Taking the stress out of getting paid: Standard Bank’s new solution
Standard Bank partners with Precium to simplify business transactions
For any business, efficient cash flow is vital for success, yet managing payments and collections can often feel like an uphill battle against paperwork and manual processes, creating frustrating delays for businesses.
Recognising these challenges, Standard Bank, in collaboration with Precium have developed an API to create a transactional service which enables businesses to collect recurring payments (debits and credits) at scale without manual effort and complexity. It is also known to simplify and accelerate client testing and onboarding.
The need for change
Traditionally, businesses have relied on host-to-host (HTH) solutions to manage payments and collections. While HTH offers comprehensive functionality, API technology presents a compelling alternative. APIs enable quicker integration, acting as a one-stop shop for all your business transactional needs. This simplifies operations and saves you valuable time and resources.
Digital transformation
In response to the evolving needs of businesses, Standard Bank’s partnership with Precium will offer a more efficient and cost-effective solution to payments and collections.
Precium developed a versatile transactional service that integrates with the bank’s authentication, collections and payments services. This transactional service supports debit order collections, DebiCheck capabilities, same-day or future-dated payments, reconciliation and account verification service integration, all through a single interface.
This strategic partnership enhances the entire collections process, providing businesses with speed, efficiency and control without compromising their security.
The need for a faster, more adaptable solution is evident as businesses require seamless integration of their existing systems with banking partners to optimise collections and gain real-time financial visibility.
The transactional service offers a range of features, including the following:
- Making payments seamless: It automates recurring payments and ensures accurate beneficiary verification, including built-in cut-off time management, maximising successful collections and minimising manual effort.
- Effortless integration: Rapid integration with existing accounting systems gets businesses up and running in days, not weeks. This streamlined process eliminates technical hurdles, allowing businesses to focus on growth.
- Cash-flow forecasting: With daily settlement capabilities, businesses gain greater control over their finances. This faster payment cycle improves cash-flow predictability, enabling better financial planning and decision-making.
- Automated reconciliation and reporting: There is real-time visibility into collection results, linking them directly to bank statements, saving time and resources.
- Dedicated support: Businesses benefit from dedicated support throughout the integration and go-live processes, ensuring a smooth transition and ongoing assistance.
The traditional HTH option remains available for businesses requiring its specific functionalities, ensuring that all clients have access to the solution that best meets their needs.
Accessing the solution
Existing Standard Bank customers can contact their relationship manager to learn more about the new collections solution and how they can start implementing it.
For non–Standard Bank clients, they can visit standardbank.co.za for more information.
This collections solution, powered by Precium, represents a significant advancement in simplifying payments, optimising cash flow and providing businesses with the financial clarity necessary for success.
Terms and conditions apply.