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In some ways, managing cash flow is the most important job of business managers. Here is an overview of the cash management solutions available for your business.
Standard Bank offers a range of cash management solutions customised to meet clients’ specific account management, payments, collections and liquidity management needs, both domestically and internationally.
These solutions are designed to help business customers manage their working capital requirements more effectively and efficiently.
The benefits of Standard Bank’s cash management solutions
- Standard Bank is the market leader in electronic payments and collections in South Africa, and has been named the best bank in electronic banking in the country by research house BMI TechKnowledge every year since 1993.
- Online applications offer a range of solutions including foreign exchange dealing, international and domestic payments, custody communications and trade in Africa and South America.
- Robust account management processes help clients manage their business accounts simply and cost-effectively.
- The bank offers a range of secure communication channels for data transfer, including host-to-host, SWIFT, and the front-end solution, Business Online.
- These cash management solutions are supported by a network of more than 1 000 branches across Africa.
- Standard Bank is a Continuous Linked Settlement member. This is an initiative that facilitates the exchange of currency values among member institutions through simultaneous transactions, thereby eliminating settlement risk.
- All Standard Bank clients have access to well-trained support staff. Dedicated relationship managers provide a single point of entry into all financial services competencies, and ensure exceptional standards of service at all times.
Products and services
1. Account management
Standard Bank offers a range of account types to suit your company’s unique requirements. Resident and non-resident accounts are available in 15 African currencies, with the ability to transact in a further 20 non-African currencies.
The following account types are available:
- Current accounts
- Investment, deposit and savings accounts
- Money market accounts
- Loan accounts
- Accounts for financial institutions
- Foreign currency accounts
Standard Bank’s payment solutions ensure that clients’ payments are effected accurately and on time. Payments can be made electronically via a range of secure data transfer channels, or physically by means of cash, cheque or card.
These electronic payment solutions enable clients to:
- Initiate payments from remote locations in South Africa, Africa and globally
- Make single or bulk payments, for same day value or future value
- Make local or foreign currency payments from a single point of origin
- Transfer funds easily between Standard Bank accounts in your own global banking portfolio
- Submit SARS tax filing (South Africa only)
- Generate comprehensive reports
- Advise beneficiaries proactively when payments have been made
Cash facilities are available for your float, payroll and petty cash requirements. Distribution of cash is handled by an extensive network of branches and cash centres throughout Africa.
Standard Bank is able to generate cheques for single and bulk payments in high or low volumes. A bank generated cheque dramatically reduces the risks associated with the signing of handwritten cheques.
The corporate card facility provides a convenient payment method for all business expenses. Detailed statements ensure clients maintain control and keep track of their overheads, and simplify accounting and auditing processes. The card is accepted by more than 30 million merchants and 900 000 ATMs internationally.
As an additional service, Standard Bank is able to issue guarantees of payment to clients’ creditors where required.
Cash collection systems aim to reduce the time it takes to collect the cash that is owed to a business. Standard Bank’s collection solutions ensure value is passed to your accounts as quickly and securely as possible, and that enough information is provided for you to identify the source of any funds entering your accounts.
The range of collection solutions include:
- Direct debit: Funds are pulled electronically from your debtor’s account for credit to your bank account
- Cash collection via numerous channels, including AutoSafe (a secure cash accepting terminal that counts, verifies, validates and secures bank notes in a tamper-proof container on your premises), branches and cash centres.
- Teller onsite: A team of bank tellers handle receipting and counting of cash on your premises
- Cheque collection
- Foreign currency receipts
- Merchant acquiring service: A facility that allows clients’ customers to pay by credit or debit card
4. Liquidity management
Services offered by the liquidity management team include:
- National pooling and sweeping products, which are available on request through the Standard Bank network in Africa
- A consolidated view of cash positions across Africa via the bank’s electronic banking platform, including the ability to fund or de-fund countries as required
- An exchange control advisory service which assists with advice on cross-border liquidity management services
For more information speak to a business banker by calling the BizDirect call centre on 0860 012 345 or email [email protected]