Wema Bank upgrades ALATPay with Static Wallets and Instant Settlement to simplify payments, improve reconciliation and speed up cash flow for businesses.

Two new features has been introduced on Wema Bank’s digital payment platform, ALATPay, aimed at transforming the way businesses handle transactions in Nigeria’s fast-paced digital economy.

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The upgrades — Static Wallets and Instant Settlement — are designed to improve transparency, enhance reconciliation, and accelerate payment processing, reaffirming Wema Bank’s commitment to building innovative financial tools for businesses of all sizes.

The Static Wallet feature enables businesses to generate dedicated account numbers for users, branches, vendors, or specific projects.

This simplifies payment tracking, reduces fraud, and improves customer convenience by allowing seamless reconciliation.

The Instant Settlement function ensures merchants receive payments immediately after a transaction, eliminating the typical delays associated with fund settlements.

The feature significantly improves cash flow and boosts customer trust with real-time confirmations.

Speaking on the development, Wema Bank Managing Director and CEO, Mr Moruf Oseni, said the additions were built to break down barriers holding businesses back from scaling.

“With the addition of Static Wallets and Instant Settlement 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 businesses the confidence to scale in a fast-changing digital economy,” he said.

Echoing this sentiment, Mr Damola Bolodeoku, Divisional Head of Payments Business at the bank, noted that the upgrades directly address two key challenges for businesses: reconciliation and cash flow.

“By creating dedicated account numbers that make reconciliation seamless and ensuring transfers are done instantly, we are giving businesses greater control over their transactions,” Bolodeoku said.

“These solutions were carefully developed with input from our partners and customers, leveraging Wema Bank’s expertise in payments.”

With these new features, Wema Bank’s ALATPay now offers a robust suite of tools including storefronts for online sales, developer-friendly APIs, payment links, QR codes, and support for various payment methods like cards, transfers, and phone numbers.

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The platform also boasts a self-onboarding process that allows businesses to start accepting payments instantly, reinforcing Wema Bank’s position as a dependable partner for entrepreneurs, SMEs, corporates, and fintechs across Nigeria.

Source: Read more at iretura.com