Samuda Edible Oil is shifting how it collects and pays money, with BRAC Bank’s digital tools at the centre of the change.
The two companies signed a transaction banking agreement on 29 September at Samuda Edible Oil’s head office in a signing ceremony, according to a press release.
Under the deal, Samuda Edible Oil will use BRAC Bank’s Virtual Account Management solution to handle collections and automate reconciliation. The company says this will give it a clearer view of incoming funds, cut down manual reconciliation work and help process customer orders faster.
On the payment side, the company will use BRAC Bank’s corporate digital banking platform, Corpnet, to make domestic payments electronically. These include utility and statutory payments, and the platform will serve as a secure digital channel for its daily payment needs.
BRAC Bank’s Deputy Managing Director and Head of Corporate, Commercial and Institutional Banking, Md Asif Bin Idrish, said the bank’s transaction banking solutions are designed to make everyday financial operations simpler and more efficient for businesses. He said the bank looks forward to supporting Samuda Edible Oil with integrated digital collection and payment solutions.
Samuda Edible Oil Managing Director Mohammad Mustafa Haider said the partnership will help the company streamline collections and payments through more automation and digital integration.
The bank also pointed to its reach across the country. Its 195 branches, 117 sub-branches and 1,119 agent banking outlets will give Samuda Edible Oil access to banking services across Bangladesh, including outside regular banking hours and on public holidays.
Mustafa and Chief Financial Officer Mohammad Akramuzzaman represented Samuda Edible Oil at the ceremony. BRAC Bank was represented by Asif, Head of Transaction Banking AKM Faisal Halim, Dhaka Area Head for Corporate, Commercial and Institutional Banking Khaled Al Fesani, and Unit Head Sadekul Hoque.
BRAC Bank said the agreement reflects its continued efforts to help corporate clients digitalise their financial operations through integrated collection, payment and transaction banking services.
For a business that deals with a steady flow of customer orders, fewer manual steps in collecting and matching payments can make daily operations a little smoother.