Dhaka, Bangladesh (BBN) – City Bank Limited in collaboration with American Express have launched an end-to-end payment solution which would reduce the cost of doing business in Bangladesh.
Called the American Express B2B Expense Management Solution, it creates a cashless transaction system between companies and distributors.
Currently, distributors pay for the goods bought from a company either through demand drafts, telegraphic transfer or cheques, a time-consuming and cost-inefficient process. The company will now recommend credit limits for its distributors.
“The payment solution will give companies a better cash flow over time and cost savings, which, in turn, will enable companies to have better management of their working capital for expansion or more profitable activities,” Rubel Aziz, chairman of the leading private commercial bank, said while speaking at a launch ceremony in the capital Dhaka on Saturday.
Rahimafrooz Distribution Ltd. and Reckitt Benckiser Bangladesh Ltd are the first in the market to implement this solution with their distributor network.
The American Express B2B Expense Management Solution will reside on American Express' Corporate Card Platform and will help streamline and simplify companies' distribution payment chain from paper based to electronic based.
Once implemented, distributors adopting the American Express B2B Expense Management Solution will enjoy improved operational efficiency, as invoicing and payments will be electronically processed and will gain cost savings through an interest free credit period.
At the launch ceremony, City Bank was represented by Sohail RK Hussain, MD and CEO, Mashrur Arefin, DMD & CCO, while American Express was represented by Pranav Barthwal, Vice President, Global Merchant Services & Partner Card Services, South Asia and Rupali Sharma, Director & Head Partner Card Services, South Asia, Rahimafrooz Distribution Ltd was represented by its Managing Director, Mudassir Murtaza Moin.
BBN/SSR/AD-11May14-11:09 am (BST)
