Interswitch Group has unveiled Autopay, a digital payment disbursement solution allowing financial institutions in Kenya to make mass payments to multiple recipients and beneficiaries at the click of a button.
According to the digital payments and commerce company, the solution enables organizations to perform one-off or recurring direct credit multiple payments to vendors, contractors, suppliers, and staff, across multiple banks and mobile wallets like M-Pesa and Airtel Money in a timely and cost-effective manner.
“The platform is built to allow automation of payments that will see recipients get their money including loan disbursements during weekends,'' Interswitch Group country manager Romana Rajput said.
To use the service, businesses will just need to log into an Autopay web portal provided by Interswitch or integrate the Autopay APIs to their existing business systems like ERPs, Mobile Banking, Internet Banking and Core Banking systems.
Rajput revealed that 32 business entities, including commercial banks, saccos and lenders have signed up on the product.
The system automates existing manual payment processes, helping organizations initiate, review, authorize and monitor payment processes with minimal human intervention.
The web-based model is provided to businesses that currently do not have an existing channel of disbursing payments.
''It is ideal for organisations that require an easy way to make payment transactions including corporate organisations, banks, government parastatals and educational institutions,'' the firm said in a statement.
Autopay gives financial institutions like Saccos and MFIs the ability to enable their customers to transact with customers from commercial banks, M-Pesa and Airtel Money seamlessly from their accounts.
It also enables companies to replicate the signatory hierarchy of users within the application, access reports in real-time and process payments from their bank accounts to any beneficiary of their choice in all the banks connected to the Interswitch network.
