Prime Bank has introduced internet banking access for corporate customers to enable them to make big-ticket transactions online as companies progressively get used to the remote working culture brought on by the pandemic.
Called PrimePay, the platform is part of the bank's digital push that began two years ago but was precipitated by the outbreak of coronavirus in Bangladesh in March.
The bank has become a tech evangelist, introducing collateral-free loans for ICT, outsourcing, internet and e-commerce start-ups earlier this year. Then in February last year, the bank rolled out PrimeDigi, the first digital savings account in Bangladesh.
The bank also plans to cut back on new branch openings and vacate few of the premises.
"PrimePay will help businesses keep pace with competitive and fast-changing business landscape through this secured and seamless digital transaction services," said Rahel Ahmed, managing director and chief executive officer of Prime Bank.
The platform will enable the bank's wholesale banking customers to make mega transactions in a minute, which now takes multiple hours, said Shams Muhaimin, a senior executive vice-president of the bank.
A company can pay salaries to thousands of accounts at a time through this PrimePay app.
Currently, corporate customers have to send application to the bank for bulk payments and maintain some other process like authentication, checking of transaction.
Access to internet banking will enable them to make all this process through their app and 24/7 hours.
When the payment is made manually, corporate customers have to compromise security but transaction through internet banking will be more secured.
The payment platform is linked with the National Board of Revenue and customs database, which will enable corporate customers to send import documents to banks to match their bills of entry.
On 21 July, the Bangladesh Bank has simplified the import process by allowing banks access to the online bill of entry through the customs automated system.
To simplify import transactions, it has been decided that banks may accept a bill of entry accessible to them through the customs automated system to dispose IMP form on completion.
An IMP form is used by an importer to apply to banks for payments against imports into Bangladesh.
Corporate customers had to make this process physically until the notice was issued, he said.
"Prime Bank is the first to accommodate this online process to match the bill of entry in its new digital platform," he said.
The clients of Prime Bank can also pay their import duties, VAT and excise duty using PrimePay.
PrimePay is bolstered with robust security features with in-built two factor authentication system ensuring utmost safety.
Only the authorised users can access the system on the web using their security credentials anytime from anywhere.
PrimePay is equipped with strong MIS engine that is capable of generating consistent and timely information across customer transactions and statements required by the clients to get deeper business insights.
Currently, Prime Bank has 200 business groups under which thousands of business entities make transaction.
At present, all foreign banks and some local private banks provide their corporate clients with this facility, according to industry insiders.