THE ETRANZACT PLATFORM
Etranzact provides an electronic payment and a transaction
switching platform for financial/non-financial houses as well as the general business community. It provides businesses with modern tools to automate their payment processes. Its multi-channel functionalities provide users with the flexibility to make and receive payment through a channel that best suits them. The payment channels are bank branches (pay outlets), mobile phones, the internet and point of sale devices. The robust switching capability of the Etranzact platform provides a secure, convenient and cost effective payment solution to any business. The core services being provided on the Etranzact platform include corporate pay, mobile commerce, e-commerce, money transfer services and ATM switching solution.
Etranzact VALUE PROPOSITION on CORPORATE PAY
Etranzact CorporatePay enables government agencies and private organizations to automatically handle bulk payments of salaries and payment to third parties such as contractors, suppliers and tenured workers. The solution has various levels of authorizations and approvals incorporated into the payment process. The Etranzact CorporatePay has two operational models: One-to-Many and Many-to-One. In using the One-to-Many payment scheme, bulk transactions such as salary payments, payments to contractors and suppliers etc. can simply be made from a central source within the company’s administration eliminating the need for cheque issuance or any cash payments. The CorporatePay payments are instant, online and therefore employees or creditors will have no complaints of delays in clearing funds.
Apart from making payments such as salaries, allowances, entitlements, contractor payments among many others, third party payments such as management bills, telephone bills, water bills etc. could also be conveniently made on behalf of the organization. Once payments have been made and authorized, the organizations payment account in the bank will be debited whiles the recipients’ account (utility company, contractor etc.) will be credited automatically and instantly updating all relevant records in real time.
For organizations that utilize the cheque writing and signing process as a core feature in their payroll administration, the Etranzact CorporatePay will eliminate any drudgery associated with the process as it is completely automated. The CorporatePay feature imports payment schedules from the payroll department of the organization. An authorization process workflow also included, organizes and manages the entire payment process. This in-built authorization process workflow in CorporatePay follows the standard signing authority, so that only authorized personnel will have access or interact with the system.
For easy reconciliation, an audit trail with comprehensive reporting facility is provided by the system when needed.
Etranzact VALUE PROPOSITION on CORPORATE PAY
Mobile Alert Service
This is a service that will trigger an SMS alert on employee’s mobile phones (MTN, Vodafone, Tigo, Airtel and Kasapa) as soon as their salaries are credited into their respective accounts. The mobile alert service is a service inherent in the CorporatePay feature and can be activated or deactivated at anytime.
Key Benefits of service
All transactions on the Etranzact platform are fully encrypted and operate in an impregnable, closed virtual private network. The in-built role-based access control ensures that no unauthorized person has access to any information within the entire Etranzact platform. (Full security policies on Etranzact platform can be made available on request)
Etranzact CorporatePay will provide maximum convenience to Accountants as well as relevant personnel directly involved in pay roll administration as it employs an automated system for the management of salaries, trade credits, discounts, bonuses, commissions etc. without any human intervention.
- The current and relatively expensive manual and paper based payment system will be eliminated and resources tied down redeployed for more productive activities
- Cost associated with physical cash handling during payments are fully eliminated
Where physical cash handling is operational, the inherent risk associated with it is significantly reduced if not eliminated.
Ensures Total Accountability and Discourages Fraud
All payments have full audit trail end-to-end. The relevant departments and personnel are automatically notified of all transactions details. This places Ghana Prime Properties in a real time control of all business transactions.