Kenya’s Stanbic Bank has launched a new financial solution dubbed “Lipa 360” designed to offer the bank’s clients across various sectors, an end-to-end platform to better reconcile and manage their funds and cash flows in real time; whether making or collecting payments to and from vendors respectively.
According to the Bank’s Head of Business Banking Ben Wandawanda, the solution is applicable 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.
Mr. Wandawanda said the solution 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.
“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.
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.
The solution is either provided by the bank as a whole or plugs into an existing system that the client has already implemented.