Prime Bank launches digital platform for SME clients, wholesale banking

The Prime Bank has launched a digital platform under the distributor financing program for its wholesale banking and micro, small and medium enterprise (MSME) clients.

With this initiative, the bank launched its first straight through transaction from registered distributor account in “PrimePay,” reads a press release.

PrimePay has brought three parties to the transaction — corporate, distributor and bank — on the same digital platform.

Under this arrangement, Prime Bank’s corporate clients can pull payment against goods and services sold to the distributors using PrimePay.

With no processing fees, distributors can now easily opt for unsecured overdraft (OD) facility up to Tk50 lakh.

Prime Bank's Acting Managing Director and CEO Faisal Rahman said, “Transaction Banking is evolving fast by embracing digital technology and Prime Bank has always been in the forefront of the journey to ensure transactional efficiency and convenience to the customers”

He added that through its enriched ability to cater to working capital needs digitally, distributors, typically small and medium enterprises will be benefited greatly from Prime Bank’s Distributor Financing programme.

“Our corporate clients will be able to streamline receivables and enjoy an enhanced productivity using our digital platform PrimePay. This is as part of our continued pursuit to provide the best-in-class digital solutions to our customers across business verticals,” Faisal explained.