Businesses which handle huge volumes of payments can breathe a sigh of relief after the launch of an electronic platform to perform the laborious task of reconciliation.
Speaking during the official launch, Stanbic Bank Chief Executive Officer Charles Mudiwa said the new platform streamlines the process of billing, reconciliation and payments.
It also accelerates, the official said, the usually laborious manual paper based reconciliation work that companies have to periodically go through.
“The electronic billing platform dubbed e-Biller, the first one of its kind in Kenya is an automated online platform where businesses can process invoices and generate payment instructions,” he explained.
He added that besides enhancing efficiency, the platform minimizes errors such as duplication of invoices or bills and enables companies to maintain an electronic audit with a history of transactions.
“We hope that this will solve the challenge that many companies in Kenya grapple with as e-Biller enables companies to stay competitive and ahead of their sectors by enhancing efficiency and minimising the cost of labour,” said Mudiwa, insisting that this is the kind of technology needed to spur the country’s economic growth.
According to AIG Kenya insurance company director Catherine Igathe, the platform will greatly improve on the companies’ billing and collection processes.
“AIG worldwide is known to lead the way in finding customized solutions to clients’ unique challenges and partnering with Stanbic Bank to roll 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,” said Igathe.
She explained that the e-Biller had greatly solved their challenge of issuing invoices to agents for sales made and collection of travel premiums at the end of every month.
“Reconciliation of agents’ invoices is a critical function of our business and automating the process should be able to make significant savings by reducing the need for manual work,” she said.
“This is just the beginning of the journey and we hope to go far not only in covering travel insurance but all other sectors, we are committed to insuring people’s lives and make life easier,” Mudiwa added.