Markets

Stanbic targets clients with new payments system

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A Stanbic Bank branch on Kimathi Street in Nairobi. PHOTO | FILE

Summary

  • Lipa 360 offers clients a real-time platform to reconcile and manage funds.
  • The solution has been deployed at Strathmore University, KenolKobil, Meru Dairy Farmers and several flower farms in Naivasha.

Stanbic Bank has introduced a new cash payment and collection platform for institutional clients intended to make them cash flow efficient.

Lipa 360 launched on Wednesday in Nairobi offers clients a real-time platform to reconcile and manage funds.

“These solutions may be holistic in the case of school collections and payment solution or will be specific to certain collection and payment capabilities such as tax and utility payments,” said Stanbic head of business banking Ben Wandawanda.

The bank, a member of the Standard Bank Group, said the solution had been successfully deployed at Strathmore University, KenolKobil, Meru Dairy Farmers and several flower farms in Naivasha.

He said the platform is set to change the way organisations track payments made or received.

Currently, in the education sector the parent initiates payment through different options into school account at a branch for their children.

The learner then presents a receipt confirming payments to the school. These receipts are then shared with the finance office to reconcile all payments.

“This process has several flaws and is time consuming to both the parent and school accountant.

“Reconciliation more so for students who pay partially as per prior agreements with the school becomes a recurring nightmare for both parties,” said Mr Wandawanda.