Prime Bank has recently launched a Distributor Financing programme for its Wholesale Banking and Micro, Small and Medium Enterprise (MSME) clients.
Introducing its one-stop Distributor Financing Program, the bank has performed its first straight through transaction from a registered distributor account in ''PrimePay''.
''PrimePay'' has brought three parties to the transaction, corporate, distributor and bank on the same digital platform ''PrimePay''. The platform also provides enriched MIS to the corporate clients and distributors. It can also be integrated with ERP systems of corporate.
Under this arrangement, Prime Bank's corporate clients can pull payment against goods and services sold to the distributors using ''PrimePay''.
Prime Bank's superior digital banking facility accentuates the capability of the Distributor Financing Program, making it real-time, hassle-free, paperless and very cost efficient through utilizing the loan limit 24/7 through ''PrimePay''. With no processing fees, distributors can now easily opt for an unsecured Overdraft (OD) facility up to Tk50 lakh.
The program is beneficial both for MSME and Corporate customers engaged in distributorship businesses, as they can now receive steady and assured funding to support their working capital needs, while the corporate clients engaged in manufacturing can save cost by converting receivables to cash real time.
Prime Bank's Acting Managing Director and CEO Faisal Rahman said, "Transaction Banking is evolving fast by embracing digital technology and Prime Bank has always been at the forefront of the journey to ensure transactional efficiency and convenience to the customers.
"Through its enriched ability to cater to working capital needs digitally, distributors, typically small and medium enterprises, will be benefited greatly from our Distributor Financing Program and our corporate clients will be able to streamline receivables and enjoy an enhanced productivity using our digital platform ''PrimePay''. This is as part of our continued pursuit to provide the best-in-class digital solutions to our customers across business verticals."