Meezan Bank provides one-stop automation solution to Tufail Group for digital transactions

KARACHI: Meezan Bank Limited provides corporate and transaction banking services to Tufail Group of companies for ease of reconciliation and efficient cash flow management.

For this purpose, a memorandum of understanding has been signed here, where Meezan Bank Limited will, provide a core suite of payment and collection services to Tufail Group through eBiz+ ; its state-of-the-art portal designed to automate complex payment workflows. The signatories were Zubair Tufail – Director and CEO of Tufail Group and Muhammad Abdullah Ahmed – Group Head, Corporate and Institutional Banking, Meezan Bank , said MBL release on Tuesday.

Abdullah Ahmed said that MBL , being one of the largest players in the industry, was boosting its efforts to drive innovative digital cash flow management for businesses and corporates in the country.

By bringing in the strengths of our customizable, business-focused product, eBiz+, the bank would not only speeding up Tufail Group’s cash collection cycle but would enable the group to cut down on the hours spent on company books, thus lowering their risks through streamlined processes and better managed business relations, he said.

He said the automated transaction banking system was based on a core suite of integrated solutions that go beyond the traditional transactional nature of payments to consolidate all aspects of a payment value-chain along with technical and operational support as well as privacy and security of data.

Director and CEO of Tufail Group, Zubair Tufail that his Group of companies was working with a mission to make Pakistan a self-sufficient nation in industrial chemicals. The MoU signing between the two parties marked the critical role that the financial sector could play in encouraging corporates to embrace digitalization to strengthen their business and to manage day-to-day transactions.