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City Bank unveils payment solution for businesses

Star Business Report
City Bank in collaboration with American Express yesterday launched an end-to-end payment solution which would reduce the cost of doing business in Bangladesh.
Called the American Express B2B Expense Management Solution, it creates a cashless transaction system between companies and distributors.
At present, distributors pay for the goods bought from a company either through demand drafts, telegraphic transfer or cheques, a timeconsuming and cost-inefficient process.
The company will now recommend credit limits for its distributors.
Under the new payment solution, City Bank will instantly pay the company for the goods bought by its distributors, and the distributors will get an interest-free credit period to payback the bank.
The system, essentially, assures companies of earlier payments without creating an incremental liability and eliminates the cumbersome and expensive 'cash' component and cash management from distributors' daily businesses.
The companies will have to pay 'service charge' to the bank, depending on the lending period and volume of transactions.
The solution will streamline and automate companies' distribution payment chain, Mashrur Arefin, deputy managing director of City Bank, said at the unveiling of the system.
Once implemented, distributors adopting the solution will enjoy improved operational efficiency, as invoicing and payments will be electronically processed and will gain cost savings through an interest-free credit period, he added.
Rubel Aziz, chairman of City Bank, said the payment solution will give companies a better cash flow over time and cost savings, which, in turn, will enable companies to have better management of their working capital for expansion or more profitable activities.
Rahimafrooz Distribution and Reckitt Benckiser Bangladesh have already signed on to the system to implement on their distributor network.
"The solution simplifies the entire collection process, so our personnel will now be able to concentrate on our core business of selling and distribution," said Mudassir Murtaza Mo in, managing director of Rahimafrooz Distribution.
"As the world's leading consumer goods company, we have to constantly seek ways to innovate and take the approach of thinking out of the box. Our association with American Express B2B Expense Management Solution is just another start," said Nayan Mukherjee, finance director at Reckitt Benckiser Bangladesh.
Aziz Al Kaiser, former chairman of City Bank; Pranav Barthwal, vice-president for global merchant services and partner card services at American Express; and Sohail RK Hussain, managing director of City Bank, were present at the programme.