Wema Bank has introduced static wallets and instant settlement on ALATPay. The two new features will simplify payments, improve efficiency, and power business growth, reinforcing the bank’s commitment to a secure, transparent, and innovative financial tools for businesses of all sizes.
Static Wallets on ALATPay provide businesses with dedicated account numbers that can be assigned to users, branches, vendors, or projects. It ensures easier reconciliation, transparent tracking, and improved customer convenience, while also reducing risks of fraud and strengthening financial control for businesses.
The instant Settlement on Bank Transfer Transactions via ALATPay gives merchants immediate access to funds once customers make payments. It eliminates settlement delays, addresses a long-standing challenge for businesses, improves cash flow, enables faster operational decisions, and boosts customer confidence with real-time payment confirmations.
Moruf Oseni, managing director/CEO, Wema Bank, commenting on the significance of the enhancements, said: “At Wema Bank, our commitment is to consistently deliver innovative solutions that enable businesses and customers to thrive. ALATPay reflects this vision by simplifying how payments are collected, managed, and reconciled across industries.
With the addition of Static Wallets and Instant Settlement on Bank Transfer Transactions on ALATPay, we are removing barriers that slow down business growth while reinforcing transparency, security, and efficiency. This is not just about payments; it is about giving entrepreneurs, SMEs, corporates, and fintechs the confidence to scale in a fast-changing digital economy.”
Elaborating on the new features, Damola Bolodeoku, divisional head of payments business at Wema Bank, explained:
“The introduction of Static Wallets and Instant Settlement on ALATPay was driven by the need to solve two critical pain points for businesses: reconciliation and cash flow delays.
By creating dedicated account numbers that make reconciliation seamless and by ensuring that transfers are done instantly, we are giving businesses greater control over their transactions.
These solutions were carefully developed with input from our partners and customers, leveraging Wema Bank’s expertise in payments to build tools that are practical, secure, and future-focused,” said Bolodeoku.
