Paynet widens e-solutions stable

October 2005

Paynet, Kenya's pioneer e-finance outsourcing company widens its e-solutions in the world of finance with a cheque payments system,

Paynet set up as an innovative e-business provider, has had many firsts in the world of electronic communications and exchange of financial data between the banks and their customers.

Paynet's e-solutions facilitate the exchange of structured information between computers for use in transactions such as salary transfers, debit and standing orders, bulk payments, bank and statements delivery.

To consolidate its niche in the market, Paynet recently launched franchise cash machines under the brand name PesaPoint, - Though the firm's new e-solution makes a positive statement about the level of sophistication in banking sector, consumers of the product see it as something they can use to cap rising overheads.

The cheque payments solution will help corporate clients save millions of shillings. The savings, will be made in form Payment of reduced errors and elimination of duplicate roles that eventually leads to proper utilization of time.

The cheque payment module allows a customer to send instructions to the bank, which subsequently prints bankers' cheques and pays the beneficiaries.

The system is particularly useful to the insurance industry for making claims payment. Other than the insurance companies, other possible users of the cheque payment solution include hospitals, HMOs and flower farms, hotels, tours and travel agencies and manufacturing industries.

The system eliminates time lapse during transaction, reduces paper work and is most convenient for signatories as it uses one signature for up to 1OO payments simultaneously. And the security level is nearly 100 per cent. When a client authorizes a transaction to the bank, it is encrypted in a way that makes the information useless to a hacker:

On market reception, Paynet had to redefine their products to fit the local market because of its sophistication. Kenyans are more demanding, dynamic, and unique because they are aware of their options as far as electronic solutions are concerned.

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