First Bank has unveiled FirstPay, a web-based payment platform designed to allow customers directly give payment instructions from their offices anytime in a very secure and efficient manner.
In a statement, the bank said with the product, payments and authorisations can be done regardless of location, as long as there is internet connectivity.
“FirstPay enables corporate organisations initiate and conclude payments without relying on the branch to process on their behalf, efficient and timely payment of beneficiaries, especially time critical payments, and approval of payments can be done from anywhere in the world regardless of the location of the authorisers,” the bank said.
According to the bank, 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, among others, regardless of account bank. It also provides a platform for corporate organisations to execute their payment instructions without first sending a physical instruction to the bank and waiting for the bank to effect the instructions.
It said the product allows uploading the instruction in an approved file format after which the transaction authoriser is notified by e-mail and/or SMS with the payment authorisation code. The code enables the authoriser approve payments, with corresponding debit and credit entries passed automatically.
“One of the unique features of the product is that it is available to set up 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,” the bank said.
Besides, FirstPay allows customers to perform a wide range of functions including checking balances, viewing consolidated bank account balances across banks, and the e-cheque platform. “The e-cheque platform enables users to issue and upload e-cheques for vendor/supplier payments, register/upload beneficiaries, issue standing orders, and purchase e-cheque book,” it added.