The Bank of Punjab is offering range of customized solutions for Collection and Payment services under the banner of Cash Management, to range of customers over the years.
Cash Management services are aimed at enhancing clients’ liquidity position, reducing operational cost and improving financial control via accurate and timely reporting. Our success is primarily attributed to customized solution offerings, team expertise and technology-based product strategy. We are continuously involved in providing innovative solutions, expanding our products/services suite and increasing efficiency for our partner clients.
BOP CASH MANAGEMENT FEATURES:
- 1. Customized Collection / Receivable Management
- 2. Payable Management
- 3. Over the Counter Payment Solutions
- 4. Hybrid Payment Solution
- 5. BOP-BIZ – Corporate Portal
1- Customized Collection / Receivable Management
There are wide range of receivable management customers in SALES and SERVICES sectors, such as Utility companies, Educational institutes, Companies with distributors and agents/ network, Government collection like taxes, fines and fee for services at Government offices, NGO’s and charity organizations, Companies with retail sales and distribution, online sales and services companies, Advisory services / digital sales and services, online trading etc.
Our collections solution leverages the Bank's extensive regional knowledge and widespread branch network across our key markets to specially tailor solutions for our customers’ collection needs. The Bank of Punjab offers a well-diversified collection products. With this collections solution, delivered through a standardized platform or Customized solution, there is flexibility of catering to your specific needs, thus enabling you to meet your objectives of reducing costs and increasing efficiency and profitability through better receivables and risk management. The customized solution offers effectively managing fund movement and reporting through a single collection account or multiple accounts as per customer requirements, with customized reporting and real-time alert facility for our clients.
Key Features:
• Provision of customized in-house developed system for collection suiting client’s requirements
• Comprehensive and customized MIS.
• Direct uploading of collection data on BOP server or provision of host to host connectivity for real-time data access from client server
• Funds Consolidation to Main Collection Account.
• Faster Turnaround time.
• Fastest possible credit in collections (eliminate mailing, processing and clearing delays).
• Prompt access to collection information for efficient liquidity management.
• Perform process re-engineering where required for both customers and bank to provide optimize products and services.
• Enhance efficiency through account centralization.
• Maximize throughput by providing straight through processing.
GOVERNMENT OF PUNJAB TAXES & LEVIES COLLECTION:
The Bank of Punjab has been awarded the Agent Bank Mandate from SBP for all Government of Punjab (GoPb) receipts. The Bank of Punjab is the second scheduled bank to have been granted this important charge by State Bank of Pakistan for collection of all GoPb receipts. The Bank of Punjab is successfully performing the agent bank functions for various government programs including
1. E-Stamping
2. Sales Tax Collection on Services
3. Fard and Mutation Fee Collection
4. E-Challans
In addition to this, BOP has also partnered with Punjab Employees’ Social Security Institution (PESSI) to launch the PESSI contribution collection services through digital channels of all commercial banks across Pakistan via 1Link Channel.
2- PAYABLE MANAGEMENT
Our comprehensive payment services are tailored to enhance our clients’ accounts payable processes. This will eliminate many manual tasks involved in making payments, allowing you and your staff to spend more time focusing on your core business needs. We understand that most of your effort in the payment cycle is directed towards initiation and difficulties in the subsequent reconciliation process can jeopardize the whole process.
SERVICES:
Following are the services offered for payable management:
Over the Counter (OTC) Payment Solutions:
Our customers can pay small ticket, Unique ID (such as CNIC) based transactions in cash over BOP counters. This solution facilitates our customers to route their small ticket transactions through proper banking channel which facilitates them to document their payments for audit trails. BOP offers facilitation in connectivity via manual file upload to the portal to SFTP and API based connectivity for sharing payment instructions.
The solution can be customized with specific requirements such as a unique transaction PIN for payment identification, both digital and manual (printed by PIN Mailer). A beneficiary can claim funds against this PIN at any BOP Branch in Pakistan.
Hybrid Payment Solution within BOP and in other banks
Our customers can also opt for transfer of funds in real time from their BOP Account to beneficiary’s BOP account(s) or directly credit funds to non-BOP account holders. The funds are transferred in real time from BOP to 1-link member banks using our Bulk IBFT fund transfer facility.
The Hybrid solution provides benefit of digitally transmitting transaction to the bank to comply with regulations from FBR for digital payments using Maker & Checker user access with manual instructions to follow, signed as per board resolution. This solution is useful for many institutions with in public and semi govt. sectors due to their record keeping requirements and factors associated with Signatories. BOP offers facilitation in connectivity via manual file upload to the portal to SFTP and API based connectivity for sharing payment instructions.
BOP-BIZ – Corporate Portal
BOP-BIZ is enterprise-class, modern, in-house and scalable digital banking solution that enables banks to rapidly deliver digital capabilities.
It is designed to help the bank respond strategically to today’s business challenges, while also transforming business models and processes to reduce operating costs and improve productivity across both front and back offices, for bank and client.
The Corporate portal provides clients with control to assign functions to manage accounts, payments authorization as per their financial limit matrix structure & related services in real-time. Moreover, different reports will be available for effective reconciliation. Financial and Non-financial banking needs are collected under single access point for customers.
Dividend Payments:
BOP offers electronic payment of dividends for our corporate clients/listed companies’. Our solution supports both types of customers in terms of local dividend payment in their accounts either BOP to BOP (Internal Funds Transfer) or BOP to other banks through (Inter Bank Funds Transfer – IBFT/RTGS).
CONTACT US:
For Queries Relating to Cash Management Services
Email: TBD@BOP.com.pk
PHONE:
+92 42 3548 4040
+92 42 3548 4043
+92 42 3548 4044
For Branch Service Level Complaints
Operations
PHONE:
+92 42 3548 4034
+92 42 3548 4047
+92 42 3548 4027
+92 42 3548 4031
E-stamping Control Unit
PHONE:
+92 42 3548 4039
+92 42 3548 4038