October 28, 2015

KDU Group, DFCC Bank & SYNAPSYS launch ground-breaking "Supplier Settlement System" with convenience of "V Cash Card"

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In line with its innovative spirit, the KDU Group recently introduced an industry-first to its 20,000 small holders. The “Digital Weighing Scale” system is an automated payment collection service, enabling suppliers to weigh the collected green leaf in their own premises, by using a blue-tooth connected hand-held device. This ground breaking procedure eliminates fraud and counting errors, instilling greater confidence in the leaf collection process among small tea suppliers.

The data recorded on the weighing scales are then transferred to the head office in Lellopitiya, following which, transactions are settled through a convenient and dependable electronic payment mechanism, dismissing the need of physical cash and related risks, including theft.

The Group has also gone one step forward and introduced company branded ATM cards to all its suppliers, whereby making this the quickest settlement process in the industry, converting “Crop to Cash” right at the farm-gate. The balance is accumulated in accordance with the volume supplied and the facility even enables supplementary cards for family members. Along with the easy accessibility of withdrawing cash from over 700 ATMs across Sri Lanka, it is safe to say the Company has changed and uplifted the lives of its small holder community.

The increased efficiency, visibility and accountability provided by this supplier settlement system, provides the tea suppliers with multiple benefits including more control of receivables and freeing them of inconveniences. KDU Group is proud to be a part of this initiation in an attempt to support its growing community of small tea leaf suppliers, spearheading a new financial future for the industry.

© KDU Group by : 230 interactive.