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Automated Rand payment solution

In an effort to speed up the processing and reduce the risk of all cross-border rand transactions, we have developed an automated straight through processing (STP) solution, which has already been used by retail banking customers over the past three months to great success.

From 1 October 2010, you too can benefit from this technology, as we roll this solution out to all of our corporate customers.

With reference to this and in terms of balance of payments reporting, the South African Reserve Bank requires all authorised dealers and banks to report incoming funds within 48 hours of an account being credited.

Due to this statutory requirement please do note that we will contact your office within 48 hours of any rand transaction being processed on your behalf.

 

How do you stand to benefit?

  • All rand transactions will be processed speedily
  • Processing errors will be eliminated
  • Processing costs will be reduced
  • Cash and liquidity management will be greatly improved

We hope that this solution will assist your company in simplifying your cross-border transactions and we look forward to continuing a prosperous relationship with you.