By Peter Egwuatu
As part of efforts to boost tax remittance in the country, Oceanic Bank International Plc has introduced an electronic tax remittance solution (i-track ).

The solution will eliminate the stress and difficulties often faced by tax payers in paying their taxes to government.
The solution offers SMS and E-mail notifications at all stages of the tax remittance cycle to ensure efficient processing and clearance of receipt/certificates.

According to Folorunsho Orimoloye, Head, Transaction Banking Products, Oceanic Bank International Plc, i-track is available to all tax payers, including those without existing account relationships with Oceanic Bank.

Orimoloye explained that i-track offers a secure and fast option for tax remittance, while improving tax performance impacts on organisations and ensuring goodwill from tax authorities.

“I-track is the first solution of its kind to be introduced in Nigeria by any financial institution.

It has indeed revolutionised Tax Processing, Payment and Reconciliation of beneficiary organisations. The bank has witnessed a very high patronage and adoption of this innovative solution by customers of Oceanic Bank as well as other corporate organisations who have taken advantage of the stress- free tax management service to improve tax processing and efficiency.”

In a related development, Oceanic Bank has repackaged Corpay, its foremost electronic payment solution specially designed for businesses. Corpay is a self-service web–based solution, designed to meet the electronic payment requirements of corporate organisations, MDAs, commercial customers or customers who make frequent payments below N10m or above N10m to single or multiple beneficiaries holding accounts in any of the Nigerian banks.  Besides transaction processing, customers can also check their account balances online, print and reconcile their account statements.

A unique feature of the Oceanic Corpay is the 2-factor authentication security feature with dynamic password and friendly graphical User Interfaces along with a 128 bit SSL encryption technology to ensure that payment information are not disclosed to unintended targets. It is linked to several approved payment gateways such as NEFT, RTGS, and InterSwitch AUTOPAY, among others.