Brac Bank has introduced eSingature Solution for its procurement function, enhancing transparency and security of its outsourcing works.
It is the first bank to launch eSingature in this field, reads a press release.
Bangladesh Bank-mandated Digital Certificate was introduced for signing and validating all relevant procurement documents, thus ensuring enhanced security.
The new system will ensure overall security by introducing digital signatures in work order/purchase orders ensuring genuineness, reliability and confidentiality. It will reduce financial risk by dealing with the scope of counterfeiting work orders.
From now on, all work order/purchase orders issued from Brac Bank will have eSingature embedded in them to ensure verifiability of the work order and further streamline the bank's procurement function.
Brac Bank intends to achieve holistic end-to-end e-procurement, thus realising goals in innovation across its value chain anchored on developing more effective win-win relationships between the bank and its vendor partners.
Brac Bank works for transparency, good governance, ethics, and compliance in its everyday operations as a values-based organisation.
The bank has always been at the forefront of technological innovation in the Bangladesh banking sector. The initiative exhibits the bank's continued pursuit of excellence in its operations, helping the partners proper by ensuring a congenial environment.
Brac Bank will continue to adopt new technology to make its function seamless, integrated and secured. The new system will add value to its suppliers and stakeholders with a verifiable and automated system.