Large Enterprises and Corporates can now make seamless, real-time, and cost-effective transfers between banks and their corporate clients using the Faulu Microfinance Bank’s Host-to-Host (H2H) banking solution which has been unveiled.
The solution is one in a series of digital offerings that the bank is set to roll out this year as part of its strategic move to become a digital-first trader’s bank. It complements its recent innovations such as the Faulu DigiCash app, and the tap-and-pay digital cards that allow users to transact on the go.
Speaking during the official launch of the solution, Faulu Microfinance Bank Acting CEO Julius Ouma, said the Host-to-Host solution is built upon open banking principles and creates a secure and interconnected ecosystem representing a significant milestone in the bank’s transformative journey.
(TOP: L-R – Faulu Board Director, Ms. Njeri Ndehi; Faulu’s acting CEO Julius Ouma; Group Chief Operating Officer, Old Mutual East Africa, Dr. Isaac Nzyoka; and Head of Business Development Eclectics, Johnah Ngui, during the launch of Faulu Host-to-Host Digital Solutions that targets to offer large enterprises and corporates enhanced financial control over their financial operations and empower them to make informed financial decisions).
“We are committed to empowering our customers and equipping them with the essential tools to flourish in today’s fiercely competitive business landscape. Therefore, Faulu Bank’s Host-to-Host solution addresses the increasing demand for convenient and secure banking services, granting our target customers seamless access to a comprehensive range of services through various digital channels. This exemplifies our steadfast commitment to innovation and unwavering dedication to the success of our valued customers,” said Mr. Ouma.
Key features that come embedded with the solution include a secure and Interconnected Ecosystem that enables seamless transactions between banks and their corporate clients, and the privacy and confidentiality of sensitive financial information, Real-time and Cost-effective Transfers that facilitate quicker and more efficient financial transactions. This feature eliminates the need for manual processing, reducing operational costs and streamlining business operations.
Others are access to convenient digital channels such as mobile banking applications, internet banking platforms, and other digital interfaces, allowing customers to perform banking activities anytime and anywhere. Large enterprises and corporates will also have access to a comprehensive service portfolio tailored to meet their diverse needs such as account management, funds transfers, payment processing, liquidity management, and balance reporting, among others.
Speaking at the Launch, Old Mutual Group Chief Operations Officer, EA Dr. Isaac Nzyoka said the group will continue to support the evolution of Faulu to become a leading bank for the segment that it serves. The bank is one of the subsidiaries of the Old Mutual Group, East Africa.
“Over and above offering convenience to the customers, the roll-out of e-banking and host-to-host solutions perfectly integrates Faulu into the group thereby bringing the vision of Integrated Financial Service offering to our customers across our different service lines,” said Dr. Nzyoka.
Farther, through leveraging the H2H innovation, enterprises which subscribe to this solution will have enhanced financial control over their financial operations through the solution’s advanced features. H2H provides tools for cash flow management, financial forecasting, and real-time monitoring of transactions empowering businesses to make informed financial decisions. This is in addition to seamless integration capabilities with existing business systems and accounting software used by the target companies. This integration enables the automation of financial processes, simplifying reconciliation and minimizing errors.
The solution is further designed to accommodate scalability and flexibility in order to address the evolving needs of businesses. This allows them to expand their operations without any limitations imposed by the banking solution.
Faulu Microfinance Bank remains committed to its customers’ success and continues to explore new opportunities to enhance its banking experience. This commitment to excellence was recently recognized at the prestigious 2023 Think Business Awards, where Faulu was honoured as the Best Microfinance in Digital Banking and Product Innovation.