Paynet Kenya has partnered with Finteq of South Africa to help banks to electronically process cheques and perform other Electronic Funds Transfer(EFT) data exchanges.

“This will streamline cheque acceptance process, reduce paperwork, and expedite closing, balancing and settlement. It offers substantial cost savings and superior customer service,” said Rob Muller, Commercial Director of Finteq South Africa.

Banks will capture the full front and back image of a cheque and together with financial records and EFT data, electronically transmit them to the Clearing House.

by Daily Nation staff