Prime Bank, Square Toiletries join hands on receivables management

Prime Bank PLC has entered into an agreement with Square Toiletries Limited to provide a customised receivables management solution aimed at improving collection efficiency, reconciliation and transparency across the fast-moving consumer goods company’s nationwide distribution network.

Under the agreement, Square Toiletries’ distributors across Bangladesh will make payments through unique virtual accounts, enabling automated identification and tracking of individual transactions.

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The solution will eliminate the need for manual matching of receivables and significantly reduce reconciliation time. It is also expected to streamline the company’s collection and reconciliation processes while providing greater visibility across its distribution network.

Sajid Rahman, area head of corporate and institutional banking at the bank, and Md Golam Kibria, executive director of the fast-moving consumer goods company, signed the agreement at a ceremony in Dhaka recently, according to a press release.

Through the partnership, Prime Bank reaffirmed its commitment to providing technology-driven cash management solutions to help corporate clients improve operational efficiency, strengthen financial visibility and enhance their banking experience.

Md Rashedul Husain, senior vice-president and head of cash management at the bank, and Md Mobarak Hossain, deputy general manager of the fast-moving consumer goods company, along with senior officials from both organisations, were also present at the signing ceremony.