Fund Remittance to Tax Authorities Made Easy Across Africa
Lagos, April 2014: Leveraging on our existing collection platform BankCollect, Ecobank partners with Parkway Projects robust electronic platform, BankCollect (now Parkway’s InfoGrid®3D Core) to facilitate payment of taxes online & in-branch by taxpayers. Tax payers can now make payments through Ecobank branches in Zambia, Malawi, Rwanda and Tanzania.
Ecobank, whose official name is Ecobank Transnational Inc. (ETI), a pan-African banking conglomerate, with banking operations in 36 African countries with total assets – $24.2 Billion (2014) has chosen Parkway Projects Infogrid platform, along with integrated channel and payment solutions to gain a competitive advantage, while delivering added convenience to customers.
Various Revenue Authority across some African countries; Zambian Revenue Authority, Malawi Revenue Authority, Tanzania Revenue Authority mandated Ecobank to receive payments from tax payers on their behalf and also send transaction update to their e-payment system by virtue of integration to the system via web services.
Ecobank amidst other fin-tech providers selected Parkway Projects solution to cater for the needs of the Revenue Authorities with respect to tax liabilities payment by taxpayers at any Ecobank branches. It is aimed at ensuring that tax payers do not submit wrong information and eliminating reconciliation issues as transactions are updated to the third-party system in real time. This software tool will equip the bank to attract new customers and increase
Parkway’s technology will drive an enhanced customer experience by streamlining operations and accelerating the payment and reconciliation of tax payment. The powerful, robust and innovative functionality platform delivers results by offering the following features:
- Web-service integration to tax system
- Tax payment via Ecobank Retail internet banking
- In-branch tax payment
We’ve designed our banking products to be used by any financial institution, and our popular supplementary products to work as powerful additions to bank platforms. Parkway is helping clients and business partners navigate the complexities of digital transformation by focusing our collective strengths to help them address their business challenges, said Uzo Eziukwu, CEO Parkway Projects Limited.
The comprehensive InfoGrid®-Bank3D is a robust, secure, service-oriented, multi-tenancy electronic banking framework on which various corporate & retail banking solutions are plugged. InfoGrid®-Bank3D delivers 3-Dimensional focus on the bank, the bank’s corporate & retail customers. It provides requisite security, abstraction customization and has the following features:
Key Features
- Multi Affiliate Framework
- Multi-channel Framework
- Exchange Control Module
- System Administration
- Transaction Processor Adapters/Flexible Payment Routing
- Transaction Accounting Sub-system
- User Administration
- Reporting
- Corporate Service Portal
Some of the key benefits are:
- Quick and agile product setup to meet up with dynamic market demands
- Rich interfaces for report viewing for both designated bank and corporate personnel
- Robust reporting tools for defining customer required report fields
- Robust technology platform that factors in the peculiarities of the African banking space, and solves challenges faced by African banks in providing cash management solutions to their corporate customers. Already extensively used across 30 African countries
- Consolidate different cash management services into a single platform to deliver unparalleled value and ease-of-use to customers.
- Consolidate your multi-affiliates into a centralized global platform, helping corporate manage their activities across their subsidiaries.
Parkway is a leading financial technology provider creating modern banking experiences, localized and delivered through Africa’s leading banks to businesses and individuals across the continent. Parkway provides simple, intuitive, end-to-end corporate, retail and transaction banking solutions. The company’s expertise and pedigree has clearly enhanced its solution offerings, setting it ahead in many ways.