BRAC Bank signs deal with Sena Ins for cash management solution

BRAC Bank recently signed a partnership agreement with Sena Insurance PLC, a subsidiary of Sena Kalyan Sangstha, to deliver a comprehensive set of advanced cash management solutions aimed at optimising financial operations of the insurer.

Brig Gen (retd) Md Shafique Shamim, managing director and CEO of the insurer, and Tareq Refat Ullah Khan, acting managing director and CEO of the bank, penned the deal at the latter's head office in the capital's Gulshan, said a press release.

Through this agreement, Sena Insurance will leverage BRAC Bank's CORPnet platform, an integrated digital cash management solution that streamlines payments, collections and reconciliation processes within a centralised system.

CORPnet enables straight-through transaction processing, real-time reporting and invoicing while its direct debit functionality ensures seamless deposit tracking and advanced reconciliation capabilities.

Moreover, Sena Insurance will gain access to real-time statement data, facilitating the automated delivery of transactional information from over the counter and direct debit instructions. This feature enhances data accuracy and validation for insurance premium collections.

The bank also signed a memorandum of understanding with Sena Insurance regarding Bancassurance business, marking the latter as a potential partner in the bancassurance business.

The collaboration will further strengthen the partnership between the insurer and the bank, bringing more depth into this relationship, it added.

Among others, AKM Faisal Halim, head of transaction banking of the bank, AKM Tareq, senior zonal head for North zone distribution network, Mahabubur Rahman, head of SME liability and chief bancassurance officer, and SM Alomgir Hossain, head of small business (central) of SME banking, were also present.