IIDFC to use Prime Bank’s digital platform

Prime Bank Ltd and the Industrial and Infrastructure Development Finance Company Ltd (IIDFC) recently signed an agreement on digital cash management solutions.

Shams Abdullah Muhaimin, deputy managing director of the bank, and Md Golam Sarwar Bhuiyan, managing director of the IIDFC, penned the deal at the latter's office in Motijheel, said a press release. 

PrimePay, an omni digital platform of the bank, allows its clients to initiate and authorise the transactions electronically, which offers a cost-effective and time-efficient transactional service with greater transparency.

The IIDFC will use the digital channel "PrimePay" to initiate automated collections from their customers through direct debit instruction, which will be backed by a robust MIS reporting.

Senior officials of both the organisations were also present.