Credit Bank rolls out online cheque clearing system

Credit Bank Strategy and Business Development Executive Officer Eric Nyachaei. PHOTO | COURTESY 

By KEVIN ROTICH
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Summary

For seamless services, the system incorporates a higher Straight-Through-Processing (STP) mechanism that enables real time visibility and efficient payment initiation through to back-end
processing.

Credit Bank has rolled out an online banking platform that allows corporate customers to process their cheques without having to walk into the lender’s offices.

For seamless services, the system incorporates a higher Straight-Through-Processing (STP) mechanism that enables real time visibility and efficient payment initiation through to back-end processing.

Credit Bank Strategy and Business Development Executive Officer Eric Nyachaei said the new platform will also enable businesses initiate their staff salaries payment online, amongst other electronic transfers.

"With the newly launched Clearing Solutions, our corporates do not need to visit our physical banks to make their transactions as they can now transact online,” Mr Nyachaei said.

This comes as banks around the world facing uncertainties following social distancing and movement restrictions placed by governments to curb the spread of coronavirus turn to technology to be able to deliver services to their clients at home.

Mr Nyachaei said the bank has leverage on video-communication platforms such as Zoom and Skype to better customer services.

“This will let us respond to their concerns thus their trust on the system especially during this volatile period,” Mr Nyachaei said.

Kenya’s economy is expected to contract as households and businesses’ spending declines, and supply chains are disrupted, a situation that will put a strain on enterprises.

To support small business owners, Mr Nyachaei said the bank has also implemented customised products the SMEs such as reduced transaction costs on digital platforms as well as free transaction on PesaLink.