Transcript (Settlement and Reconciliation) - Imaobong - E-PPAN

PRESENTATION ON SETTLEMENT AND
RECONCILIATIONS
July 5, 2011
1 Horizons
Keystone Bank……new
Table of contents
 Introduction
 Objectives For Settlement And Reconciliation
 E-payment Products and Settlement
 Dispute Resolution
2
Introduction
Large scale commercial banks in Nigeria and Africa at
large have previously excelled, at providing traditional
Banking services to different categories of customers.
However, recent developments in consumer
enlightenment, telecommunications services and epayment infrastructure along with a drastically more
competitive environment have nudged banks towards
exploring electronic channels for delivering banking
services.
3
Introduction (Cont’d)
Consequently, numerous opportunities have arisen for
sustainable competitive advantages through the
deployment of value added electronic services. In
addition to providing whole new income streams,
these services are empowering banks with enhanced
client acquisition and retention as well as
unprecedented levels of operational efficiency.
4
Objectives

To intimate us of current operational flow on what
we do in settlement.
To enlighten us on different products we settle.
5
E-payment Products and settlement
Our Settlement on payment solution products include;
- Remita
- Active Pay
- Interswitch
- Etranzact
- Active Net
6
E-payment Products and settlement Contd
Interswitch PayDirect
Paydirect– A reporting module designed by Interswitch to
view and settle collections on the platform
An efficient and effective online, real-time platform for monitoring
collections and remittances.
Used by large corporation in the administration of payments &
collections.
3 parties have access to transactions processed on the Paydirect
platform, the collecting bank, switch and the organization.
7
E-payment Products and settlement Contd
REMITA – Powered by Systems Specs.
REMITA – An electronic courier service that rides on a
secured switching platforms to deliver funds to banks’
accounts & associated schedules to relevant bodies.
Also salary payment, contractor & supplies payments, tax
payments , corporate collections etc.
3 Models of Remita
 The switch model
 The RTGS model
 The RTGS model integrator
8
E-payment Products and settlement Contd
Etranzact Settlement –Powered by Etranzact.
Etranzact offers similar products like Interswitch though
under a different umbrella and different name.
Products offered by Etranzact include:




Corporate Pay
Payout Outlet
Web Access
Etranzact Reloadable card
9
Dispute Resolution
Platform
Resolution
REMITA
Funds not applied to beneficiaries accounts due to invalid
account numbers are returned back to the corporate via the
Remita platform
For duplicate credits applied to beneficiaries from the
payment schedule provided, this is reversed back to the
corporate via the platform; this reversal can only be effected
for funded accounts, where it is not funded, the support staff
of Remita are advised on the status.
For funds credited to wrong account number from the
payment schedule, the same process above is used to effect
reversal.
All these are resolved within a 24hrs timeline
10
Dispute Resolution contd.
Platform
Resolution
PayDirect
For duplicate transactions, the corporate are notified
and Interswitch are advised for a reversal where the
funds are still intact; the reversal reflects in our CBN
settlement position by the next day
For wrong crediting of payments, the same process
above applies
11
Dispute Resolution contd.
Platform
Resolution
Active Net ( NIP )
Transfers made to wrong accounts are reversed
on settlement after the receiving bank have
acknowledged for reversal. The
acknowledgement can only be effected where the
account is funded but where it is not, the sender
bears the recovery of the fund.
The process above applied for duplicate
transactions
The timeline for resolution on this is 72 hours
12
Dispute Resolution contd.
Platform
Resolution
Etranzact
Payments transferred to a wrong party or
duplicated are resolved within 72 hours after due
consultation with the various parties involved –
the receiving bank, the switch and the customer.
13
THANK YOU
14