Electronic Banking ::Payments

• Vendors/Suppliers Payments ...more
• Salary Administration  ...more

Vendors/Suppliers Payments

This is an on-line real-time solution that enables companies effect multiple payments to vendors, contractors and suppliers who maintain accounts with FirstBank and banks on the Interswitch network.
The company would send instruction in a specified excel format on a diskette or via e-mail(APS).
The company can also initiate and conclude the transaction using the 1stBankOnline through the EPS menu option.

Benefit:
The company is saved the cumbersome paperbound system and also the inconvenience of having to issue cheques and instructions each time payment is to be effected.
Efficient utilization of human and material resources.
 

Electronic Payment Solution (EPS)

This is a solution that involves single Debit, multiple Credits e.g in salary payment or vendor payments. It can also involve multiple Debits and a single Credit as in the case of direct mandate collections, Vmobile subscription, payment for Insurance premiums etc.

Methods
Via only FBN accounts –This is done internally, all the debit and credit accounts are within FirstBank
Via the Switch using Interswitch to credit or debit other banks as the case may be.
 

Automated Payment System (APS)

Customer brings to the bank diskette containing instructions in electronic format. If within FirstBank the branches can handle and it ends there irrespective of the branch. Where other banks are involved, then Cards and Channels Dept would be involved in the processing.
Customer can send instruction file referred to above via e-mail to the bank for execution.
 

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Salary Administration

Suite of e-payment solutions that offer seamless and timely processing of salary payments irrespective of the size of the company’s workforce.

EPS/APS Solution. Works in the same manner as vendor payment explained above, irrespective of the bank where your staff maintains account. Staff details are set up in your system to enable you credit their accounts directly (through EPS) or an instruction given to the bank via diskette or e-mail (APS).

 
Debit Card Issuance : To the company’s staffers to withdraw money from FirstBank ATM or those of other banks on InterSwitch network or from ATMC’s ATMs ·

ATM Deployment - FirstBank can deploy an ATM to the company’s premises to facilitate cash withdrawal for their staff. This would however be subject to an analysis of the staff strength, logistics and infrastructural requirements by the bank.

• Seamless and paperless salary processing and administration
• Less time spent by the company and the human resources staff in handling payments
• With the debitcard, staff can draw money anytime, anywhere, therefore, less man-hours lost in visiting the bank during working hours

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