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Monday, June 28, 2010

SystemSpecs introduces Remita Pension e-payment

Nigeria leading software house, SystemSpecs Limited, has introduced is Remita electronic payment (e-payment) solution to Pension Fund Administrators (PFA) and Pension fund Custodians (PFC).

Addressing the over 100 pension-related professionals on Tuesday in Lagos, during a Remita workshop, the chief executive officer, SystemSpecs, Mr. John Obaro said that the core objective is to introduce the Remita Pension e-payment to the participants in that sub-sector.

He also said that it afforded participant the opportunity to go through the process of downloading pension schedules and making retirees’ pension payments.

Remita Pension, he said, is a world class electronic courier service that rides on ePayment platforms to deliver funds to bank accounts and associated schedules to relevant bodies in pre-specified formats.

“It is a one-stop solution that enables organisations, PFAs and PFCs to manage pension contribution remittances, pension benefits processing and payment to retirees,” he said.

According to him, the key functionality of Remita Pension contribution allows organisations to make their pension contributions to PFAs/PFCs with matching schedules delivered to these bodies.

On the retiree pensions' payment module, Mr. Obaro said that Remita facilitates PFA and PFC payment to retiree pensioners their pension benefits.

He explained that participants in the transaction processing on Remita Pension include employer and the pension managers.

Employers, he said, are the transaction initiators who lead processes and authorize the collation of information of all beneficiaries and also payment transactions.

“As part of the workflow process, the transaction initiator starts the e-payment process,” he declared.

Obaro pointed out that the first level of approval is crucial and is where the initiated transaction is confirmed through defined approval groups.

As said by him, the final approval stage is the point where all confirmation has been done and the transaction is set for payment.

“Our solution does not allow one user to play more than one role with respect to the processing of any single transaction. The system requires the Personal Identification Number (PIN) and biometric approval before payment is executed,” he said.

The SystemSpecs boss equally said that payment execution is done by the final approver who sends instruction to funding or paying banks to pay into PFC’s account.

Based on the advice received by pension managers, Remita Pension prompts PFC officers that their account has been funded.

“The PFA and PFC can log in to Remita Pension to download the associated schedule,” he asserted.

Stressing that the some of the features of Remita Pension include the offer of multi-platform, multi-bank debit, multi-party schedule delivery, seamless integration, status of transactions at all times, comprehensive reports, security and control.

Additionally, he said that Remita Pension provides detail description of activities of all logged users, just as the report is available to responsible officers in any organisation, even as approvals could be categorized by amount limits.

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