Union Bank partnered Union Assurance PLC (UA) with the bank’s revolutionary cash management solution Union Bank Biz Direct, enabling greater cash management efficiency for the leading insurer.
Union Bank is the only local bank to offer a state-of-the-art, end-to-end payments and cash management solution bundled with Host to Host (H2H) and multi factor authentication modes where clients enjoy the freedom to choose the authentication mode interoperability. Geared for comprehensive fraud prevention and security, Union Bank Biz Direct offers multi factor authentication with Hard/Pin Pad and Soft/Mobile tokens along with One-Time Password (OTP) log-in access. Additionally, SMS and E-mail confirmations are also offered as multiple form factors. The comprehensive claims settlement and cash management system effortlessly integrates with commonly applied ERP (Enterprise Resource Planning) systems while seamlessly integrating across multiple ERPs of a company, thus eliminating layers of complexity and adding a new dimension of convenience and efficiency to cash management functions.
The customised solution, designed and delivered for Union Assurance PLC further offers comprehensive payments Initiation through the H2H channel while facilitating receivables, collections and reconciliation though MT940 (as per ISO standards) solution which is carefully aligned with the organisation’s current processes, practices and audit standards. Trilingual corporate cheque counter foil for beneficiaries is another highlight of the system which will mark a milestone for UA and the insurance services industry of Sri Lanka.
Commenting on the partnership, Union Assurance PLC Finance and Planning General Manager Sherin Cader said: “Running a business in today’s competitive market space can be quite complex. Business owners must juggle multiple operational demands and ensure products or services meet customers’ needs effectively and efficiently while staying atop the latest technological trends. With so much going on, it is beneficial to streamline some processes to free up time to focus on more value adding tasks. One such area which we at Union Assurance identified is the management of our claims payment process, thereby the cash out flows. This is why we believe that Union Bank’s Biz Direct solution will enable our company to avoid common inefficiencies and risks in the payment process as it is a customisable solution with the right combination of services that can lead to improved security and speed while at the same time increasing business efficiency by freeing up time and resources in-house.”
Commenting on the partnership with UA, Union Bank Chief Manager/Head of Transaction Banking and Cash Management Pasindu Dharmasiri stated: “I’m pleased to announce the completion of the inaugural integration of UB Enterprise solution powered through Union Bank Biz Direct for UA, to enable faster, efficient and more precise payments and cash management processes for the company. As one of the trusted cash management partners of one of the leading insurers in the country, we believe that this partnership will afford UA many exclusive benefits by simplifying otherwise cumbersome processes such as Current account management, vendor payment management, cash collection and distribution of dividends. I’m also pleased to note that the experienced members of Union Bank transaction banking and cash management team has been successful in identifying specific business requirements and business dynamics of UA, thus putting together a customised cash management with right combination of functions that assures optimum results. As we look to roll out this superior technology to other corporates in the country, our capable team of cash management advisors with full understanding of the industries they work with; are well geared to act as financial resources that would enable growth and expansion of businesses, be it SMEs or large corporates.”
Union Bank Wholesale Banking Vice President Hiranthi De Silva said: “Cash management services are evolving rapidly with the aid of technology and many businesses aren’t still taking advantage of these facilities to ease their burdens of collecting, depositing and disbursing funds. Also, some businesses don’t monitor for cheque frauds or unauthorised transactions, which could be a costly oversight if an incident were to occur. Inefficiencies like these that cost businesses both time and money, could be completely avoided with an electronically managed process. Union Bank Biz Direct is one such groundbreaking cash management solution which would change the way businesses manage their cash flows by adding a layer of security while boosting efficiencies by a few notches. We are the only local private commercial bank to offer a comprehensive cash management solution under one product and Union Bank will continue to pioneer this domain by continuously enhancing our Biz Direct solution to meet the changing payment and cash management needs of corporates and SMEs of the country.”