Union Bank-Union Assurance in cutting-edge cash management technology
View(s):The Union Bank recently 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.
The customised solution, designed and delivered for Union Assurance PLC 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, the bank said in a media release.
Commenting on the partnership, General Manager Finance and Planning of Union Assurance PLC, Sherin Cader, said, “Running a business in today’s competitive market space can be quite complex. 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 .”
Union Bank’s Chief Manager/Head of Transaction Banking and Cash Management Pasindu Dharmasiri, noted, “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.”