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Stanbic IBTC Bank has upgraded its transaction banking platform to FinnAxia® 9.0, strengthening its ability to provide faster and more digitally enabled services to corporate and institutional customers.
The bank, a member of Standard Bank Group, completed the upgrade in partnership with Nucleus Software, marking the latest milestone in a relationship that has lasted more than a decade.
The upgrade is expected to improve the bank’s payment, collections, liquidity and cash management services while increasing automation, connectivity and operational efficiency.
It will also provide Stanbic IBTC with a more flexible platform for introducing new digital banking capabilities as businesses increasingly demand real-time payments, seamless digital services and better visibility over their finances.
Eric Fajemisin, Executive Director, Corporate and Transaction Banking, Stanbic IBTC Bank, said the development was part of the bank’s continued investment in technology and customer-focused solutions.
“Our relationship with Nucleus Software has spanned a decade and forms part of our broader commitment to continuously strengthening the solutions and services we provide to clients.
“As transaction banking continues to evolve, we remain focused on investing in capabilities that help businesses operate with greater speed, visibility and confidence. The advancement to FinnAxia® 9.0 enhances our transaction banking platform and strengthens our ability to deliver innovative, efficient and customer focused solutions in a rapidly changing environment,” he said.
Jesuseun Fatoyinbo, Head of Transaction Banking, Stanbic IBTC Bank, said the upgrade would help the bank simplify customer journeys and introduce new capabilities more quickly.
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“Transaction banking today is about delivering intelligent, seamless and responsive experiences for customers. This enhancement further strengthens our ability to simplify customer journeys, improve operational efficiency and introduce new capabilities more rapidly,” he said.
He added that the development reflected the bank’s commitment to providing solutions that keep pace with the changing needs and growth ambitions of its customers.
Parag Bhise, Chief Executive Officer and Executive Director, Nucleus Software, said the company was pleased to support Stanbic IBTC’s efforts to strengthen its transaction banking operations.
“We value our long standing relationship with Stanbic IBTC Bank and are pleased to support the Bank’s continued efforts to enhance its transaction banking capabilities. FinnAxia® 9.0 has been designed to help financial institutions respond to evolving customer expectations through improved automation, connectivity and operational efficiency,” he said.
The upgrade comes as financial institutions across Africa increase investment in technology to meet growing demand for real-time payments, digital trade services, intelligent liquidity management and connected banking.
Stanbic IBTC said its continued investment in technology and innovation would help businesses manage liquidity more effectively, optimise their operations and operate more confidently in an increasingly digital economy.
Nucleus Software, meanwhile, said it remained committed to providing financial institutions with technology solutions to support digital transformation and sustainable growth.
