SDB bank partners with Sampath Bank for Cash Management Solution (CMS)

We are pleased to announce that we have signed up with Sampath Bank PLC for a Cash Management Solution (CMS).

The extension of our long-standing relationship with Sampath Bank through this initiative, offers a host of benefits including centralization and improved management of payments and collections formerly handled at branch level plus boosting of returns on liquidity.

We will implement the total solution in a phased manner which comprises of settlement services for SLIPS and CEFTS, introducing electronic channels of partner bank for payments & collections, automated account reconciliation and cash collection and delivery at SDB branches leveraging the partner bank’s outsourced service providers.

A long list of specific benefits will be realized by SDB bank through the introduction of the CMS, such as enhanced cash management through the use of a central account, allowing for streamlined operations with greater control, lower risk, plus improved due income recognition and effective liquidity management

The cash management solution will also enable more secure, efficient, and cost-effective handling of physical cash; eliminate manual reconciliation of current accounts and associated inaccuracies and inefficiencies; and improve the loan disbursement process delivering strict compliance in loan sanction conditions.

We are extremely excited about this innovative solution and delighted to bring this update to you, as this will allow the Bank to step to the next level in delivering a higher value of services to all our customer segments while streamlining our processes and making the lives of our team members easier.

This initiative will allow us to work smarter and offer more, delivering better outcomes for our customers and ourselves, in realising a more profitable operation.

Thank you for your support as always and look forward to ushering in a new age at the Bank with this truly modern cash management solution in our hands!