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Cash Management
Collections
Standard Bank – your cash management partner in, for and across Africa
Collecting funds on the African continent can be challenging. While
electronic products are available in most African markets, many still
rely on cash and cheques. Businesses operating in these areas are
concerned with how to receive funds, recognising the source of
funds, and knowing exactly when they can access the funds.
The emergence of mobile wallets and e-currency is also gradually
reshaping how people pay for goods and services.
Standard Bank’s experience in Africa, our extensive physical
footprint and leading collections capability ensures that you
receive funds predictably and reliably, with value passed to your
accounts quickly and securely. We also provide the information you
need to identify the source of any funds to support reconciliation.
We have the resources and systems in place to receive funds
electronically on your behalf, through instruments such as
inward electronic transfers or customer initiated direct debits, or
through physical instruments such as cash and cheque deposits
or card acquiring.
Electronic receipts
Electronic receipts are initiated by third parties and are accepted by
the bank on your behalf. Electronic receipts include:
•
Telegraphic transfers – for international or foreign currency
high value receipts and payment receipt for exports
•
Real Time Gross Settlement (RTGS) – for high value urgent
domestic receipts or cross boarder where regional clearing
has been mandated
•
Electronic funds transfers – low value domestic receipts
•
Inter-account transfers – intercompany payments.
Direct debits
As a corporate customer, Standard Bank offers you a direct debit
product to securely collect recurring or once-off payments due
from debtors electronically via direct debits (debit orders). At
specified times each month, you (as the collecting party) can
send direct debit instructions to Standard Bank to debit the bank
accounts of paying parties and credit your account.
Direct debits are useful if you have a large customer base that make
a large number of low value payments on a repetitive basis. Also, it
provides you with security in obtaining funds from clients’ accounts
directly, instead of waiting for them to make payment.
Direct debits are specifically popular in the insurance industry for
premiums and for mobile operators for post paid services.
A note on direct debits
Banks play different rolls in direct debits, depending on
the market concerned. In some markets, the mandate
management is the responsibility of the collecting party
(the company) and the debtor (its customer). In others, the
bank holds the mandates directly, and checks them upon
execution of a direct debit. Standard Bank supports both
these direct debit models.
Standard Bank can offer you a number of processing options
to support your collections process. These include initiating
direct debits (whether your clients bank with Standard Bank or
any other banks in the market – where local clearing houses
allow) and the option of having transactions processed as either
itemised postings or consolidated postings.
Cash receipts
Standard Bank works with many of the largest multinationals
operating on the continent, supporting their businesses in
different operating and regulatory environments. We provide
informed advice to clients on mitigating risk in dealing with cash
and have a number of innovative products available.
Cash deposits (as bank notes and coins) are generally packaged
and verified by clients, and delivered to a branch or cash centre
for value to their bank account. These are generally provided as
an individual or bulk cash deposit.
Our cash receipt capability is augmented by cash in transit and
teller implant services. Both of these support risk management
for you, including boosting on-site security and safety of staff,
as well as improving operational efficiencies and management of
discrepancies and losses.
These services also improve liquidity management and levels of
working capital, by reducing the amount of physical cash held on
your site and ensuring value is passed to your accounts as quickly
as possible.
Cash in transit
Cash in transit (CIT) is a secure method for removing cash from
your premises. It minimises your cash risk as Standard Bank and/
or the CIT company assumes the risk for the cash as soon as it is
collected. It also ensures faster value for cash, so that you earn
interest on cash collected as opposed to it remaining at your
premises and not receiving interest.
integrated into a till system or through an Internet acquiring
capability where clients enter their card details online
(market dependant).
Teller implant
Teller implant is a service where Standard Bank provides a teller
who works at your premises to process deposits. The Standard
Bank teller verifies all cash deposits and issues receipts, with
value subsequently credit to your account. Standard Bank also
assumes the risk for funds deposited with the teller (depending
on the model in-country), reducing your risk.
A note on regulations
Card acquiring is governed by local regulations and Association
of Clearing Houses (ACH) standards, as well as the conditions of
the internal card service providers. Standard Bank understands
the regulatory environments in which we operate and has
long-established relationships with card service providers. We
help you navigate regulations around cards, including permitted
payments by card, payment limits and currencies.
Staffing requirements and operating hours can be tailored
to suite your requirements. Standard Bank also provides all
processing and security equipment.
Cheque receipts
Receipt referencing service
Cheques are generally losing popularity in the global market
and are being replaced by electronic payment and receipt
products. However, cheques are still prevalent in many
African markets. Standard Bank accepts and processes cheque
deposits, and offers special clearing and cheque discounting
depending on the market concerned.
To support your reconciliation process across cash, cheque and EFT
payments, Standard Bank offers a variety of receipt referencing
solutions in certain markets. It supports easy identification of the
source of deposits, reducing your number of unallocated receipts.
The system is easy to set up and maintain, including adding new
debtors to the service.
A note on regulations
Cheques are regulated by the central bank of
each country. Standard Bank understands the regulatory
environments in which we operate, and helps you navigate
regulations around cheques that normally include:
•Cheque specifications – size, paper quality and security
features
• Details to be included on a cheque
• Processing turnaround times
• How to process unpaid cheques
•Limits – most countries place a value limit on cheques, with
values above that limit requiring a different form of payment.
The core services include:
• Customised deposit slip – where branches hold stocks of
deposit slips customised per customer, to ensure that over
the counter deposits go to the correct customer’s account
Note: In some countries, it is a criminal offence to present a
cheque that cannot be honoured.
These services are generally suited to clients who have a large
customer base that makes low value high volume payments through
subscription services like pay TV, telecoms and wholesalers.
•
Card acquiring
Receipt referencing services – where Standard Bank
checks the references of deposits made at a branch or via
our Internet banking platforms to ensure that they meet
your requirements. This check can be a logic check on the
reference or a check on the actual reference to a database
housed by the bank on your behalf. A credit notification may
also be sent to customer on request.
In addition, the bank has various bill presentment and receipt
referencing solutions that have been customised for statutory type
payments, such as tax payments to revenue authorities.
Card acquiring is predominantly used by retailers and any company
that sells goods or services directly to the public. It offers secure
receipt of payments as payments are pre-authorised at the time
of the transaction, and offers your clients a convenient method of
payment for goods and services.
Get in contact
For information on how our comprehensive suite of collections
products can help your business, please contact your
Transactional Banker or Relationship Manager.
Using Standard Bank’s card acquiring capability, you can accept
receipts from your clients using a card as the payment
mechanism. We can provide you with merchant devices
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Zimbabwe
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Zambia
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Uganda
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Tanzania
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Swaziland
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South Sudan
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Mozambique
Malawi
Lesotho
Kenya
Ghana
Mauritius
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South Africa
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0 Not available in market
Nigeria
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Namibia
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Telegraphic transfers
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Real-time gross settlement
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Electronic funds transfers
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Inter-account transfers
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Direct debits
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Cash deposits
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Cheque deposits
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Cash In Transit
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Card acquiring
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Receipt referencing service
✓ Available ✘ Not currently available
DRC
Botswana
Angola
Collections capabilities per country
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SBSA 183803-8/14