Account Management Services and Reconciliation Solutions
We support corporates and institutions in account management and reconciliation by offering the following solutions:
Corporate Internet Banking Platform
Co-op Bank CIB Solution is a custom-tailored banking services platform for corporations. This platform extends online banking services on a financial level to corporate entities to ease their day-to-day operations.
Services available on the CIB platform:
- Real-time account balances
- Statement printing and downloading for the last 6 months
- Inter-account funds transfer
- Interbank funds transfers
- RTGS transfers
- Payroll processing and other bulk transfers
How to access CIB as a Corporate:
- Fill a CIB application form
- Deliver the filled form to the nearest branch
- Once set-up is done, a Product Manager from the TB team will train users on how to access the service (system orientation)
MCo-op Cash Bulk Payment Solution
Opening a conventional bank account is becoming less and less of a necessity due to the prevalence of mobile-based banking services. The Co-op Bank MCo-op Cash Bulk Payments solution was innovatively designed to enable institutions to pay directly into a customer’s phone account (MCo-op Cash account) or main bank account.
MCo-op Cash accounts can be opened and operated end-to-end from the phone without having to visit a Co-op Bank branch or agent.
The corporate entity is provided with a web interphase/portal to enable them to process payments like salaries, dividends, disbursements, allowances etc. The institution will directly create, upload and authorise payment files from the comfort of their premises. It is a straightforward process where once duly authorized files have been submitted to the system, the beneficiaries receive their funds on a real-time basis.
- Real-time credit: The disbursements are done in real time to the beneficiary cell number or Co-op Bank account
- Accurate processing: Beneficiary accounts are credited electronically. This eliminates errors associated with manual intervention.
- Reduced workload: Owing to bulk processing functionality, you can upload all the payment as a single batch. Staff used for processing cheques can be re-deployed for optimal use of resources.
- Cheque & cash handling risk eliminated: The risk associated with transport and holding of large amounts of cash for payment is done away with.
- Secure seamless transmission: The data being sent to the bank is encrypted (that is, stored in a secure, illegible format) from the source, which means there can be no amendments or reading of the file by any other system. This ensures data integrity.
- User friendly: The software is easy to use and has friendly graphical user interfaces.
- No software installation required at your office: The system is web based hence there is no need to install software or use a specific computer.
- Free training: Done at the institution site free of charge.
- Full acceptability: Even recipients who are yet to sign up for MCo-op Cash will receive the funds on their phone. To access the funds, all they will need to do is sign up for the account by dialling *667# and following the prompts.
- Cost-effective: It’s cheaper than most salary processing facilities and the fee is charged directly to the customer, not the institution. Also allows the institution to save on capital expenditure to procure and maintain own systems.
- Accessibility: Funds recipients can access their funds from any of the bank’s 140 branches, 8000 agency network or from over 550 ATMs.
Co-op Bank has built a mobile-based collection platform (M-Collection) that allows registered mobile money customers to deposit payments directly to Co-operative Bank accounts.
M-Collection services were designed to provide institutions with collection accounts at Co-op Bank with the ability to conveniently receive mobile money payments from their customers’ Telcos wallets (that is, M-Pesa, Airtel Money or Orange Money).
- Schools, colleges and educational institutions for fees collections (M-Karo)
- Insurance companies for premium collections (M-Bima)
- SACCOs for member contributions and loan repayments (M-Sacco)
- ‘Chamas, investment groups or self-help groups for member contribution collections & advances repayment (M-Chama)
- Churches and religious organizations for donations, offerings and tithe collections (M-Sadaka)
- Utility companies (water/electricity/internet) for utility bills collections
- Estate management companies for service charge and rent collection (M-Kodi)
- Members clubs, sports clubs and health clubs for subscription collections