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Business Reporter
STANBIC Bank has launched an innovative financial solution called “Host to Host” for its corporate clients in Zimbabwe.

The bank says the innovative approach is a response to the desire to meet specific needs of clients by providing a service that is “fit for purpose”.

“Host to Host is an automated two-way data transfer solution, which enables the customer to migrate 100 percent of their transactions from manual to electronic capture,” said the bank.

“The system works in such a way that once the client accesses their Enterprise Resource Planning (ERP), they will start transmitting payment instructions to the bank, which will be processed immediately. Thereafter, the client is able to get periodic updates into their ERP on transactional activity on their accounts.”

Unki Mine (Pvt) Ltd is one of the pioneers to take up the product driven by the desire to reduce costs as well as achieving a reduction in the lengthy manual processes related to making payments using the RTGS system.

Stanbic says it used its experience in running a similar system for Unki’s parent company (Anglo American Platinum Limited of South Africa) to initiate and set up the project.

Unki Mine chief financial officer, Mr Colin Chibafa, said the initiative has translated to savings in transaction costs and resulted in a reduction in fraud risk.

Stanbic Bank head transactional product and services Mr Mbongeni Dhlamini described the new initiative as a key strategic channel for top tier clients.

The bank’s director corporate and investment banking, Mr Weston Makwara expressed the hope that the use of the system would invite more to enjoy the benefits of such automated electronic payments system.