The Dhaka Times Desk Visa, the world's leading digital payment platform, today announced a new solution called Business Payment Solution Provider (BPSP) in partnership with SSL Wireless and Southeast Bank.
Merchants and corporate buyers will be able to make payments using Visa Commercial Cards through the BPSP platform for suppliers who are not accepting card payments till now.
Today, large businesses are accustomed to digital transactions, but many of these organizations' vendors still do not accept card payments. Transaction through check or cash is time consuming and cumbersome. That is why BPSP brought Visa in collaboration with SSL Wireless to enable commercial card payment for businesses in various services like utility bill, salary, rent, supplier payment.
Soumya Basu, Visa's country manager for Bangladesh, Nepal and Bhutan said, “Like consumers, business organizations also need to create opportunities to empower themselves by digitizing their entire operations. In this regard, we are pleased to bring BPSP or Business Payments Solution Provider in partnership with SSL Wireless and Southeast Bank to enable card payments for businesses of all sizes, large and small. This is the first such integrated initiative in Bangladesh, which will bridge the gap between business establishments that want to do business with cards and suppliers that do not accept cards. We are hopeful that this initiative will play a role in ensuring economic inclusion of businesses.
We are coming up with innovative ways to continue seamless service in money transactions, which is playing an instrumental role in accelerating the digital progress of the country.”
Abdus Sabur Khan, EVP and Head of Cards of Southeast Bank Limited, said, "Southeast Bank Limited has come up with a project that is happening again for the first time in the country with the cooperation of Visa and SSL Wireless.
During Covid-19 we see problems with traditional payment methods. Since the payment process was not digital at that time, many organizations faced problems with cash flow. Business Payment Service Providers (BPSPs) were launched out of the conviction to build a cashless society. Through this service, corporates will be able to make payments to vendors in a fast and secure manner, with the benefit of an interest-free credit period of up to 49 days.”
SSL Wireless Director Shahzada M. Redwan said, “SSL has always wanted to bring the latest, most relevant and up-to-date technology to the SME sector in Bangladesh; And we will continue our relentless efforts in this regard. The BPSP platform will help SMEs and corporates who often face various difficulties in proper management of vendor and other payment due to lack of manpower or other resources. Also, this initiative will secure credit in an efficient manner so that companies can focus fully on business growth.”
With BPSP, business payments can now be made very easily, and therefore do not have to rely on bank transaction times and typical payment processing costs. Buyers can now make payments to suppliers who do not accept cards, by securely enrolling a Visa Commercial Card through this platform. In that case first they have to select invoice and initial payment amount. Suppliers will get notification after payment in bank account. Buyers can also easily view the dashboard and payment details for later adjustments.
This platform will digitize the supply chain of SMEs and large organizations in Bangladesh. The BPSP platform automatically guarantees reconciliations, early settlement discounts and working capital gains through simple SFTP (Secure File Transfer Protocol) and APIs (Application Interfaces); So that businesses can focus on quality and growth.
Visa Commercial Card Solutions will support corporates and MSMEs in their digital transformation, making them more efficient and reducing dependence on cash.
Photo Caption- Chief Executive of SSL Iftekhar Alam and Director Shahzada M. were present at the commercial card unveiling ceremony. Ashish Chakraborty, director of Redwan, Visa Bangladesh, Nepal and Bhutan, and Arifur Rahman, director, and Abdus Sabur Khan, head of cards, Southeast Bank Limited, and Mohammad Fakrul Islam, a senior official of the bank. News bulletin.
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