Local and international payments online

Cutting costs while improving work procedures and optimising working capital are essential for any growing business. Our Electronic Payment Solutions offers your business a cost-effective and comprehensive range of domestic and cross border payment solutions from a single platform.

With Business Online, you can make online payments to third parties, or transfer funds electronically and seamlessly, between accounts within your Standard Bank Group portfolio.

Online payments and transfers may only be made by authorised individuals in your organisation. That means you can establish and retain complete control over authorisation profiles for each individual – based on the type, value and currency of a transaction.

Business Online payment features

Within Standard Bank’s Business Online payment solution, you can access the following capabilities:

Online payments and transfers

• Payments can be made from all transaction accounts.
• Payments can be created 30 days in advance; they will be stored in the system and released for payment on the defined action date.
• Transfers can be made between your own accounts
• Transactions initiated on Business Online after the published cut-off times for a particular day will be automatically warehoused and released for processing on the next business day.
• To facilitate multiple (bulk) payments, you can upload payment batches online through a range of proprietary formats which can be audited and authorised.

Third-party payments

• Third-party payments – domestic currency: These are payments made to customer beneficiaries paid locally in the domestic currency. These may either be ad hoc payments, or payments required on a recurring basis.
• Third-party payments – foreign currency: These include payments made to customer beneficiaries, paid locally or cross-border in a foreign currency. These may either be ad-hoc or recurring payments.
• When making foreign currency payments Business Online provides users with indicative rates, giving them a sense of the rate at which the transaction will be made, but the actual transaction will be processed at that particular day’s rate.
• Additionally, Business Online provides users with the option to make payments using a forward exchange contract, which they would have negotiated with the bank’s treasury department.
• Payments can be made ‘one-to-one’, ‘one-to-many’, ‘many-to-one’ and ‘many-to-many’.

Manage Your Beneficiaries Online

• Making online payments to your beneficiaries should be easy. With Business Online, you can add beneficiaries on an ad hoc basis to facilitate a once-off payment, and pre-define and store regular beneficiaries for supplier and salary payment runs.
• Since security is paramount, the Business Online self-service beneficiary capability has a full set of control features that protects you against fraud, including access control to create or amend authorisation of changes by another user, and an audit history of changes.

Beneficiary Management FAQs

1. How do I make payments to beneficiaries?

Using the Payments and Transfers feature, you can create payment instructions that include a combination of both ad hoc and pre-defined beneficiaries.

2. How many beneficiaries can I add to Business Online?

There is no restriction on the number of beneficiaries that can be loaded to your profile. To ensure the channel performs optimally there are limits on how many beneficiaries can be paid in a single payment instruction.

3. How can I add beneficiaries online?

New beneficiaries can be added either by capturing the details individually online through the BOL self-functionality, or by uploading a file containing bulk beneficiary information. All changes and new additions will follow the defined authorisation process for the user, based on the client’s configuration.