SDB bank recently signed up with Sampath Bank PLC for a Cash Management Solution (CMS).
The extension of SDB bank’s long-standing relationship with Sampath Bank through this initiative, offers a host of benefits including centralization and improved management of payments and collections formerly handled at branch level plus boosting of returns on liquidity.
SDB bank will implement the total solution in a phased manner which comprises of settlement services for SLIPS and CEFTS, introducing electronic channels of partner bank for payments & collections, automated account reconciliation and cash collection and delivery at SDB branches leveraging the partner bank’s outsourced service providers.
A long list of specific benefits will be realized by SDB bank through the introduction of the CMS, such as enhanced cash management through the use of a central account, allowing for streamlined operations with greater control, lower risk, plus improved due income recognition and effective liquidity management
The cash management solution will also enable more secure, efficient, and cost-effective handling of physical cash; eliminate manual reconciliation of current accounts and associated inaccuracies and inefficiencies; and improve the loan disbursement process delivering strict compliance in loan sanction conditions.
SDB bank is extremely excited about this innovative solution and delighted to bring this update to their customers, as this will allow the Bank to step to the next level in delivering a higher value of services to all customer segments while streamlining processes and making the lives of SDB team members easier.
This initiative will allow the bank to work smarter and offer more, delivering better outcomes for their customers and themselves, in realising a more profitable operation.
