BRAC Bank, Samuda Edible Oil team up for digital payments

BRAC Bank PLC has partnered with Samuda Edible Oil Ltd, an industrial manufacturing concern of TK Group, to strengthen the company’s cash management operations through digital collection and payment solutions.

Under the partnership, Samuda Edible Oil will use BRAC Bank’s virtual account management (VAM) solution to facilitate collections and automate reconciliation.

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The solution will provide greater visibility into incoming funds, reduce manual reconciliation and support faster processing of customer orders.

Mohammad Mustafa Haider, managing director of Samuda Edible Oil, and AKM Faisal Halim, head of transaction banking at BRAC Bank, signed the agreement at the former’s head office in Dhaka recently, according to a press release.

Commenting on the agreement, Md Asif Bin Idrish, deputy managing director and head of the corporate, commercial and institutional banking division at BRAC Bank, said the bank’s transaction banking solutions were designed to make everyday financial operations simpler and more efficient for businesses.

“We look forward to supporting Samuda Edible Oil with integrated digital collection and payment solutions,” he added.

Mustafa said the partnership would help the company streamline its collections and payments through greater automation and digital integration, supporting more efficient financial operations.

The company will also use the bank’s corporate digital banking platform, CORPNET, to initiate domestic payments electronically, including utility and statutory payments. The platform will enable the company to manage its day-to-day payment requirements through a secure digital channel.

BRAC Bank’s nationwide distribution network will provide Samuda Edible Oil with access to banking services across the country, including beyond traditional banking hours and on public holidays.

Among others, Mohammad Akramuzzaman, chief financial officer of Samuda Edible Oil; Khaled Al Fesani, area head of Dhaka, corporate, commercial and institutional banking at BRAC Bank; and Sadekul Hoque, unit head of corporate, commercial and institutional banking, were also present.