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Stanbic targets businesses with new electronic billing system

Stanbic bank along Kenyatta Avenue in Nairobi.  FILE PHOTO | NMG
Stanbic bank along Kenyatta Avenue in Nairobi. FILE PHOTO | NMG 

Stanbic Bank Kenya #ticker:CFC is targeting businesses including travel agents with a new electronic billing system dubbed e-Biller that can be used to process invoices and generate payment instructions. The lender said on Tuesday that the platform streamlines the process of billing, reconciliation and payment, easing the deals for companies.

Stanbic Bank’s chief executive Charles Mudiwa said that besides enhancing efficiency, the platform minimises errors such as duplication of invoices or bills and enables companies to maintain an electronic audit trail with a history of all transactions.

“e-Biller enables companies to stay competitive and ahead in their sectors by enhancing efficiency and minimising the cost of labour,” Mr Mudiwa said. AIG Kenya Insurance managing director Catherine Igathe said the platform will improve insurer’s billing and collection processes.

“e-Biller has greatly solved our challenge of manually issuing invoices to agents for sales made, and collection of travel premiums at the end of every month,” said Mrs Igathe.

“Reconciliation of agents’ invoices is a critical function of our business, and by automating the billing and collections cycle through e-Biller, we shall be able to make significant costs savings by reducing the need for manual re-work.”