Get in touch - BOV Asset Management - BOV Group
  • ...
  • ...
  • ...
Maximise Banner
Minimise Banner
Paving the way to electronic payments
08 Feb 2017
next Previous

Digitalisation is changing the banking landscape at an unpreceded pace. This translates into important benefits in terms of convenience and seamless service, not only for the personal customers, but also for corporate ones, irrespective of their size.

Tonia Naudi speaks about the Payment Business Unit at Bank of Valletta and the spectrum of electronic banking services offered to businesses by the Bank.

The Payment Business Unit will only this year be marking its fifth anniversary. Its inception is very closely linked to the preparations leading to the Bank’s conformity to SEPA regulation. The preparatory work and ongoing communication with business clients, led to the implementation of a plethora of changes, as a result of which BOV Internet Banking now offers a suite of standardised file formats making electronic payments for businesses simpler and more user-friendly.

Generally the first time a business contacts the Bank is to migrate its wages from a manual to an automated system. The BOV 24X7 Services suite offers an automated file uploading system that makes this task as painless as the clicking of a button. The file format is also customised according to the business type.  Another important benefit accrued to the business is the segregation of duties. Through the use of the Bank’s Securekey, the company may appoint different users to input data and to authorise, thereby adopting the ‘four-eye’ approach.

As the company grows and broadens its horizons, its financial requirements grow exponentially. Credit transfers constitute another requirement where electronic channels provide efficient solutions to corporate clients that want to do away with manual intervention. Although it is primarily companies having high volumes of payments that seek this type of payment options, Bank of Valletta customises this service to suit the needs of a wide cross-section clients, starting from those needing to process an isolated payment to those requiring regular batch payments.

Time is definitely a precious commodity nowadays. At Bank of Valletta, we make it our prerogative to ensure our solutions are simple and hassle-free. In fact, BOV corporate clients may use the same file to upload payments using the BOV24X7 platform, irrespective of the number of different currencies involved. Furthermore, they get the option to receive Swift statements on a daily basis via secure email enabling automated reconciliation of their accounts.

Corporates are also after direct debits, primarily in relation to subscriptions, such as utility payments and settlement of insurance premia. With the introduction of SEPA, creditors may choose the Bank through which to process any type of SEPA payments within any jurisdiction across the EU.

For us at Bank of Valletta, the client, whether personal or corporate, is at the heart of everything we do. This is what drives our innovations and service options. Going forward we shall continue to work hard towards harnessing technology to offer our clients the innovative and user-friendly services that will continue to make banking as easy and painless as possible.

Clients wishing to discuss electronic payment solutions offered by Bank of Valletta are invited to contact the Bank on 2275 1568, 2275 1154 or send an email on paymentsbusiness@bov.com

Share this item:
Sort reviews by:
This item has no reviews yet.
Print page
BOV Asset Management Guide has identified the following related material
next Previous
next previous
next previous
next previous
next previous
BOV Asset Management YouTube Channel
next Previous