Friday, 3 May 2013

Standard Bank Enterprise development

Standard Bank being one the South Africa’s biggest bank has attracted many large business organisations that in turn do business with other big businesses, so this would mean that various many exchanges would happen daily or even hourly in the business as payments have to be made for stock or paying services depending on that specific businesses needs.
Previously businesses did not have the advantage of doing what we call today Electronic Funds Transfer, they would have to do the transactions manually. For example a petrol station type of business wants to place an order to the supplier, and take the amount to the bank to be deposited to the suppliers account then fax the supplier the deposit slip as proof of payment. This did not only take a long time to do but also led to a loss for the business if it was not done on time or if mistakes were made in the process.
Standard Bank has a creator and Enterprise development unit within the business banking section of the company that would deal specifically with ways of improving integration of the systems in the business sector. A company that banks with Standard Bank can now access the businesses account on the internet and make transfers to their suppliers and customers when it is needed, they are also able to upload the account details of the people they deal with the most, and also have record of when they transferred the money, the amount of money that was transferred, what the money was used for and proof of payment can also be sent directly to that customer or supplier as soon as the transfer has taken place.
Businesses can now keep tabs on what money goes out and comes in to the business by simply logging on to their account and checking, this therefore lessens the chances of the business losing money unnecessarily.
Zenande Mnqandi (603429)
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