Getting paid promptly, securely, and without any complications - and reconciling this all in real-time - is a headache that companies big and small experience.
But for those in the business of collecting funds from consumers undergoing debt counselling, the stakes are that much higher.
One of South Africa's four registered Payment Distribution Agencies (PDA) at the National Credit Regulator didn't know how much they needed Nedbank's solutions until they implemented them. They quickly realised how the bank's seamless host-to-host and enterprise solutions maximise efficiency and accuracy.
The client provides a cloud-based and easy-to-integrate platform, enabling them to meet the ever-increasing needs of their customers by making their client's businesses more effective. And although banked with a competitor for more than five decades, Nedbank knew its tools could better serve the company’s needs.
According to Herman De Kock, Executive Head of Nedbank Business Banking Sales and Service, the team took the time to truly understand the client's business and requirements from the outset.
"We explored a range of products that will result in cost savings and add value to their business. Our biggest learning was understanding the scope of work the client had to go through in order to migrate from the competitor. We were forced to think differently and had regular checkpoints and feedback sessions amongst our own teams and with the client to ensure we met all expectations," says De Kock.
1. Financial Transaction Information
After an extensive evaluation of the client's business, Nedbank Business Banking decided to deploy its Financial Transaction Information (FTI) product. This is the fastest way for a company to get a list of confirmed financial transactions and can be used for bank reconciliation.
This crucial statement information can be sent directly into a line of business (LOB) system, thereby automating the reconciliation process and saving a significant amount of time and easing pressure on human resources.
FTI is a particularly attractive solution as businesses can customise it to exact needs - including when to receive the file, what template it should use, and whether it arrives via encrypted email or any other recognised delivery method.
2. Corporate Payment Systems
With FTI in place, the team of business banking experts onboarded the client for Corporate Payment Systems (CPS).
This host-to-host solution enables the client to send high- and low-volume transactions directly from their line-of-business systems to Nedbank for processing using a secure link.
And as a host-to-host system, CPS allowed the client to effect EFT transactions of any volume faster and with greater security than before and still retain control over daily financials with improved cashflow management.
"Ultimately, our CPS solution saves them time, eliminates manual intervention, reduces operational risk, and is a convenient system to use," says De Kock.
3. Account Verification Service in real-time
Businesses in the PAD world must tread very carefully to ensure money is paid into the correct accounts. To avoid any costly mistakes, Nedbank Business Banking onboarded Account Verification Service (AVS) for the client.
This industry solution minimises risk for businesses by verifying whether an account belongs to an individual or a company. It's available in a near real-time option that's suitable for most organisations, but given the importance of this for this client, Nedbank implemented the real-time option that returns a validation within 45 seconds.
4. Nedbank Enterprise payment gateway
Another critical solution that Nedbank provided the client was access to its Enterprise payment gateway as a card acquiring solution. Enterprise is a solution adaptable for most businesses, and it allows owners complete control of online payments, real-time processing, and access to full transaction history.
The client felt the positive impact of this successful integration of Nedbank Business Banking's tools immediately. Apart from freeing up valuable time, it added a layer of certainty and security without compromising on efficiency - and will set them and their clients up for ongoing success.
To learn more about Nedbank Enterprise, click HERE.
If you would like a Call Back from a trusted Nedbank adviser, then find out more HERE.
This post was sponsored by Nedbank and produced by Adspace Studio.