Systemspecs Introduces Remita Pension E-Payment in Nigeria

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Lagos — Nigeria leading software house, SystemSpecs Limited, has introduced Remita electronic payment (e-payment) solution to Pension Fund Administrators (PFA) and Pension Fund Custodians (PFC).

Addressing more than 100 pension-related professionals during a Remita workshop held in Lagos last week, the chief executive officer, SystemSpecs, Mr. John Obaro said the core objective was to introduce the Remita Pension e-payment to stakeholders in pension business.

He also said that it afforded participant the opportunity to go through the process of downloading pension schedules and making retirees' pension payments more effective.

He explained that Remita Pension, is a world class electronic courier service that rides on ePayment platforms to deliver funds to bank accounts and associated schedules to relevant bodies in pre-specified formats.

"It is a one-stop solution that enables organisations, PFAs and PFCs to manage pension contribution remittances, pension benefits processing and payment to retirees," he said.

According to him, the key functionality of Remita Pension contribution allows organisations to make their pension contributions to PFAs/PFCs with matching schedules delivered to these bodies.

On the retiree pensions' payment module, Mr. Obaro said that Remita facilitates PFA and PFC payment to retiree pensioners and their pension benefits.

He said participants in the transaction processing on Remita Pension include employer and the pension managers.

"Employers are the transaction initiators who lead processes and authorize the collation of information of all beneficiaries and also payment transactions. As part of the workflow process, the transaction initiator starts the e-payment process," he declared.

Obaro pointed out that the first level of approval is not only crucial but where the initiated transaction is confirmed through defined approval groups, saying, the final approval stage is the point where all confirmation had been done and the transaction is set for payment.

"Our solution does not allow one user to play more than one role with respect to the processing of any single transaction. The system requires the Personal Identification Number (PIN) and biometric approval before payment is executed," he said.

The SystemSpecs boss equally said that payment execution is effected by the final approver who sends instruction to funding or paying banks to pay into PFC's account.

"Based on the advice received by pension managers, Remita Pension alerts PFC officers that their account has been funded. "The PFA and PFC can log in to Remita Pension to download the associated schedule," he asserted.

He listed some of the features of Remita Pension include the offer of multi-platform, multi-bank debit, multi-party schedule delivery, seamless integration, status of transactions at all times, comprehensive reports, security and control.

In addition, he said that Remita Pension provides detail description of activities of all logged users, just as the report is available to responsible officers in any organisation, including categorization of approvals by amount limits.