BRAC Bank partners with Samuda Edible Oil for digital solutions

BRAC Bank has partnered with Samuda Edible Oil Ltd to strengthen the company’s cash management operations through digital collection and payment solutions, according to a press release issued on Sunday.

Under the partnership, Samuda Edible Oil will use BRAC Bank’s Virtual Account Management (VAM) solution to facilitate collections and automate reconciliation. The solution is expected to provide greater visibility over incoming funds, reduce manual reconciliation and support faster processing of customer orders.

The company will also use BRAC Bank’s corporate digital banking platform, CORPNET, to make domestic payments electronically, including utility and statutory payments.

Md Asif Bin Idrish, Deputy Managing Director and Head of Corporate, Commercial & Institutional Banking Division at BRAC Bank, said the bank’s transaction banking solutions were designed to make businesses’ financial operations simpler and more efficient.

Mohammad Mustafa Haider, Managing Director of Samuda Edible Oil Ltd, said the partnership would help streamline the company’s collection and payment processes through greater automation and digital integration.

The Transaction Banking Agreement was signed on September 29 at the head office of Samuda Edible Oil Ltd.

Mohammad Mustafa Haider and Mohammad Akramuzzaman, FCMA, Chief Financial Officer of Samuda Edible Oil, represented the company at the signing ceremony.

Md Asif Bin Idrish, A.K.M. Faisal Halim, Head of Transaction Banking; Khaled Al Fesani, Area Head, Dhaka, Corporate, Commercial & Institutional Banking; and Sadekul Hoque, Unit Head, Corporate, Commercial & Institutional Banking, represented BRAC Bank.

According to the press release, BRAC Bank’s nationwide distribution network includes 195 branches, 117 sub-branches and 1,119 Agent Banking outlets, providing access to banking services across the country.

The partnership is part of BRAC Bank’s efforts to provide corporate clients with digital collection, payment and transaction banking solutions, the release said.

- MaT