BRAC Bank to provide advanced cash management solutions to Seven Rings Cement

BRAC Bank has partnered with Seven Rings Cement, a prominent brand in Bangladesh's cement industry, to deliver a suite of comprehensive cash management solutions designed to optimise its financial operations, says a press release.

As part of this collaboration, Seven Rings will benefit from BRAC Bank’s cutting-edge CORPnet platform. This digital cash management solution integrates payments, collections, and reconciliation services in a centralised platform.

CORPnet offers straight-through transaction processing with real-time reporting and invoicing capabilities. The platform also enables the creation of virtual accounts, allowing Seven Rings 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.

With BRAC Bank’s extensive distribution network—spanning 187 branches, 63 sub-branches, and 1,114 Agent Banking Outlets across Bangladesh—Seven Rings can seamlessly manage receivables even outside traditional banking hours and on public holidays.

The bank’s innovative services ensure uninterrupted 24/7 payment processing, offering operational flexibility and enhanced efficiency.

The agreement was formally signed on December 4, 2024, at BRAC Bank’s Head Office by Tareq Refat Ullah Khan, Deputy Managing Director and Head of Corporate & Institutional Banking, and Md Kausar Alam FCA, FCMA, CFO and Company Secretary of Shun Shing Group Bangladesh, manufacturer of Seven Rings, in presence of Tahmina Ahmed, Managing Director of Shun Shing Group Bangladesh.

Senior officials from Shun Shing Group, including Mohammad Azam Khan Biplob, General Manager (A&F), Masudur Rahman, General Manager, Global ERP and Digitalization of Shun Shin Group were present at the ceremony.

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.