Wema Bank has unveiled Static Wallets and Instant Settlement capabilities on ALATPay to boost enhancements to its digital payment gateway, simplify payments, ensure operational efficiency, and foster business growth.

Managing Director /CEO of Wema Bank, Mr. Moruf Oseni, stressed the financial institution’s strategic focus on delivering innovative solutions that empower businesses and customers alike.

He said the introduction reflected the bank’s commitment to delivering secure, transparent, and innovative financial solutions tailored to meet the needs of businesses across various sectors.

He said:  “ALATPay embodies this vision by simplifying the processes of payment collection, management, and reconciliation across various industries. The integration of Static Wallets and Instant Settlement on ALATPay aims to remove obstacles hindering business growth while reinforcing the principles of transparency, security, and operational efficiency.”

Divisional Head of Payments Business at Wema Bank, Mr. Damola Bolodeoku, elaborated on the rationale behind these enhancements, indicating that they were driven by the imperative to address critical pain points related to reconciliation complexities and cash flow delays encountered by businesses.

“Through the creation of dedicated account numbers simplifying reconciliation and ensuring instantaneous transfers, we are empowering businesses with enhanced control over their transactional activities,” Bolodeoku explained, acknowledging the collaborative input from partners and customers in shaping these solutions.

The financial institution stated that Static Wallets on ALATPay provide businesses with dedicated account numbers assignable to specific entities such as users, branches, vendors, or projects.

“This functionality is intended to facilitate streamlined reconciliation processes, enhance transaction tracking transparency, and to mitigate fraud risks, thereby strengthening financial control for businesses.

“The Instant Settlement feature ensures that merchants receive immediate access to funds upon customer payments, effectively addressing the longstanding challenge of settlement delays commonly experienced by businesses. This capability is anticipated to enhance cash flow management, facilitate more agile operational decision-making, and bolster customer confidence through the provision of real-time payment confirmations.

“With these advanced capabilities, ALATPay is positioned as a dependable partner catering to the needs of individuals, small and medium enterprises (SMEs), corporate entities, and fintech organisations, thereby facilitating secure transactions, enhanced financial management, and the exploration of new opportunities within Nigeria’s dynamically evolving digital commercial landscap