E-Payment Firm to Provide TSA Solutions
The Upperlink Limited, an electronic payment service provider, has reiterated its readiness to provide state governments with an improved Treasury Single Account (TSA) solutions. This is just as the company recently won the 2019 edition of Central Bank of Nigeria (CBN)’s Electronic Payment Incentive Scheme (EPIS) Efficiency Awards.
A statement signed by the Managing Director/CEO of the company, Mr. Segun Akano said the company “is passionate about helping state governments with improved TSA solutions as the conversation with some of the states’ ministry of finance have shown that they want an improved TSA over what the federal government is currently implementing.”
He explained that the award-winning e-payment solution, PayChoice-BAMS, is an improved TSA platform, as it keeps all accounts in different banks but “the aggregate balance is visible on one window.”
According to Akano, this window gives the states government full control over their funds by allowing sweeping across banks or across accounts. It provides trend analysis about in-and-out movements in each account across all the banks.
He explained that the platform makes disbursement easy to vendors, contractors and to pay staff salaries while allowing the tax components and other deductibles of all payments to be remitted seamlessly in real time to the respective beneficiaries.
“Our PayChoice-BAMS platform helps users to carry out transactions in real-time while observing all the protocols pertaining to signatories and mandates of the state in a secured manner,” Akano said.
He added that the platform had become so valuable to state governments because it allows the states to keep their trade obligations with the respective banks.
“The ripple effects are that the banks that have set up branches in these states remain in business, keep their staff, and even employ more indigenes to improve the economy of the state, enhance payee and boost micro economic activities,” he emphasised.
He noted that blue chips in the oil and gas, manufacturing and services sectors that maintain accounts across multiple banks have found PayChoice-BAMS useful.
“Its key functionalities have proven invaluable for many chief financial controllers who are seeking the ability to view all the company accounts across the multiple banks through one single view, make multiple transactions, track balances in real-time, generate statistics and prepare payment data analytics for the management team,” he said.