BRAC Bank has signed an agreement with Seven Rings Cement to deliver a suite of comprehensive cash management solutions designed to optimise its financial operations.

As part of this collaboration, the cement producer will benefit from the bank's cutting-edge CORPnet platform, a digital cash management solution which integrates payments, collections, and reconciliation services in a centralised platform.

CORPnet offers straight-through transaction processing with real-time reporting and invoicing capabilities.

Tareq Refat Ullah Khan, deputy managing director and head of corporate and institutional banking at the bank, and Md Kausar Alam, chief financial officer and company secretary of Shun Shing Group Bangladesh, the parent company of Seven Rings, penned the deal at the bank's head office in the capital's Gulshan recently, according to a press release.

The platform also enables the creation of virtual accounts, allowing the cement manufacturer to track deposit collections efficiently while benefiting from advanced reconciliation tools.

Additionally, Seven Rings will have access to real-time statement data through API integration. This innovative feature will ensure seamless delivery of transactional data from over-the-counter and electronic collections, with enhanced accuracy through dealer and distributor validation.

Tahmina Ahmed, managing director of Shun Shing Group Bangladesh, attended the programme.

The collaboration sets a new benchmark in transaction banking, enhancing Shun Shing's financial operations and reinforcing BRAC Bank's position as a leader in corporate banking innovation, the press release added.

Among others, Mohammad Azam Khan Biplob, general manager (A&F) of Shun Shin Group, and Masudur Rahman, general manager, global ERP and digitalisation, were also present.