The new suite of mobile payments and collection solutions is designed to make cash collections and payments more efficient for organisations, as part of its efforts to offer convenient and secure banking.
The bank’s Head of Transactional Products and Services, Charles Mhina said the game changing payment and collection offerings – Mobile Bulk Payments and Till to Bank - will guarantee the bank’s clients across various sectors enhanced service delivery, reduction of high dependence on cash and provide merchants control over their collections.
Mhina said that Mobile Bulk Payment capability will allow organisations to make online payments from their Stanbic accounts to multiple mobile wallets including Tigo Pesa, Airtel Money, Ezypesa and Mpesa at a press of a button anytime, anywhere.
According to Mhina the Mobile Bulk Payment solution will be offered on the bank’s Business Online platform, the corporate client’s equivalent of internet banking which offers corporate clients round the clock, convenient, fast and secure online banking capabilities for the efficient execution of their business transactions.
“The launch of this revolutionary solution is a demonstration of Stanbic Bank’s commitment to improve customer experience and efficiency when using our channels,” he said.
The Bank is also introducing the Till to Bank cashless payment product that will enable merchants to receive direct payments from Mobile Network Operators.
The offering will allow business account holders to accept M-Pesa, Tigo-Pesa and Airtel Money payments from their customers through a formal Till number and funds will be instantly directed to their Stanbic Bank accounts.
“Stanbic Bank is at the forefront of innovation. It is also introducing Till to Bank for our clients as another innovation for their convenience,” said Mhina.
Of recent, digital payment has overtaking cash payments and expert foresee majority of transactions to be cashless in the coming years.
Due to the market being cash dominated, this solution aims to reduce the receipt of payment burden businesses face on a day to day basis in receiving physical cash and to migrate customer behavior to a cashless payment environment.