FirstBank has acquired another payment solution called FirstPay. This is an internet-based solution designed and developed to allow our valuable clients directly effect payment instructions from their offices anytime and any day in a very secure and efficient manner. Because it is available over the web, payments and authorisations can be done regardless of location, as long as there is internet connectivity.
Features:
The solution is most suitable for clients who carry out bulk payments against their accounts in form of Salary Payment, Vendor/Supplier Payment, e-Dividend, Pensions, etc regardless of account bank. It gives the corporate the power to execute their payment instructions without first sending the instruction in any format and schedule to the bank and waiting for the bank to effect the instructions.
FirstPay allows the initiation of an instruction by uploading the instruction in an approved file format. Following the upload, the transaction authoriser is notified by e-mail and/or SMS with the payment details. These details enable him/her to authourise payments, with corresponding debit and credit entries passed automatically.
The platform is available to setup clients through a browser and does not require any special infrastructure or additional investment on the part of the client other than an internet connection.
Functionalities:
FirstPay allows the corporate to perform the following functions:
1. Check Balances
2. e-Cheques
- Issue and Upload e-Cheques (for Vendor/Supplier payments)
- Register/Upload Beneficiaries
- Standing Orders
- Purchase e-Cheque Book
3. e-Salaries
- Upload Salaries
- Upload Schedules
4. Reports
- Payments Made
- Payments Received
- Payment Schedule
- Audit Trail
5. Administration
- Confirm Banking Details
- Corporate Information
- Users (Listing & Setup)
- Approval Group
- Approval Workflow (Mandate)
- Set-up Card (Virtual Card that enables passing of entries)
- Change Password.
Benefits to Branches:
- For every corporate mandate secured on FirstPay, a branch is entitled to Income of N30 per transaction (line items) for Salary payment and N80 per transaction (line items) for Vendor payment
- Since the platform is a self-service solution, the corporate initiates and concludes payments without the need to rely on the branch. This frees up branch capacity that can be channelled to other uses.
- Opportunities for other ancillary business
For further enquiries, please contact; Bankole Adediran (01-9052254, 08052408135), Helen Willie (01-9052030, 08023515299) and Adedeji Adegbenle (01-9052864, 08053383187)