Stanbic Bank Kenya has launched an automated online platform known as e-Biller that will enable businesses to process invoices and generate payment instructions.
The online platform is the first of its kind in the country and according to the bank, it is suited for businesses across all industries especially those that handle massive volumes of payments. The introduction of the platform also does away with the strenuous manual paper based reconciliation that firms have to constantly go through. Instead, it streamlines the process of billing, reconciliation and payment thus accelerating the once laborious process.
According to the Chief Executive of Stanbic Bank, Charles Mudiwa, the new platform brings with it improved efficiency while minimising errors. It ensures there is an electronic audit trail that shows the history of all transactions.
“Innovation is in our DNA. This is what we are tapping into to solve a challenge that many companies in Kenya grapple with, leveraging technology. E-Biller enables companies to stay competitive and ahead of their sectors by enhancing efficiency, and minimising cost of labour. When we empower companies to succeed this way we drive Kenya’s growth,” he said.
Additionally, a partner in the project, AIG Kenya Insurance through its managing director, Catherine Igathe, also hailed the new online platform, stating that the solution is expected to greatly improve their billing and collection processes.
“AIG worldwide is known to lead the way in finding customized solutions to clients’ unique challenges and partnering with Stanbic to roll out the e-Biller platform to our travel agents is testimony to our relentless quest to make our clients enjoy peace of mind while doing business with us. Indeed it forms part of our key strategic pillars of digitization”, said Catherine adding that the new platform does away with the challenge of manually issuing invoices to agents and the collecting of travel premiums at the end of every month.
The new platform, she said, is cost effective as it automates the reconciliation process, is a critical function for their organization.
The launch of the online platform has closely followed the launch of Kenya’s first ever Automated Float Purchase, by Stanbic Bank Kenya, for M-Pesa agents. This is the platform that allows agents to top up their float from any of Stanbic bank’s cash deposit machine at any branch as long as it is during the banks’ working hours.