BRAC Bank PLC recently signed an agreement with Pran-RFL Group, a leading conglomerate in Bangladesh, to offer advanced cash management solutions and supply chain financing to optimise their working capital and financial operation.

Tareq Refat Ullah Khan, deputy managing director and head of corporate and institutional banking of the bank, and Uzma Chowdhury, director of finance at the conglomerate, penned the deal at the former's head office in the capital's Gulshan, according to a press release.

As part of this collaboration, the bank will deliver a customised payment facility that allows Pran's ERP system to initiate transactions directly through API integration.

This eliminates the need for manual processes like the "Corpnet Maker Module", reducing human error and ensuring secure, real-time data sharing.

Pran-RFL will also benefit from real-time account statements integrated with their ERP system, which will enable faster decision-making, automatic reconciliation, and improved efficiency in order processing and time to market.

Additionally, BRAC Bank will facilitate distributor collections through virtual accounts via RTGS and BEFTN channels, ensuring seamless reconciliation with Pran's ERP.

Soon, the bank will expand the solution to include its digital banking app, Astha, which will further streamline collections and reconciliation processes.

Pran-RFL will also utilise the bank's CORPNet platform for 24/7 payment processing, enhancing operational flexibility.

The bank will also provide a structured supplier financing solution, allowing Pran's suppliers to access working capital seamlessly. This will strengthen the supply chain ecosystem and support the growth of small and medium enterprises (SMEs) by offering competitive financing through streamlined processes.

With BRAC Bank's extensive network of 187 branches, 62 sub-branches, and 1,114 agent banking outlets across Bangladesh, Pran-RFL will have greater access to banking services for managing receivables, even beyond traditional banking hours and on public holidays.

Syed Abdul Momen, deputy managing director and head of SME banking at the bank, along with other senior officials from both the organisations, were also present.