Security Warehouse

Business News of Monday, 19 June 2017

Source: thebftonline.com

TransFlow goes online as IT Consortium collaborates with GTBank

IT Consortium, one of Africas leading financial services technology solutions providers has collaborated with the CFI Digital Bank of the Year 2017(Ghana), Guaranty Trust Bank (Ghana) Limited to extend the TransFlow collection platform online across the continent, for further convenience of the residence and non-residence customers of Ghanaian educational and non- educational institutions and the general public.

TransFlow, was developed and introduced in 2007 in Ghana as a platform to ease payments to and collections of fees by educational institutions.

Initially it was conceived as a payments and collection system that links financial institutions to educational institutions as a response to growing demands for a well-structured way of collecting fees and other payments by some Ghanaian schools and other institutions through the network of banks branches.

However, the usage of the platform has transcended other segments of the business community where convenient payment/collection channel is desired.

In a bid to ease the inconvenience associated with fees payment, IT Consortium upon the introduction of TransFlow, entered into partnerships with some banks (including GTBank) and educational institutions.

Under this arrangement, parents, guardians and students would visit branches of banks on the platform and pay their fees. This has to be physically carried out across the counters at the branches of the participating banks and hence physical presence is required.

With the advent of technology, a growing demand for more convenient options plus changing lifestyles of the paying public, there emerged the compelling need to take TransFlow to the next level.

To achieve this desire, IT Consortium and GTBank has collaborated to make TransFlow available online, creating an easier option for fees payments to be done anytime and anywhere in the world. This collaboration makes GTBank the first bank in the country to have aided in elevating TransFlow beyond the banking halls and into the online space.

Against the backdrop of the pioneering roles of GTBank in implementing online payments and collections for institutions in Ghana, IT Consortium realized that GTBank has the capacity and robust technology to make TransFlow available online and across all channels.

It is on record that GTBank has developed similar solutions for Databank and FirstBanc in the mutual fund investment space, University of Ghana, University for Development Studies and College of Physicians and Surgeons etc in the educational institutions category and of course, African World Airline and Starbow in the aviation sector, just to mention a few.

Some institutions are already taking the advantage of this collaboration between IT Consortium and GTBank. Central University and University for Education, Winneba have already been migrated onto the online version of TransFlow.

Hence, students, parents and guardians of these institutions can now conveniently pay for their school fees and other charges online via their website, cutting away the hassle of visiting the banking hall. Work is in progress to migrate four other institutions before the new academic year begins.

Presently, in Ghana alone, TransFlow boasts of over 300 tertiary and non-tertiary schools and other institutions on its platform; and over the years, TransFlow has served and continue to serve over 1,000 merchants and 2.6 million customers across Africa on the platform.

The plan now is for all existing and new merchants in Ghana to be enrolled or migrated onto the online version.

IT Consortium, the brain behind TransFlow adapts technology to create systems that provide clear competitive advantages to customers.

Managing Director of IT Consortium, Mr. Romeo Bugyei said;The decision to partner with GTBank was borne out of a desire to provide further convenience and other payment options for customers of our merchants.

He explained further that,Educational institutions and businesses no longer have to worry about the physical location of their customers as this collaboration will make it possible for parents and customers outside Ghana to make payment of fees and other services online using their Visa or MasterCard.

Managing Director of Guaranty Trust Bank (Ghana) Limited, Mr. Lekan Sanusi also expressed his pleasure at the collaboration with IT Consortium.

He stated,For us at Guaranty Trust Bank, it is always a delight to find solutions and further options to provide convenience for the general public; and so we are pleased that we have been able to take collections via TransFlow beyond the banking hall and of course, online.

Now the decision to extend this value proposition to customers is for merchants on TransFlow to sign on to this online version via IT Consortium for them to be able to enjoy this convenience, he added.

Guaranty Trust Bank (Ghana) Limited, during the eleven (11) years of operating in the country, has established itself as a technology savvy bank and a role model in the provision of convenient, swift and superior e-services in the banking industry.

In recognition of these innovations, the bank has won several awards in this area.