Q. What is an e-Payment?
A. e-Payment refers to electronic means of moving money from one legal person to another for the settlement of a lawful transaction.
Q. Do we have e-Payment Solutions?
A. Yes indeed, we have a range of e-Payment solutions to meet the different payment needs of our customers:
- CorPay Oceanic e-Payment Solution
- Remita (provided by System Specs)
- Electronic transfer request at branches (NEFT, RTGS, Swift)
Q. What is Oceanic preferred e-Payment Solution?
A. CorPay.
Q. Why CorPay?
A. Because it is fully automated, cost effective (developed in-house), highly secure using two factor authentication security with dynamic password, user friendly and scalable to meet our client’s requirements (flexibility, convenience, security, speed, compliant with CBN directive of maximum limit of N10m on cheque payment).
Q. What is CorPay?
A. CorPay (Oceanic E-Payment Solution). It is web based and highly secured, designed internally and owned by Oceanic Bank. It provides Straight Through Processing of single and multiple payments to beneficiaries through direct interface with NEFT (Nigeria Inter-Bank Electronic Funds Transfer System) and other payment gateways. It allows the Corporate check thier balances online, make payments, reconcile payments and check statement.
Q. What is the target market of CorPay?
A. Our e-payment solutions are designed to meet the electronic payment requirements of Corporates, Ministries-Department and Agencies (MDAs), commercial customers.
- Customers who make frequent payments (below N10m or above N10m) to one single beneficiary or multiple beneficiaries holding bank accounts with any bank in Nigeria (employee and/or suppliers/vendors, dividends, taxes etc).
Q. What is Remita?
A. Remita is a payment file handling and reconciliation solution. It is provided by the vendor, Systems Spec, a multi-bank e-Payment Solution allowing your client to debit its Oceanic account or an account with any another Nigerian bank for onward payment to beneficiaries nationwide.
Q. What channels are available to customers of Oceanic Bank who want to make electronic payments?
A.
- Internet (CorPay, Remitta).
- Oceanic Branches:
- Request for single or multiple beneficiary/bulk payment processing through NEFT. Once processed, the transfer is sent automatically to NIBSS through direct interface between Finacle and the NEFT platform.
- RTGS (Real Time Gross Settlement)
- Swift for foreign currency wire transfer
- Client/Customer can request any of above transfer by filling a transfer request form or simply sending a duly signed request using his company letter head and duly authorized signatories of his account with Oceanic Bank.
Q. How does CorPay works?
A. It requires a Computer to be connected to the Internet, through which the customer can make payment by accessing our website http://corpay.oceanicbank.com/ocp/ from the comfort of their offices. It is available 24hr/7days and user, transaction initiator or authorizer can process transactions anytime, anywhere regardless of their geographical location.
Q. Can you transfer fund to other Banks using Corpay?
A. Yes, you can! Corpay is able to use CBN approved means of transferring funds such as NEFT, Interswitch (AUTOPAY) etc. This is to make sure that payment options are opened and business continuity is ensured should any gateway fail. The process of payment is fully automated (Straight Through Process) without manual/human intervention.
Q. What is value-date for beneficiary credit?
A.
- T+1 if you are using NEFT payment gateway. Meaning transaction day + 1 business day which is the NEFT (NIBBS) turnaround time for inter-bank transfer.
- Same day debit and same day beneficiary credit if you are using Interswitch (AUTOPAY) gateway.
Q. What is CorPay cut off time for making payment via NIBSS (NEFT) with T+1 beneficiary credit value date?
A. If you are making payment on CorPay using NEFT you can make the payment anytime, anywhere but should you wish the beneficiary to receive value T+1, you will have to send your payment instruction on CorPay at 12:00 the latest.
Q. Can I make Single or bulk payments for salaries, suppliers / vendors /contractors, dividends, taxes etc?
A. Absolutely! CORPAY has a bulk import function that enables you upload your payment in a predefined format on excel or Swift MT103 format.
Q. What is a bulk file?
A. A bulk file is a single payment file that has multiple beneficiaries. It can be imported to CorPay from a client Payroll administration system, a client accounting system (example: SUN, ACCPAC), a client ERP (Enterprise Resources Planning) System such as Oracle, SAP, JD Edwards etc.
Q. What is a single payment?
A. This a one transaction file with details like beneficiary name, account number, beneficiary bank / bank code et al.
Q. Is there any limit for maximum amount set on CorPay?
A. For NEFT transfer, the internal bank limit is set at N50 million for any single beneficiary transfer.
Q. What is Inter Bank Transfer?
A. Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in Nigeria through:
- NEFT – This is the Nigerian Interbank Settlement System (NIBSS) Electronic Funds Transfer system. NIBSS- acts as the service provider and transfers the credit to the other bank's account.
- RTGS –The acronym “RTGS” stands for Real Time Gross Settlement (Also known as CIFTS). The RTGS system facilitates instant batch transfer of funds from accounts in one bank to another and is managed by the Central Bank of Nigeria
What is the minimum/maximum amount for RTGS/NEFT transactions under CorPay?
Type |
Minimum |
Maximum |
RTGS |
N20,000,000 |
No limit |
NEFT |
Any Amount |
N50,000,000 |
Q. What is Oceanic Bank's position on the provision of our services via the Internet?
A. While the Internet is generally an open and unsecure network, it can be made secured through the implementation of process controls and infrastructure components. Oceanic Bank takes the threat of unauthorized penetration of our internal systems very seriously, and we dedicate a large amount of risk analysis effort and security resources to counter such threats.
Q. What services are put in place to protect client?
A. In order to protect our clients, we have deployed the following features:
- Three levels of login access (Corporate ID, User ID, Password and Token) are required to access CorPay.
- 256 bit SSL encryption is used to secure all data transmissions via the Internet; Multiple tiers of firewall. Our infrastructure is monitored constantly and equipped with stealth capability to alert us of any unauthorized attempt to gain access to our systems.
- No information, temporary files or cookies are cached on our client's PC's.
Q. What is 256bit SSL encryption and how does it protect our clients' information?
A. The 256bit SSL (Secure Socket Layer) encryption is a secure communication protocol that encrypts client information during transmission over the Internet. It is one of the strongest encryption technologies available today, providing server authentication, and ensuring that all data transferred over the Internet is encrypted to protect against it being disclosed to eavesdroppers. It also ensures that any attempt by hackers to tamper with the information will be detected
Q. When does the beneficiary get the credit for a NEFT / RTGS payment?
A. The funds are sent twice daily to the beneficiary bank (7am and 1pm) in accordance with the Clearing rules. All payments received after cut-off time of 12:00 am will be sent to the beneficiary bank via NIBSS (NEFT settlement) the next business day. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment (A situation where they do not have a direct
interface with the NIBSS/NEFT payment gateway).
Q. If an RTGS or NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?
A. Yes. If for any reason the beneficiary bank is unable to credit the amount of the remittance to the account of the beneficiary, the beneficiary’s bank has to return the money to Oceanic bank within 24 hours. Once this amount is received back the amount is credited to the Remitter's account.
Q. What is the pricing applicable for RTGS / NEFT transactions?
A. RTGS N2,000 + 0.01% of Amount (subject to maximum of N52,000) + 5% VAT
NEFT
- Single NEFT (50 Transactions or more in a single payment file): 0.1% of Amount + 5% VAT
- Bulk NEFT (50 Transactions or more in a single payment file): 0.1% of Amount with a Min of N40 and Max of N200
Q. How does CorPay apply to the client internal payment workflow approval process?
A. When setting up CorPay for the client, the client will fill in the necessary mandate forms in line with his account documentation and signatory mandates with the bank. The client will request the bank to give access rights which are in line with the client’s internal workflow approval process with maker-checker action rights for every action on the system. This allows us to set up a workflow process for
single or multiple transaction initiator and single or multiple transaction approver/authorizer before final transaction is electronically sent to the bank for processing.
Q. Can the client see her balance on CorPay?
A. Yes the client can check their balance online, make an informed decision before making a final payment on CorPay.
Q. Can the client see his Oceanic Bank Statement on CorPay?
A. Yes the client can access his Oceanic Bank statement on CorPay. The statement is available online.
Link to CorPay
