The Equitorial Bank Plc  Corporate Pay

The Equitorial Bank Plc  Corporate Pay

The Equitorial Bank Plc ’s Corporate Pay and Auto Pay allow Companies, Private Organizations and Government Agencies to automatically handle payments of salaries and third party payments (contractor, supplier, tenured workers, utility bills etc) with the various levels of authorizations and approvals incorporated into the payment process.

Corporate Pay and Auto Pay incorporate a One-to-Many payment scheme. In this scheme, the company is the one making the payment; the ‘Many’ is the List of people (Staff, contractors, suppliers etc) to pay. With the scheme, the company can automate payment to all staff at the click of a button; all payments are reconciled real-time into the appropriate staff/contractors accounts irrespective of the bank.

For all payments on the Corporate Pay and Auto Pay platforms, an audit trail with comprehensive reporting facility that the systems provide furnishes Organizations/Government Agencies with requisite information.

The Equitorial Bank Plc  REMITA

This solution is an electronic courier service that rides on secured e-payment platforms to deliver funds to banks account using payment schedules to relevant bodies. The solution enables customers to pay their staff, vendors, suppliers and other 3rd parties in any bank including microfinance and mortgage banks. The solution will enhance a Company’s operational efficiency in the collection of receivables from customers. It enables customers grant the Merchant (Company, Association, Govt. and private agencies), a ONE-OFF mandate to debit their accounts for scheduled payments to be made whenever applicable.

The Company, Association, Agency, etc will only need to upload a file containing the customers to be debited and their respective amounts unto the platform. This can be done daily, weekly, monthly or randomly as agreed between the Company and the customer. Remita, on the strength of the ONE-OFF mandate which is recognized by all banks, will simply debit the customers’ accounts in their respective banks and credit the Company’s nominated account(s) with Equitorial Bank Plc . The customers’ account and the nominated account need not be in the same bank. Both the merchant and the respective distributors are automatically notified of all necessary details of each transaction.