Kina Bank & SNS Tech team to boost payment outcomes for SMEs

By Gloria Mathias

Kina Bank and SNS Tech have partnered to deliver a PNG-first payment solution that improves payment outcomes and cash flow for small-to-medium enterprises (SMEs).

It provides customers the option to pay immediately with a “Pay with Card” button on invoices generated from Xero through the integration of the Kina Internet Payment Gateway.

The new integration solution was launched on Friday 05th April 2024 which means that SMEs with digital solutions developed by SNS Tech and who bank with Kina Bank will have greater control over the processing and tracking of customer payments, improving cash flow, reducing manual handling costs, lowering the risk of fraud, and streamlining accounting practices.

Chief Transformation Officer of Kina Bank, Ivan Vidovich, said, “This is another great example of how Kina Bank is partnering with leading local tech companies to bridge the digital gap in banking in Papua New Guinea.”

“Small businesses are the backbone of communities right across PNG, and developing first-to-market digital solutions to make doing business easier and to help our customers grow is further proof that Kina Bank is PNG’s leading digital bank.”

In addition to streamlining business payment practices, the SNS Tech solution also offers distinct benefits to the payer. Paying an invoice via Xero and the Kina Internet Payment Gateway is the fast, convenient way to pay without cheques or bank transfers. Card payments offer strong fraud prevention, transaction history and perhaps in the future the ability to earn reward program points.

SNS Tech Chief Executive Officer & Chief Technology Officer Samson Korawali said the new platform will improve client convenience and value and will significantly enhance the client experience, and dramatically improve the efficiency of financial reconciliation.

“This groundbreaking innovation is proof of our commitment to Impactful, Transformative, and Revolutionary solutions for Papua New Guineans. We are dedicated to empowering businesses with seamless and efficient tools that redefine financial & business operations, elevate user experiences, and ultimately promote growth in the digital era,” Korawali said.