Union Bank wins ‘Best Cash Management Bank in Sri Lanka’ at Asian Banker Transaction Finance Awards

Union Bank VP Transaction Banking and SME Asanka Ranhotty 

Union Bank won the prestigious ‘Best Cash Management Bank in Sri Lanka’ title at the Asian Banker Transaction Finance Awards 2020, reaffirming the success of the Bank’s state-of-the-art cash management solution Union Bank Biz Direct. 

The Asian Banker Transaction Finance Awards is the most rigorous, prestigious and transparent annual awards program recognising leadership in cash management, trade finance, supply chain finance and payments amongst domestic and international financial institutions in Asia Pacific, the Middle East and Africa.

Commenting on the award, Union Bank Director/Chief Executive Officer Indrajit Wickramasinghe said, “This award is a strong re-affirmation of the steady progress made by Union Bank in the payment and cash management landscape of the country. Union Bank Biz Direct was the first of its type to be launched in Sri Lanka by a local commercial bank back in the year 2016, and has made great strides in being established as an efficient, convenient and effective cash management tool that aids large corporates as well as SMEs to manage their liquidity more prudently. We will build on the success of this solution to continue to innovate in the expanse of cash management automation with a belief that the versatility of this technology is more significant than ever in the new normal.” 

Union Bank Vice President, Transaction Banking and SME Asanka Ranhotty added, “We are extremely pleased and proud to be pronounced the Best Cash Management Bank in the country by this prestigious awarding body. The Asian Banker Best Cash Management award recognizes the achievements of Union Bank’s BizDirect in terms of market share and revenue as well as product and operational excellence displayed against competitor products in the market. Union Bank’s revolutionary cash management system BizDirect aims to change the heavily cash-dependent transaction management landscape in the country by providing total control of liquidity management to business owners through automations and customisations that help them make timely managements decisions based on their cash flows.

“BizDirect proved its worth in many ways during the island wide lockdown that prevailed for months, by enabling timely collections and payment solutions through automation and distant cash management capabilities. We will continue to strengthen our position by extending this proposition to corporates and SMEs with the will to transform their liquidity management capabilities to meet the challenges of the evolving business landscape.” 

The automated BizDirect cash management system covers the full working cash cycle of collections, payments, liquidity management, reporting and reconciliation. At every stage real time-data is made available, enabling users to collect cash on-time and maximise on the investment opportunities for their fund balances. The automation, online documentation and real-time data reporting ensure that possibilities for fraud are minimised. The system includes the latest security enhancements, including biometric verification for an added layer of safety. 

The system is web-based and integrates with existing accounting platforms on a host-to-host (H2H) basis. There is no hardware to install nor lengthy set-up process making it simple and fast to adopt. Training and ongoing support are provided by Union Bank’s dedicated team who are passionate about sharing their expert knowledge of the cash management system. BizDirect provides wide-ranging functionality comparable to internationally available solutions at an affordable rate. 

Union Bank BizDirect is available to both SMEs and corporates, enabling faster and more accurate decision making, to all sizes of businesses. The easy to use functionality enables a business to collect cash in a timely manner and retain it for a maximum period of time while at the same time improving relationships with suppliers through efficient and on-time payments. The customised, automated cash management solution enables corporates to further enhance their working capital cycle management capabilities. Clear visibility on liquidity management provides a holistic view of the business’s cash position so that overnight investment opportunities can be maximised. For SMEs, BizDirect will help them to grow and evolve into larger companies of the future.   

The system enables on-line approvals even on the mobile, whereby the manual process of cheque signing is completely eliminated. Through extensive automation, documents required for processing can be uploaded online instantly. Cheques can be printed automatically by the Bank and delivered either to the BizDirect user or to their customer. Through collections service providers approved by the Central Bank of Sri Lanka, cash and cheques can be collected directly from the business, and cash delivered back to the business as required. Reconciliations are also automated enabling the users to know their company’s cash position at any given time. 

Corporate and SME Banking sector makes up to 50% of Union Bank’s operations and the Bank invests extensively in delivering value added services to these vital segments. The Bank’s recent investment in enhancing its BizDirect system is a clear indication of its continued commitment towards the progress of businesses and especially the SME sector which is identified as a nationally significant sector. 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 to invest in product and service enhancements that add banking convenience and value to its clientele.