Stanbic, to pilot URSB to bank interface

October 29, 2019 in Business, Companies, Financial Services, Technology & Telecoms by Editor

Stanbic Bank and Uganda Registration Services Bureau (URSB) have this afternoon signed a Memorandum of Understanding through which they will pilot an interface between their ICT platforms.

The relationship will revolve around the area of Know Your Customer (KYC) verification including searches on company details, business names registered, verification of registered marriages, among others plus utilizing the integrated systems. The success of the pilot will inform the roll out across the commercial banking industry.

To facilitate easy management of the partnership, Stanbic shall designate staff to work with URSB to access search facilities on the business and marriage registers. URSB on the other hand will ensure direct access to the existing Application Programming Interface (API) and provide search results generated to Stanbic.

“We thank the leadership of URSB for facilitating and enabling this unique private-public sector collaboration which should become a model for our market,” said Stanbic Uganda chief executive Patrick Mweheire during the signing of the MOU.

Mweheire added that the partnership with URSB would help improve the accuracy of information for their customers.

“At URSB, we are not just looking at strategic and innovative ways to add value to our service offering for our clients, but also to create strong partnerships with valuable stakeholders who will enable us deliver on our mandate better,” said URSB Registrar General Bemanya Twebaze.