News Column

Uba Launches New Banking Platform for Companies

June 16, 2014

Obinna Chima

The United Bank for Africa (UBA) Plc at the weekend said it has launched the 'U-Direct Corporate,' a web-based banking platform for cash management.

It explained that the transaction services platform was designed to help small and large firms maximise payments, collections and liquidity position.

U-Direct Corporate, the bank explained in a statement, is operational in UBA Nigeria and across its 18 African subsidiaries.

According to UBA Group, the platform offers an integrated, single sign-on product suite, through which it provides corporate clients cash management and transaction banking services.

The new web based U-Direct Corporate, designed for SMEs, large companies, institutions and government requires only one password to access all its eight modules on the platform, it added.

Theses modules include: payments, collections, multi-bank multi-regional balance viewing, liquidity management, cash forecasting, e-Trade, e-Treasury and value chain management.

"U-Direct Corporate also offers a mobile app, the first of its kind for corporate customers in the industry that enables access to the platform for payments and approvals on mobile phones. The mobile app is available for Android, IoS, and Blackberry smart phones," it stated.

Explaining the benefits of the product, the Product Manager for U-Direct Corporate, UBA, Emeka Uzoigwe said: "The mobile application offered by U-Direct Corporate is ideal for Executives who are always on the go. They can track and monitor transactions and balances, initiate or decline approvals even while on the move on business or personal calls. No important business has to wait until they get back to the office.

"U-Direct Corporate will also enable companies speed up receivables processing, resulting in reduced financial exposure, lower borrowing costs and maximised cash flow."

On his part, the Deputy Managing Director and Chief Executive Officer, UBA Africa, Mr. Kennedy Uzoka described the U-Direct Corporate as unique.

"It offers unparalleled support and flexibility in cash management to our corporate customers with the improved visibility and control over global liquidity positions which it offers institutions," he said.

To the bank's Divisional Head, e-Banking, Dr. Yinka Adedeji what the financial institution did with the U-Direct Corporate was to aggregate all the financial transactions of its corporate customers into a single platform enabling them to carry out transactions from the comfort of their offices or anywhere, thereby boosting efficiencies, accountability and transparency.

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Source: AllAfrica

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