Standard Chartered Bank has unveiled a US$15 million Internet platform, as it seeks an edge in a market where technology is increasingly becoming a key factor. Branded Web Bank, the new product would enable customers to access information on their transactions from computer monitors at their work stations, thus saving on costs and hours that could have been used on things such as reconciliations.

"It will ensure that customers receive latest information on their accounts from their work stations round the clock. The data will also be near real-time as it will be updated automatically every 30 minutes," said the bank’s head of product sales James Wainaina.

Targeted specifically at the bank’s corporate customers, it is intended to offer cash and trade information data at any time of the day, greatly improving the efficiency of a firm’s back-office operations. The service had been undergoing testing for load and capacity reliability since last September. "This product is particularly relevant at this time when organisations are putting a lot of work on decentralising their administrative and back-office functions.

Kenya is the first African country to go live with the product, also being tested in Uganda, Tanzania, Ghana, Cote d’Ivoire, Nigeria, Cameroon, Gambia, Zambia, Zimbabwe and Botswana.

The Nation