Digitalisation is changing the banking landscape at an unprecedented pace. This translates into important benefits in terms of convenience and seamless service, not only for personal customers, but also for corporate ones, irrespective of their size.
The inception of the Payment Business Unit, which will be marking its fifth anniversary this year, was 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 a plethora of changes.
As a result, 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 clicking a button.
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 payments, 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 with high volumes of payments that seek this type of service, Bank of Valletta has customised it to suit the needs of a wide cross-section of clients, from those needing to process an isolated payment to those requiring regular batch payments.
Bank of Valletta’s prerogative is 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 e-mail enabling automated reconciliation of their accounts.
Corporate clients 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. Going forward, we shall continue to work hard, harnessing technology to offer our clients the innovative and user-friendly services that will continue to make banking as easy and painless as possible.
To discuss electronic payment solutions offered by Bank of Valletta, please call 2275 1568 or 2275 1154 or send an e-mail to paymentsbusiness@bov.com
Bank of Valletta plc is a public limited company licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap. 370 of the Laws of Malta). Registered Office: 58, Zachary Street, Valletta VLT 1130 -Malta Registration Number: C 2833