International Banking system enhancement

Standard Bank’s International Banking system has been enhanced to make international payments and South African Reserve Bank (SARB) reporting simpler and more efficient.

The system upgrade ensures a simpler process for payments while allowing you to retain control over SARB reporting and inputs into your mainstream accounting system.

New functionality included in the upgrade will allow you to pay up to 48 invoices in a single transaction, leading to cost and time savings.You are also able to manage loan payments and repayments via your Rand account, subject to SARB approval.

Easier reporting

SARB reporting has been made easier and more efficient through the following specific enhancements:

• “Ad hoc Subject” and “Ad hoc Description” fields are now available for BOP categories 704 and 706
• The SARB and Department of Trade and Industry (DTI) letter “Dated” field will follow a standardised format, namely:
• SARB LETTER DATED CCYYMMDD
• DTI LETTER DATED CCYYMMDD
• Functionality has been introduced to enforce validation of the Import Control Number (ICN) against the Customs Excise District Office, reducing the likelihood of data capture error and lowering the risk of rejection by SARB.

The enhancements integrate seamlessly into your existing International Banking profile and do not require any immediate file specification changes.

If you have any queries please contact your nearest Foreign Trade Service office.