Business News Update: Union Bank announced the re-launch of latest Union Bank BizDirect+ proposition which is enhanced with new features for better performance and convenience of clients.
BizDirect is the revolutionary transaction banking system from Union Bank that aims to provide end-to-end cash flow management solutions to businesses. In 2014, Union Bank was the first Sri Lankan bank to launch an automated cash management system. Just over five years after its initial launch, in February 2020 the Bank proudly rolled out its newly-enhanced and updated BizDirect+ platform, with a view to support corporate and SME business segments to reach the next level of success.
Commenting on the improved BizDirect proposition, Vice President Transaction Banking and SME, Asanka Ranhotty said, “Good cash management is at the heart of a successful business. Having access to a technologically advanced, automated cash management system enables businesses to see and manage their liquidity position with clarity. This is equally important for any business be it an SME or a large corporate. Yet in Sri Lanka where cash remains king, effective cash management is underutilised – Union Bank’s revolutionary cash management system BizDirect aims to change this by providing total control of liquidity management to business owners through automations and customisations that help the users to make timely managements decisions based on their cash flows.”
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 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, removing the need to send them separately which is a time consuming task that causes unnecessary delays. 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.
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.
“Many small businesses still lack proper record keeping and this is unfavourable to their success and growth. By using Union Bank’s BizDirect+, SMEs will be able to systematically track what happens on both sides of their operations, that is collections and payments – and automate many routine transactions, to enjoy greater freedom to focus on their business. In fact, all these value additions from BizDirect aim to free-up precious management time that can be focussed on the growth of the business – be it a SME or a large corporate. These wide-ranging functionalities, of an international-standard system is offered at an affordable rate to make it accessible to businesses of any size and scale.” Mr. Ranhotty further noted.
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.