Qorus Banking Innovation Awards 2017

Integrated Cashlite Payment Solutions

Submitted by
12/09/2017 Banking Innovation

About

Cash management solutions for counties, institutions.

Innovation presentation

National Bank is always seeking new opportunities to increase efficiency for its clients and also support them in cash solutions targeted at removing the cash handling headache from them and leave them headroom to focus on their core businesses.

In this regard, the Bank has launched cashless payment solutions for county governments and institutions that support their business processes and cash management of their collection requirements.

Also included is Realtime settlements for MPESA paybills and Tills for our clients. This also covers school codes for scholl fess payments for schools.

Through our integrated payment solutions, we offer Real Time collections via our Payment Gateway platform for Institutions Fees Collections. This gives us an opportunity to grow our cheap deposits base given that we are now the only Bank that has fully integrated systems to facilitate Real Time Collection and update of fees payments via our network in Kenya.

This offers our customers accessible, easy and real time banking that lets them manage their accounts, wealth and all other financial problems within minutes.

Also targeting students, the bank has effectively developed a smartcard solution that enables students to access various services such as entering/exiting campus premises (acts as an identification card), managing HELB wallets (tuition, accommodation, upkeep), access to library services, access to cafeteria services, gym services, exam/class attendance, paying school fees, accomodation, penalties, etc.

Uniqueness of the project

We are the only Bank that has fully integrated with the University systems to facilitate Real Time Collection and update of fees payments via our network countrywide giving us the opportunity to grow cheap deposits. This innovation has led to Payments being updated at real time in the customer’s system and Bank account giving us a competitive advantage over our competitors.

The bank has gotten new opportunities as a result of increased efficiency for its clients and also support in cash solutions targeted at removing the cash handling headache from them and leave them headroom to focus on their core businesses.

Accounts Payable automation through Host to Host from ERP has led to; Reduced paper work, No more physical cheque signing and Efficient payments reconciliation reducing the cost of transactions.

In-Depth Analysis

The Reason Behind

In response to Changing Needs of our customers: As a Bank, we are dedicated to excellence in providing competitive financial solutions and meeting the changing needs of our customers. We continually restructure technologically to increase self service channels for our customers.

In this case we went further to understanding our existing customers (counties & institutions) and understanding the value chain around them to ensure that we have a 360 degree view of their business to enable us provide customized financial solutions that are tailor made to suit their needs.

This offers our customers accessible, easy and real time banking that lets them manage their accounts, wealth and all other financial problems within minutes.

Results

Integrated collections now account for over 40% of deposits in current accounts within the bank and this also covers other statutory payments

Innovation Info

Key Dates

  • Launch date 1 January 2016

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