Stanbic Bank launches Host to Host financial solution

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

Host to Host is an automated two-way data transfer solution which enables customers to migrate 100 percent of their transactions from manual to electronic capture.

The system works in such a way that once the client accesses their Enterprise Resource Planning, 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 has taken the product on board 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.

The bank then 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. The Stanbic Transactional Products & Services (TPS) team together with support from Standard Bank IT experts were instrumental to the scoping and implementation stages.Key requisites for the project were the need for clear project plan, dedicated resources from the bank and Unki and updated supplier data from Unki.

Unki Mines chief financial officer, Mr Colin Chibafa, supported the project as it has translated to savings in transaction costs and resulted in a reduction in fraud risk.

Speaking at the Go Live, Mr Mbongeni Dhlamini, head of transactional, product and services said: “Host to Host is a key strategic channel for our top tier clients and we are extremely delighted that Unki has led the way by being the first corporate client to come on board.

“We are confident that going forward Unki will enjoy enhanced efficiencies as they make their payments leveraging on Host to Host capabilities.”

The director corporate and investment banking, Mr Weston Makwara, stated that the bank was extremely excited about Host to Host and hoped that the use of the system while exclusive to top tier corporates, would invite more of the same to enjoy the benefits of this automated electronic payments system.