By Fredrick Obura
Electronic banking and card solutions provider, Paynet Kenya has signed an agreement with Trans National Bank Limited (TNBL).
The deal will see the deployment of a bulk payments system at the bank. The system expected to go live in a few days.
It will improve banking by large firms with TNBL and enable the bank pay their employees and workers as well as manage their many recurring pay-outs.
“We are delighted to see TNBL aggressively pursuing a service excellence strategy through use of smart electronic banking technologies.
This payment system will give the bank a competitive edge in the transmission and management of structured electronic payments,” said Bernard Matthewman- chief executive officer Paynet Group.
TNBL’s Chief Executive Officer Sammy Langat said the system would help the bank manage its clients recurring payment obligations. “The system we are acquiring from Paynet Kenya will enable efficient and secure processing of large salary files into respective employees’ accounts for our large clients in agricultural, manufacturing and corporate businesses,” he said.
“It will be effective in our clients settings as it seamlessly integrate with TNBL’s banking system and Chapaa Popote, our mobile banking platform,” he said.
This new system also establishes a new way for the bank to exchange financial data with its corporate clients replacing the culture of paper schedules and memory sticks.
This spells huge savings for firms that employ thousands of workers with payments of salaries and wages going fully electronic on a system that also offers elaborate traceability of transactions.