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Standard Chartered Bank on Tuesday said it has launched ‘Unified Payments Interface’ (UPI)solution for its corporate and financial institutional, and commercial banking clients.This will enable clients to send and receive money using a Virtual Payment Address without entering additional bank account details. In a statement, the bank said UPI allows real time ‘push and pull’ of funds, thus providing companies with a collections mechanism that can be used in multiple industries to ease the payment process for end customers. Instead of just sending payment reminders, companies can now collect funds by sending a ‘pull’ request which the end customer can authorise on his smart phone using a UPI app.
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