Polaris Bank has recently announced its integration with the Pan-African Payment and Settlement System (PAPPS) in order to facilitate cross-border trade and payments for its customers.
The financial institution made this announcement in a statement released on Monday. PAPPS is a cross-border financial infrastructure that has been developed by the African Export and Import Bank.
The Group Head of Global Trade Business at Polaris Bank, Ayo Adesanya, highlighted the significance of the digital payment gateway.
He stated that the launch of PAPPS demonstrates the bank’s dedication to utilising innovative solutions to simplify processes for its customers. By joining PAPPS, Polaris Bank aims to enhance its services and provide a seamless experience for its existing and potential customers involved in cross-border transactions.
This move aligns with the bank’s commitment to leveraging technology and digital solutions to meet the evolving needs of its clientele. PAPPS is expected to streamline and expedite cross-border payments, making it easier for Polaris Bank’s customers to engage in international trade.
The integration with PAPPS will also enable the bank to expand its reach and strengthen its position in the African market. Polaris Bank’s decision to onboard PAPPS reflects the growing importance of digital payment systems in the banking industry.
As technology continues to advance, financial institutions are increasingly embracing digital solutions to enhance efficiency and improve customer experience.
Polaris Bank’s integration with PAPPS signifies its dedication to providing innovative and convenient solutions for its customers engaged in cross-border trade and payments. With this move, the bank aims to solidify its position as a leading player in the African banking sector.
Adesanya added that PAPPS is embedded with several unique key features and delivers immense benefits for the bank’s current customers and prospects. These features include seamless transaction management, meaning merchants and those involved in regional trade can now initiate and track cross-border payments within a single, user-friendly platform.
“The payment gateway offers a centralised hub for managing transactions and hitherto multiple currency exchange systems. This feature reduces currency exchange risks and associated costs, ultimately benefiting our customers’ bottom lines.
“Polaris Bank signing up to PAPPS, developed by AfreximBank, is poised to ease international trade by simplifying payment processes, reducing risks, and enhancing efficiency. It empowers businesses to seize new opportunities in the continent and regional marketplace,” the Group Head stated.
Apart from easing cross-border payment, PAPPS also bolsters compliance and security as the payment gateway incorporates robust security measures to safeguard sensitive financial information, ensuring that transactions are executed securely and in compliance with international regulations.