16 March, 2018, 12:00 am
OUT with the old and in with the new, the Fiji National Provident Fund (FNPF) will now digitise all its vendor payments using ANZ Bank’s web-based electronic platform.
This means that instead of the traditional manual method of processing cheques by the fund to pay its vendors, suppliers and service providers, it will now transact payments through the ANZ Transactive online platform.
ANZ Transactive provides convenient access to payments, cash management and trade functionality designed specifically for commercial, corporate and institutional clients.
An improvement to the fund’s cash management system, the new mode of payment was enabled yesterday through a partnership formalised in Suva between FNPF chief executive officer Jaoji Koroi and ANZ Fiji country head Saud Minam.
The fund’s decision to use ANZ Transactive is in line with Government’s goal to channel 85 per cent of government payments through digital platforms by 2020, an initiative which ANZ Bank had been championing.
According to Mr Koroi, signing up for the new payment method is in line with their Go Digital strategy adding value in the fund’s service delivery to its stakeholders.
“In this case, normally we process around 200 cheques monthly for payments to our vendors,” Mr Koroi said.
“From the fund’s perspective, this is where basically a platform where we can automate our cheque processing, so instead of writing cheques, we will now be processing payments for our vendors through the ANZ Transactive system.
“We are confident that our suppliers would appreciate this new service as it also eliminates having to physically present themselves at our offices to collect their cheques.”
But while this new payment method is particularly for FNPF’s vendors at this stage, Mr Koroi said they would consider slowly introducing this to members soon.
“As you all know we also process a lot of payments to our members, so we’ve also rather than giving them cheques, we’ve made transactions directly to their bank accounts.
“Normally we do this for our vendors but we’re working also with members, because the challenge with most members’ bank accounts may be inactive or invalid.”
From ANZ’s perspective, Mr Minam said they had started a discussion with FNPF after Tropical Cyclone Winston in terms of how the fund could move electronic channels into their system.
“The most advanced feature of this is that you can access this system anywhere, wherever you are as long as you have a smart phone and internet connection,” Mr Minam said.
While the payment platform allows more end to end and paperless transactions at real processing time, Mr Minam said it also created a lot more safety security among its customers and the banking industry.
“ANZ Transactive is our market-leading Internet-based payments and cash management system that provides our customers invaluable connectivity,” Mr Minam added.
“Technology has played a huge role in allowing businesses to trade with multiple entities domestically and internationally, and, importantly, to transact in a secure environment.”