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
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
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.