Consumer goods company Unilever has signed a cheque services agreement with Deutsche Bank to use its cheque outsourcing services in Pakistan. Under the deal, Unilever will integrate its backend system with Deutsche's browser based electronic banking platform, db-direct internet.
Unilever sells food, beverages, detergents and personal care products in Pakistan and will use the link to issue cheque payments to suppliers, says Robert Zoon, the company's finance director in Pakistan.
"Being able to interface with db-direct means that we don't need to employ additional IT resources," says Zoon, adding that the company will be able to streamline its payment workflow and processes to ensure faster and more efficient cash flows. "This solution further increases our productivity, eliminates manual processing and improves cost efficiencies."
db-direct gives Deutsche Bank customers internet access to its cash management, foreign exchange and trade finance services. The deal with Unilever follows another announcement concerning Deutsche Bank's cash management footprint in South Asia. Last month the bank signed a cash and cheque collection agent agreement with Sampath Bank in Sri Lanka.
