Stanbic Bank successfully launched a leading financial solution, Host to Host for corporate clients in Zimbabwe. This demonstrates Stanbic’s promise as a customer centric bank committed to ‘’fit for purpose” solutions to meet the specific needs of clients.
Host to Host is an automated two way data transfer solution which enables the customer to migrate 100% of their transactions from manual to electronic capture. The system works in such a way that once the client accesses their -Enterprise Resource Planning (ERP), they will start transmitting payment instructions to the bank which will be processed immediately. Thereafter, the client is able to get periodic updates into their ERP on transactional activity on their accounts.
The project inception was at the end of 2015 driven by Unki Mines (Pvt) Ltd’s desire to reduce costs as well as achieving a reduction in the lengthy manual processes related to making payments using the RTGS system. The Bank then used its experience in running a similar system for Unki’s parent company (Anglo American Platinum Limited of South Africa) to initiate and set up the project. The Stanbic Transactional Products & Services (TPS) team together with support from Standard bank IT experts were instrumental to the scoping and implementation stages. Key requisites for the project were the need for clear project plan, dedicated resources from the bank and Unki and updated supplier data from Unki.
The Unki Mines Chief Financial Officer, Colin Chibafa, supported the project as it has translated to savings in transaction costs and resulted in a reduction in fraud risk.
Speaking at the Go Live in October 2016, Mbongeni Dhlamini Head of Transactional, Product & Services said “Host to Host is a key strategic channel for our top tier clients and we are extremely delighted that UNKI has led the way by being the first corporate client to come on board. Congratulations UNKI! We are confident that going forward UNKI will enjoy enhanced efficiencies as they make their payments leveraging on Host to Host capabilities.”
The Director Corporate & Investment Banking Weston Makwara stated that the bank was extremely excited about Host to Host and hoped that the use of the system whilst exclusive to top tier corporates, would invite more of the same to enjoy the benefits of this automated electronic payments system.