Southeast Bank is the first bank to offer Purchase card for businesses in Bangladesh.
Businesses can now pay non card-accepting suppliers using Visa commercial cards through the Business Payment Solution Provider (BPSP) platform developed by SSL Wireless.
Visa, the global leader in digital payments, today announced the launch of a new solution Business Payment Solution Provider (BPSP) in partnership with SSL Wireless and Southeast Bank. The BPSP platform allows businesses and corporate buyers to pay their suppliers, who currently may not accept card payments, via Visa Commercial Cards.
Today, while large businesses may be equipped to make and receive digital payments, their smaller vendors may not be able to accept card payments, resorting to paying by cheques or cash which is time-taking and cumbersome. Hence, Visa has introduced BPSP in partnership with SSL Wireless, which makes it possible for businesses to make commercial card payments for various services – utility bills, salary, rent, supplier payments etc.
On the occasion, Mr. Soumya Basu, Country Manager, Bangladesh, Nepal and Bhutan, Visa said, “Businesses, like consumers, should be empowered to digitise their entire value chain. To enable card payments for small and large businesses, we are delighted to launch Business Payments Solution Provider or BPSP, in partnership with SSL Wireless and Southeast Bank. As the country’s first such platform that bridges the gap between card-enabled businesses and non-card accepting suppliers, I am certain this will drive financial inclusion among businesses. As the country accelerates its digital journey, we are happy to provide various innovative ways for money movement to happen.”
Mr. Abdus Sabur Khan, EVP and Head of Cards, Southeast Bank Ltd. says, “Southeast Bank Limited has launched another ‘first in the country’ project in collaboration with Visa and SSL Wireless. COVID 19 has shown us the challenges with the traditional payment methods. Many organizations face cash flow problems; has difficulties digitizing payment process. As the ultimate goal is creating a cashless society, Business Payment Service Provider (BPSP) service will allow corporate organizations to pay their vendors in quick and hassle-free manner along with up to 49 days of interest free credit period.”
Shahzada M. Redwan, Director SSL says, “SSL has been and will continue to be at the forefront of bringing the most advanced technology which is appropriate and relevant to the SME sector of Bangladesh. The BPSP platform will help the SMEs and corporates who are always short of resources to manage their vendor and other payments as well as secure credit in the most efficient manner possible so that they are free to focus their energy on improving their business profitability.”
BPSP helps businesses process payments without having to depend on banking hours and reduces manual payment processing costs. A buyer can securely enroll their Visa commercial card online on the platform and add non-card accepting suppliers they want to pay, by selecting an invoice and initiating payment. The supplier gets notified once payment is settled into their bank account. The buyer can also view dashboards and payment details for easy reconciliation.
This platform will help digitise both payable and receivable (supply chain) flows of large organisations and SMEs in Bangladesh. With a simple SFTP (Secure File Transfer Protocol) and API (Application Programming Interface) service, the BPSP platform will offer automated reconciliation, early settlement discount and working capital gain to drive significant business value and growth.
Visa commercial card solutions drive digital transformation for corporates and MSMEs and make them more efficient and less dependent on cash, leaving businesses with more time to focus on growth.
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