Union Bank wins ‘Best Cash Management Bank Sri Lanka’ at Global Business Outlook Awards

Union Bank was awarded the ‘Best Cash Management Bank – Sri Lanka’ title at the recent Global Business Outlook Awards in recognition of its state-of-the-art cash management solution, Union Bank Biz Direct.  

The award affirms the continued success of Union Bank Biz Direct which has made great strides in providing transaction banking excellence to the corporate and SME clients of the bank.  

The revolutionary transaction banking proposition is a comprehensive solution that provides global access and usage for businesses; enabling local and cross-border trading at the click of a button. This is a user-friendly, customisable transaction banking solution designed to meet specific business banking requirements and giving businesses better control of their payment management.  

Commenting on the award, Union Bank Vice President Wholesale Banking Hiranthi de Silva said: “We are honoured and pleased to be awarded as the Best Cash Management Bank, Sri Lanka by this international awarding body, which speaks volumes on the great strides made by Union Bank Biz Direct in such a short span after its introdcution to the market in 2016.  Union Bank BizDirect is designed with a good understanding of the specific business dynamics of the bank’s enterprise-level clients and is customisable to meet industry-specific requirements. This is a key highlight of Union Bank’s proposition which has earned it award winning market leadership in cash management amongst domestic banks. We hope to continue to build on this success and continue to offer an enhanced cash management experience to our clients in time to come.”

This technology is offered as an inexpensive solution which affords many benefits for businesses of all sizes and capacities, empowering the smaller players in the economy with the convenience and efficiencies of an automated cash management process – a luxury which was earlier limited to a few top corporates. Security is also a key differentiator. Secure control is entrenched to the system while the security features for Biz Direct runs on TLS (Transaction Layer Security) which is the latest security standard in the industry, whereas most others are still running on SSL.

Moreover, Union Bank Biz Direct allows the design of specific business payment processes with the convenience of generating automated alerts that confirm transactions. It includes an integrated collections solution for streamlined collections and receivable reconciliation that provide significant value to corporates that have large daily collection volumes from multiple sources. Providing access to comprehensive MI reports and detailed corporate financial transaction history, UB Biz Direct promotes improved decision-making for managers while instigating process efficiencies. 

This system enhances business performance by facilitating a wide range of easy, one-click business transactions including domestic and cross-border transfers supported with single currency, multi-currency and foreign exchange solutions, comprehensive cash flow management, Host2Host payments and real-time reporting. In terms of security, Biz Direct offers a superior facility being the only bank to offer a state-of-the-art authentication module which supports hard/soft tokens as well as SMS and emails. 

Union Bank Biz Direct enables companies to avoid common inefficiencies and risks in the payment process through automation. The single authorization feature eases cumbersome cheque signing processes for signatories. In addition to cheques, the system processes other printed instruments such as dividends, debentures and pay orders; thus clearing up managers’ time for much needed strategic thinking and decision making. With the use of UB Biz Direct’s fund transfer options, businesses can reduce processing costs and improve workflow efficiencies.

Union Bank is committed to deliver an unmatched banking experience across all customer segments it serves. The bank’s strategic approaches in the form of customised products, extended access points and tech-enabled conveniences are well-synced to deliver a positive banking experience to its clients.  Having identified some major pain points of its varied client segments, the bank continues invest in product and service enhancements that  add banking convenience and significant value to its clientele. Having being named Best Cash Managemnt Bank at the Global Outlook Awards 2019,  is a reaffirmation of the success of Union Bank’s commitment in delivering state of the art banking solutions that efficiently serve the emerging banking needs of its diverse clientele.   

The Global Business Outlook awards aim to recognise and reward excellence in business to companies all over the globe, both in the public and private sector. Its goal is to make sure that innovation, creativity and the drive to create value gets its due recognition. The awards scheme prides itself on an efficient, fair and prompt judiciary process and all award winners are entitled to their winnings for a period of 12 months of assesment. The UK-based publication is dedicated to covering vital industry sectors with a goal to be a leading information provider on critical events and developments in the world of business.