Prime Bank signs agreement with IIDFC for digital cash management solutions

Prime Bank has recently signed an agreement with Industrial and Infrastructure Development Finance Company Limited (IIDFC) to facilitate the latter with the sophisticated cash management solutions through PrimePay, the omni digital platform of the bank, reads a press release.

According to the press release, with a view to eliminating paper-based instructions, PrimePay allows its clients to initiate and authorize the transactions electronically, which offers a cost effective and time efficient transactional service with a greater transparency.

Shams Abdullah Muhaimin, Deputy Managing Director of Prime Bank and Md Golam Sarwar Bhuiyan, Managing Director of IIDFC exchanged the agreements on behalf of their respective organizations. Other senior officials of both the organizations were also present at the signing ceremony.

IIDFC will avail the digital channel 'PrimePay' to initiate automated collections from their customers through Direct Debit Instruction (DDI), which will be backed by a robust MIS reporting. Client will also authorize all their disbursements, including statutory payments, through PrimePay. This digital channel comes along with the robust security features with 2 factor authentication and ensures a greater flexibility for the users to access the platform on the web anytime from anywhere.