Stanbic Bank has introduced software to ease payments of large volumes of money by Electronic File Transfer (EFT) or Real time Gross Settlement (RTGS). The new system comes only days before the June 30 deadline set by Bank of Uganda to stop using cheques with a face value of Shs20 million or more.

The software solution dubbed, Customer Access Terminal System (CATS) enables clients to transfer funds in bulk and allows bulk payments in the shortest period of time without the use of cheques.

Speaking at a meeting with key customers recently, the bank's Regional Director and Head of Investment Banking, Ms Anne Aliker said the system was meant to enable corporate and individuals to easily adopt to the electronic means of making payments through EFT or RTGS.

"Our electronic banking solution allows customers to view statement information, money transfers, inter-account transfers, Third party payments, international payments and payments to other local banks and any other Stanbic clients," she said.

The Monitor