FELIX OLOYEDE | Timeliness is often said to be the soul of business. Most times, making bank payments and collections gulp a lot of time that could have been expended on other judicious activities. So, any financial product that would shorten the time organizations and individuals spend on making payments and revenue collections would be apposite. In the light of this, SystemSpecs recently came up Remita, an e-Payments and e-Collections solution on a single multi-bank platform.
And within the short period that Remita range of products have been introduced, a lot of individuals and corporate organizations that process over N500 billion worth of transactions on a monthly basis have subscribed to it. Even the Central Bank of Nigeria (CBN) has adopted it and it is being used by 22 commercial banks and over 400 micro finance banks. According to SystemSpecs, over N15 trillion have been processed on the Remita platform to-date.
Remita is an e-Payment module that delivers payment instructions to accounts in any commercial bank, microfinance bank, primary mortgage institution or digital wallet. This multi-channel funds collection platform is handy to all types of biller organizations. It could be employed by educational institutions, insurance companies, e-commerce sites, utility companies, clubs and associations, religious organizations, government agencies, Local and State Governments etc to collect various types of fees, charges and dues.
This financial product offers a “Push” and a “Pull” model of funds reception. The Push model empowers Remita users to push an e-Invoice to their payers to enable them make their payments to them electronically. While the “Pull” model empowers their payers to either visit their websites and click a “Remita-Pay-Now” button or select them as beneficiaries at remita.net. Either way, they would be requested to complete a pre-defined form requesting for their details before proceeding to pay you easily electronically.
Benefits Remita is online solutions, which enables subscribers to carry out their payments and collections any time without boundaries.
It is simply making online banking to the next level. With a single platform users can easily access all their bank accounts at a go. This product saves users from the hassle of having multiple tokens and at the same time afford them the opportunity of toggling between the profiles of all their companies, Subsidiaries, Associations, personal accounts etc.
With Remita, individuals and corporate organizations would be able to have a bird view of their balances of all your multiple bank accounts on a single screen, saving them the time that could have been spent moving from one screen to the other.
Traditionally, to make payments from multiple accounts and across multiple banks, one would to carry out multiple transactions, but this would be done in a single transaction on Remita platform. It also makes it easier for users to define their online payment review approval workflow.
In terms of security, Reimta has a Role Based system access and amount-based security and detailed and comprehensive transactions reports are always available to users, so they easily monitor their transactions.
There three major variants Remita. They are Remita e-invoicing, Remita e-collection and Remita e- Payroll & HR.
Many organizations have been looking for ways to cut down on the use of papers in their day-to-day operations. Remita e-Invoicing is designed to help them achieve this. It is an electronic solution that provides billers with a powerful tool for managing invoices. It generates online, electronic payment demand notices, which it sends to payers for payment through their preferred channel such as online banking site; debit/credit cards (Verve, Visa, MasterCard, UnionPay); Remita profile; POS; direct debit; micro Finance Banks and digital wallets.
This financial solution gives payers the leeway to generate invoices online and pay through their preferred channel. More so, Remita e-Invoicing enables users to integrate with their ERP/billing system so as to automate the invoicing from their source data and send reminder mails for unpaid invoices.
Remita e-Collections is an electronic solution allows subscribers’ customers to make payment electronically without having to search for the bank accounts of the receiver.
All they have to do is simply put the “Pay Here” Remita link on their websites, instruct their customers to select their names at www.remita.net or forward their payers a generated Remita payment link by email. This platform enables payers to make payments through their banks without necessarily having to share the same banks with the receivers.
Remita e-Collections simplifies reconciliation, define customised online Pay-In form that contains all the information that the receiver wants from payers at the time of payment e.g. Payer Name, Payer ID, Payer Category, e-mail address, Telephone Number, Goods and Services desired, Policy or Reference No, Comments etc. A user of this solution can seamlessly monitor all payments made him across all channels, because a comprehensive online reports are available to him at all times.
Remita e-Collections also offers its users the option of integrating their billing and accounting systems for information exchange that will enhance service delivery and transaction reconciliation.
Remita Payroll & HR It is a Payroll and Human Resource management solution which helps with companies with staff strength as low as 2 or as high as 2000 to automate their payrolls. It allows their maintain a comprehensive, online employee personal and payroll data and compute all staff allowances, loans, pensions, taxes, overtime allowances, cooperatives, union and other deductions.
Remita Payroll & HR takes away the stress of having to pay salaries by uploading salary schedules from separate software to the e-Payment platform.
With this solution, staffers no longer need to wait for paper pay slip before they get their salaries as it automatically send electronic Payment Notification, Pay slips and Tax analysis slips to each staff at the end of every pay run.
Remita Payroll comes with extensive, online, Standard and User defined Payroll Reports which include: Nominal Roll, Staff List, Payroll Register, Variance and Audit Reports. It also takes off the challenge of sending payment schedules to different banks, this solution allows the organization to pay salaries directly into staff accounts held in any commercial banks, micro-finance banks, mortgage banks or digital wallets and automatically send payments, with electronic matching schedules, to PFAs, PFCs, Staff Cooperatives, and State BIRs.
It also offers optional modules such as Employee Self Service, Leave Management, and Claims/Expense Management, all integrated on a single platform.
So, any individual or organization that is in search of a financial solution that reduces paper work to the barest limit and offer real value and efficiency, Remita is worth consideration.