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What is AutoPay? |
Does your organization relate with multiple suppliers and vendors?
How do you pay these suppliers or vendors for their products and services?
Have vendors turned your office into a waiting room just to collect their
payments?
How do you pay your staff salaries?
Is monitoring your organization’s bank account balances giving you a headache?
Do you want to make your payments from the comfort of your office?
Many organizations need to pay staff salaries, vendors and suppliers for goods
and services. These vendors/suppliers typically have accounts in different banks
and branches across the country. Manual handling of these payments are time
consuming and stressful. This poses reconciliation issues such as: who paid what
and when. AutoPAY helps to simplify the manual payment processes and
organizations are empowered to initiate, pay and monitor these payments online
real time.
AutoPAY is a secure web based online real-time solution that enables corporate
organizations as well government institutions make payments from their corporate
account to staff, vendors and supplier accounts domiciled in any of the 24 banks
in Nigeria. Payments are effected with a click of a button from the comfort of
an organisation’s office.
AutoPAY can be used to effect direct credit and debit payments which may either
be one-off or recurring across banks. The solution facilitates salary
administration, multiple funds transfer, bill payments, dividend payments,
Insurance premium payment, subscription payments etc. |
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What can AutoPAY do for you? |
AutoPAY enables organizations carry out these activities effectively and
efficiently.
- Initiate payments from the comfort of their offices.
- Identify which third party has paid.
- Monitor account balances across various banks
- Initiate funds transfer across registered accounts
In addition, these organizations are able to answer the following
questions:
- When payment was made?
- Who authorized payments?
- How much
was paid?
- Who verified the transfer?
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Product Features |
Direct Credit
This feature supports Salary Administration, Pension, Supplier and Vendor
payments, Subscriptions and other bulk payments. The beneficiary/recipient’s
account can be domiciled in one or across several banks different from that of
the organisation. The Organization/MDA prepares a payment file and either
uploads the file into AutoPAY to consummate the transaction from their office or
sends the file to their bank to upload in AutoPAY. The employee, contractor or
beneficiary account gets credited instantly and they receive a notification
either via mail or SMS.
Direct Debit
The direct debit function of the solution enables government ministries,
department, agencies and corporate organizations collect payments due them for
services rendered to customers/subscribers. At the point of subscribing for the
service, the customer fills a direct debit order/mandate form. This mandate is
verified and authorized before its creation in the AutoPAY system by the sponsor
bank. On the due date, the corporate prepares its debit file and uploads into
the system. At the click of a button, the customers account is debited and the
MDA/Government agency or corporate organizations account is credited.
Account Monitoring & Management
This module enables authorized corporate or MDA personnel monitor all
their bank accounts irrespective of the bank from a single web-based view. In
other words, status of accounts and account balances can be monitored from the
comfort of the corporate organisation’s office or home.
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Uses of AutoPay |
The solution is ideal for managing these kinds of payments and more:
* Supplier/Vendor/Contractor third party payments
* Salaries
* Subscriptions (Telecom, Cable TV)
* Pension contributions
* Insurance premiums
* Travel expense/Per diem/fuel allowance
* Lease payment
Product Benefits
Benefits to Government and Corporate Organizations
* Saves time and resources
* Saves cost of processing payments
* Reduces the overload involved in salary Administration and supplier payments
* No clearing period is required as AutoPAY leverages InterSwitch’s online
real-time connectivity to all banks
* Facilitates the transfer & monitoring of funds across corporate registered
accounts in the various banks.
* Provides access to online real-time bank account details/balances independent
of any third party
* Single view for monitoring all corporate accounts domiciled in various banks
but managed centrally from this system.
* Minimal (or no infrastructure upgrade cost) costs to be borne to effectively
make use of the web based solution
* Eliminates the need for account of all employees/vendor/beneficiary to be in
same
* Eliminates the need to prepare schedules per bank and then issue multiple
cheques
* Notification via email and/or SMS to beneficiaries/recipients at no cost.
Benefits to the Recipients
* Immediate value for money as account is funded same day
* Instant notification to recipient via email and/or SMS
* Subscriber database and transaction reports provides an opportunity for
subscribers to receive benefits from loyalty schemes, price breaks, bonus
packages etc
SECURITY
Interswitch uses several levels of security to ensure secure transactions & data
integrity Some of the security features employed at various levels include:
Application Level :
* Identity guard - Tokens for access and generation of one-time password
* Network and enterprise security at the application and Switch level.
* Report logsfor all transactions irrespective of their status
* Unique reference for each payment transaction,
* Audit trail storage within the solution
* Authorization & approval process within the solution follows the existing
hierarchy and approval limits of the MDAs/corporate organisation
Switch level :
* Deployment & use of firewalls
* Data encryption from start to end
* Use of Intrusion Detection System
* Message authentication
* Digital certification
Network Level
* Secure Socket layer
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