Stanbic Bank unveils ‘Lipa360’ payments and collections solution

Stanbic Bank unveils ‘Lipa360’ payments and collections solution

Stanbic Bank has launched a new suite of financial solutions designed to make cash collections and payments more efficient for organizations and to help them streamline their supply chains.

Unveiling the solution dubbed Lipa 360, Stanbic Bank Head of Business Banking Ben Wandawanda said the new platform will offer the bank’s clients across various sectors, an end-to-end platform to better reconcile and manage their funds and cash flow in real time. 

These solutions may be holistic in the case of schools collections and payment solution or will be specific to certain collection and payment capabilities such as tax payments, utility payments e.t.c. What the bank does at the onset is look at the entire value chain and identify opportunities to facilitate better cash management solutions,” he said.

READ ALSO: Mobile money solutions providing opportunities for financial inclusion, says Safaricom

Mr. Wandawanda said the solution is applicable across sectors and has already been successfully deployed at Strathmore University, KenolKobil, Meru Dairy Farmers and at several flower farms in Naivasha, with significant benefits to the organizations.

This new solution is set to change the way organizations track payments made and received. For instance, currently in the education sector, the parent initiates payment through different options into school account at a branch for their children. The student then presents a physical receipt of confirmation of payments made when they report to school. These copies are then shared with the finance team who reconcile all payments and advise of any shortfalls.

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.

With the new solution all payments to the school account contain the student number as a reference. Payments are validated electronically and reconciliation with the student account is done automatically in real time eliminating the tedious manual reconciliation inherent in the current set-up,” he said.

READ ALSO: Visa teams up with banks to offer diversified mobile payments in Kenya

The same process applies when dealing with organizations in other sectors like Oil and Gas as well as Agriculture where organizations such KenolKobil and Meru Dairy Farmers, use the client number as reference. Stanbic Bank Head of Transactional Products and Services Joe Alaro believes this platform will go a long way in streamlining transactional flows.

In today’s business environment where cost management is a high priority, it is our aspiration to help organisations to significantly improve their operational and cost efficiency by automating their transactional flows. These solutions offer unique savings features by optimizing cash flows and working capital.”

The solution is either provided by the bank as a whole or plugs into an existing system that the client has already implemented.

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