Prime Bank to manage Square Toiletries’ distributor payments
Prime Bank PLC has signed an agreement with Square Toiletries Limited to provide a customised receivables management solution to improve collection efficiency, reconciliation, and transparency across the company's nationwide distribution network.
The solution will allow Square Toiletries' distributors to make payments through unique virtual accounts, enabling the automated identification and tracking of individual transactions, according to a press release.
Prime Bank Area Head of Corporate and Institutional Banking Sajid Rahman and Senior Vice-President for Cash Management Md Rashedul Husain exchanged the agreement with Square Toiletries Executive Director Md Golam Kibria, FCMA, and Deputy General Manager Md Mobarak Hossain, FCMA.
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Senior officials from both organisations also attended the ceremony.
The digital solution will eliminate the need to match receivables manually, reduce reconciliation time and provide greater visibility across Square Toiletries' distribution network.
Prime Bank said the partnership reflected its focus on providing technology-driven cash management services to help corporate clients improve operational efficiency and financial visibility.
The initiative also supports the bank's efforts to develop customised digital banking solutions that address businesses' changing financial management needs.
