Verify the Exchange Rates and click Change if adjustments are required.
Click Proceed and the payment will be initiated from Zoho ERP.

To Make Bulk Payments:

Go to the Purchases in the left sidebar and navigate to Bills.
Click the All Bills dropdown and select the Unpaid Bills filter.
Select multiple bills for which you want to make payment and click the Pay via Standard Chartered button.
Select the From Account from which you want to initiate payment for all the bills.
Verify the Transaction Details that get populated and select the To Account, Payment Date and Transaction Type.
Click Initiate Payment.

Once you have initiated a payment, the status of the bill in the Payments Made tab will be In Progress.

Pro Tip: You can select a different transaction type for each vendor.

2. Approve in Straight2Bank

Once you initiate a payment in Zoho ERP, the next step is to approve it in the bank’s portal to complete the processing. To approve a payment:

Log into your Straight2Bank portal using your Group ID and User ID.
Enter the digital one-time token generated using your Vasco and click Proceed.
Go to the Transaction Statistics section.
Click the batch number in the Batches column.
Select a transaction and click Authorize Batch.
Click Save, enter the Challenge and Response values using your Vasco, and click Submit.
Click Send to Bank to process your transaction.

Once your transaction has been processed, the status of your transaction in the Payments Made tab will change to Processed.

Fetch Direct Feeds and Reconcile Bank Statements

The Standard Chartered Bank integration automatically imports transactions from your bank account into Zoho ERP, enabling easy reconciliation.

Go Banking from the Accountant module and select your Standard Chartered bank account.
Bank feeds will be refreshed automatically.
Go to the Uncategorised Transactions tab.
Select a transaction and Zoho ERP will prompt the Best Match automatically.
Click Match.

Virtual Accounts

Zoho ERP enables you to assign a virtual account number to each customer, facilitating easier payment identification and reconciliation. To do this:

Enable Virtual Account Number in your Standard Chartered Bank.
Log in to your Zoho ERP organisation.
Go to Templates.
Navigate to the Invoices tab and edit your default template.
Go to the Footer section and add your bank details.
Enter your Bank Name, Account Number, and IFSC Code.
Add the virtual account number prefix provided by Standard Chartered Bank.
Insert the Virtual Account Number Suffix placeholder.
Click Save.

A unique auto-generated number will appear on each invoice. When your customer makes a payment, the bank feed will include this unique account number, enabling Zoho ERP to automatically find the best matches.

Delete the Integration

You can delete the integration if you don’t want to make payments to vendors using Standard Chartered Bank. To do this:

Go to Settings and then Online Payments.
In the Vendor Payments tab, click Delete next to Standard Chartered.
Enter a reason and confirm deletion.

The integration will be deleted.