WINSTANT Ltd. partners with CCEI BANK BENIN
WINSTANT Ltd. partners with CCEI BANK BENINUnder the aegis of PROSIMUS, WINSTANT LIMITED announces the signing with CCEI BANK BENIN of a partnership contract facilitating national and international digital payments, the creation of a network of correspondents and contributing to the economic development of Benin.
CCEI BANK BENIN is a banking unit of Afriland First Group which for more than 25 years has worked in favor of the financial sovereignty of Africa. CCEI BANK BENIN, installed in Benin since 2014, contributes to the development of the country by financing: i) Large Enterprises, bases of economic growth; ii) SMEs and SMIs whose specific needs deserve special attention in terms of financing; iii) individuals for whom banking products provide useful solutions for everyday life.
Its ambition to become the African Millennium Bank has led it to decline four (4) objectives, namely: to remain the partner of the winning company; keep the flame of innovation alive; remain the local bank; feed its growth with good liquidity.
As part of the activities of the Economic Interest Group (GIE) PROSIMUS, which associates the companies e-Money Solutions and WINSTANT LIMITED, CCEI BANK BENIN and WINSTANT LIMITED have signed a partnership agreement. To help it achieve its objectives, CCEI BANK BENIN has chosen WINSTANT LIMITED which has designed a digital platform allowing different types of payment transactions for the use of banks, financial institutions and payment establishments.
Through the compliance management and settlement assurance mechanisms implemented on its platform, WINSTANT LIMITED creates conditions of trust that facilitate the establishment of correspondence relationships between participating financial institutions.
The signing of the contract between the two companies immediately offers four solutions to CCEI BANK BENIN:
1. Correspondent banking
Building a network of correspondents is essential to assist local African banks in trade finance and promote transactions for their clients, in all currencies, especially small and medium-sized enterprises.
By bringing automation through technology, integration of transaction compliance and invoicing process, WINSTANT LIMITED helps CCEI BANK BENIN to open correspondent accounts with banks or financial institutions which usually consider African banks and their clients to be being at risk.
The current situation of African local banks, particularly CCEI BANK BENIN, is often not very reassuring for potential correspondents. Therefore, the bank must provide confidence through detailed information about the customer, the beneficiary and the transaction itself.
For this, WINSTANT LIMITED automates the integration of KYC and invoice into the transaction allowing CCEI BANK BENIN to have greater visibility of customers and their beneficiaries, reassuring for correspondents. By making World KYC available to CCEI BANK BENIN, WINSTANT LIMITED gives it the confidence of correspondents.
3. International transactions
The installation of the TradeEnabler 2.0 international trade finance platform automates international transactions. The platform provides CCEI BANK BENIN with several components, in particular: i) A web and / or mobile front-end for clients of local African banks, who can thus initiate their transactions themselves from a PC or a mobile phone ; ii) A web front-end for front-office agents in branches, who can initiate transactions on behalf of clients; iii) A back-end for the back-office agents, who must authorize payments, thanks to the integration of KYC for both legs of the transaction, before they are routed through the appropriate channels.
4. Creation of a FinTech
To strengthen cooperation with CCEI BANK BENIN and increase its opportunities in the face of competition, WINSTANT LIMITED ultimately proposes the creation of a FinTech to increase efficiency and profitability. In this context, WINSTANT LIMITED sets up the training of executives promoting CCEI BANK BENIN's access to open banking and the use of APIs, whether those of SWIFT Alliance, Bank of America or Visa Direct.
About CCEI BANK BENIN
CCEI BANK BENIN is a universal bank created by presidential decree, whose first branch opened in 2015. CCEI BANK BENIN is a banking unit of Afriland First Group which, for more than 25 years, has been working to give back to the African his dignity and his pride in belonging to a great civilization.
About WINSTANT LIMITED
WINSTANT LIMITED's primary vocation is to network banking and financial institutions, payment systems, and technological players, in Africa and other regions of the world, with a view to facilitating financial transactions between them, for the benefit of their clients and users.
PROSIMUS is an Economic Interest Group (GIE) made up of the companies eMoney Solutions Ltd and WINSTANT LIMITED who have decided by mutual agreement to put all or part of their know-how in the development and operation of digital finan
WinstantPay is a global payment network providing merchants and individuals a reasonably priced global final payment in an instant, in any currency, anywhere, anytime, with integrated anti-money laundering (AML) compliance that reduces time, costs, risks associated with payments. Serving financial institutions of all sizes for the last 18 years with financial services, software development, and business support, WinstantPay is also a founding member of WorldKYC-AML.
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