BRAC Bank To Provide Advanced Cash Management And Supply Chain Financing Solutions To PRAN-RFL

markediumDecember 2, 20241 Mins read128 Views

BRAC Bank To Provide Advanced Cash Management And Supply Chain Financing Solutions To PRAN-RFL

BRAC Bank has partnered with PRAN-RFL Group, a leading conglomerate in Bangladesh, to offer advanced cash management solutions and supply chain financing to optimise their working capital and financial operation, according to press release.

As part of this collaboration, BRAC Bank will deliver a customised payment facility that allows PRAN’s ERP system to initiate transactions directly through API integration. This eliminates the need for manual processes like the Corpnet Maker module, reducing human error and ensuring secure, real-time data sharing.

PRAN-RFL will also benefit from real-time account statements integrated with their ERP system, which will enable faster decision-making, automatic reconciliation, and improved efficiency in order processing and time to market.

Additionally, BRAC Bank will facilitate distributor collections through virtual accounts via RTGS and BEFTN channels, ensuring seamless reconciliation with PRAN’s ERP.

Soon, the bank will expand the solution to include its digital banking app, Astha, which will further streamline collections and reconciliation processes. PRAN-RFL will also utilise BRAC Bank’s CORPNet platform for 24/7 payment processing, enhancing operational flexibility.

BRAC Bank will also provide a structured supplier financing solution, allowing PRAN’s suppliers to access working capital seamlessly. This will strengthen the supply chain ecosystem and support the growth of small and medium enterprises (SMEs) by offering competitive financing through streamlined processes.

With BRAC Bank’s extensive network of 187 branches, 62 sub-branches, and 1,114 Agent Banking outlets across Bangladesh, PRAN-RFL will have greater access to banking services for managing receivables, even beyond traditional banking hours and on public holidays, stated in press release.

The agreement was signed on November 25, 2024, at BRAC Bank’s Head Office by Tareq Refat Ullah Khan, Deputy Managing Director and Head of Corporate & Institutional Banking, Syed Abdul Momen, Deputy Managing Director and Head of SME Banking at BRAC Bank, and Uzma Chowdhury, Director, Finance at PRAN-RFL Group.

The collaboration marks another milestone in BRAC Bank’s journey to empower its corporate clients with modern, efficient, and technology-driven services.

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