ANOTHER Fijian government ministry has joined a leading digital banking platform for all its transactions, a move towards a more cashless economy.
Fiji’s Ministry of Education, Heritage and Arts will now digitise all its payments using ANZ Bank’s web-based electronic platform called ANZ Transactive.
This means that instead of the traditional manual method of processing cheques by the ministry to pay its vendors, suppliers, service providers, and staff expenses, it will now transact payments through the online platform.
The ministry’s new mode of payments was formalised today through an agreement signed by Minister for Economy Aiyaz Sayed-Khaiyum and ANZ Fiji country head Saud Minam in Suva.
The education ministry is the second government ministry to join the online platform, following suit to the economy ministry which joined last year.
With the high volume of transactions on a daily basis, Mr Sayed-Khaiyum said the move would greatly enhance not just the efficiency of processing but brings about huge cultural change at the education ministry.
“Today is another milestone where we have partnered with ANZ in respect of getting more put simply electronic transactions in place,” Mr Sayed-Khaiyum said.
“Ministry of Education is the largest ministry in the Fijian Government, both in terms of the size of the number of people that are employed by the ministry, and we have at least put into perspective over 10,000 teachers are paid by the ministry.
“And of course there are other ancillary staff, also by the size of its budget.”
The move 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.
“Of course with cheques, it means there can be delays, it means there can be more mistakes. In order to bring the ministry of education into the 21st century, as far as the transactions are concerned, we have now partnered with ANZ,” Mr Sayed-Khaiyum added.
From ANZ’s perspective, Mr Minam said it was important to note that we live in the digital era.
“I think we are moving into the digital times and writing the cheques will be a thing of the past soon,” Mr Minam said.
Mr Minam has also given assurance of the digital platform’s safety, security and seamless experience in terms of transacting payments.
About ANZ Transactive:
ANZ Transactive is a convenient web-based transaction banking platform providing convenient access to payments, cash management and trade functionality. Designed specifically for commercial, corporate and institutional clients, ANZ Transactive delivers a streamlined solution for day-to-day banking needs.
Key functions of ANZ Transactive:
• View account balances, reporting and transaction information
• Complete domestic and international payments
• Transfer funds between accounts
• Upload bulk payment files, and if required assign payment confidentiality indicators
• Initiate and manage import / export letters of credit, standby letters of credit and outward guarantees
• Request an ANZ trade loan.
