Last Updated on Thursday, 16 July, 2020 at 8:50 am by Andre Camilleri
The payments landscape has gone through a significant transformation in recent years with technological innovation and higher stakeholder expectations driving changes for easier, faster and more convenient payment methods both on a local and global scale.
Understanding the needs of local businesses, Bank of Valletta has launched a reduced price structure for companies opting to shift towards a more efficient digital payment strategy.
Bank of Valletta’s suite of payment solutions are available for businesses, regardless of their size of operation, wanting to move from the costlier cash or cheque-based payments into more efficient and faster digital payments. The suite includes options for both B2B payments and payments to and from other parties such as employees and customers.
Through the BOV Batch-Payment system, supplier payments and salaries are batched into one file by the company issuing payments and uploaded as a single file on the BOV Internet Banking. BOV to BOV payments are instant, whereas payments to beneficiaries whose account is held by other banks are carried out within 24 hours. The digital payments system is secure and transparent; reduces time wastage; errors from manual intervention, storage space requirements and manual recording, filing and reconciliation of accounts. Payments are carried out remotely from the office at a cheaper and faster way, with easy access to retrieve and control financial transactions.
“The way businesses process payments matters,” stated Franco Xuereb, Executive Electronic Banking at Bank of Valletta. “Fast and reliable methods are a must to ensure both liquidity in the business and reduction in payment collection challenges. The advantages of using batch-payment systems are endless, payment turnaround is much faster and allows less room for errors and disgruntlement by suppliers and employees alike. Additional savings from cheque charges and all other costs associated with cheque or cash payments such as longer waiting times for effective payment, security risks and manual interventions provide an advantage to companies who adopt e-commerce and digital payment solutions.”
“COVID-19 has shown us the necessity for businesses to shift their business model towards a more digital one. At Bank of Valletta our fast, secure and easier payment solutions come at highly reduced charges to encourage businesses take the plunge. It is just a matter of figuring out which digital method best fits your company,” concluded Mr Xuereb.
Bank of Valletta also has other forms of payments such as contactless EPOS terminals, internet banking, mobile banking and mobile to mobile payments.
Businesses targeting a digital payment strategy can get in touch with the BOV Payments specialists on paymentsbusiness@bov.com or call on 2131 2020. Businesses can also apply through this online application https://www.bov.com/content/salaries-and-batch-payments-main. Further information can be found on https://www.bov.com/Business.
