Stanbic Bank Kenya has today launched e-Biller, an automated online platform on which businesses can process invoices and generate payment instructions.
The e-Biller solution is the first of its kind in Kenya and is suited for businesses across all industries and sectors, which handle huge volumes of payments. It streamlines the process of billing, reconciliation and payment, thus accelerating the usually laborious manual paper-based reconciliation that companies have to periodically go through.
Speaking during an event to launch e-Biller, Stanbic Bank’s Chief Executive, Charles Mudiwa, said that besides enhancing efficiency, the platform minimises errors such as duplication of invoices or bills; and enables companies to maintain an electronic audit trail with a history of all transactions.
“Innovation is in our DNA. This is what we are tapping into to solve a challenge that many companies in Kenya grapple with, leveraging technology. e-Biller enables companies to stay competitive and ahead of their sectors by enhancing efficiency, and minimising cost of labour. When we empower companies to succeed this way we drive Kenya’s growth” Mr Mudiwa added.
According to the Managing Director of AIG Kenya Insurance, Catherine Igathe, the solution will greatly improve our billing and collection processes.
“AIG worldwide is known to lead the way in finding customized solutions to clients’ unique challenges and partnering with Stanbic to roll out 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. Indeed it forms part of our key strategic pillars of digitization”, said Catherine Igathe.
“e-Biller has greatly solved our challenge of manually 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 by automating the billing and collections cycle through e-Biller, we shall be able to make significant costs savings by reducing the need for manual re-work,” Mrs. Igathe added.
The launch of e-Biller follows the recent launch of the country’s first ever Automated Float Purchase platform for M-PESA agents by Stanbic Bank Kenya. The platform allows M-PESA agents to top up their float from any Stanbic Bank Kenya’s cash deposit machine any day, any time or from any of its branches during banking hours.
Mr Mudiwa said that the e-Biller and Automated Float Purchase, among other innovations, demonstrates the bank’s commitment to provide convenience to customers through technologically driven bespoke solutions.
“Our strategic approach as a bank involves understanding clients’ businesses with a view of identifying their needs and pain-points that guide us in delivering industry-specific solutions,” he added.