City Bank with American Express launched an end-to-end payment solution that will reduce the cost of doing business in Bangladesh. The American Express B2B Expense Management Solution will create a cashless transaction system between companies and distributors.
Currently, distributors pay for goods bought from a company either through demand drafts, telegraphic transfer or checks, which is a time-consuming and cost-inefficient process.
With the new platform, City Bank will instantly pay the company for the goods bought by its distributors, and the distributors will get an interest-free credit period to pay back the bank. Companies will have their earlier payments assured without creating an incremental liability and this eliminates cash management from distributors' daily businesses.
The solution will streamline and automate distribution payment chains and companies adopting the solution will have improved operational efficiency. Invoicing and payments will be electronically processed and then gain cost savings through an interest-free credit period.
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