Cash management

Present, Collect and Reconcile seamlessly with MyBills from Standard Bank

Collecting from your customers is often a time-consuming and frustrating process. Chasing outstanding accounts, managing reconciliations and dealing with reversal of payments are some of the challenges facing organisations and institutions that collect from a large base of bill payers.

Standard Bank's MyBills solution allows you to deliver accounts to your customers and collect the funds relating to those accounts via a single, seamless, electronic transaction.

How MyBills works

Once you have signed up for the service, Standard Bank is able to retrieve bills from your systems. Depending on how your systems are configured, you will be able to elect whether bills are retrieved on a real time basis or a scheduled basis. Once retrieved, the bills are automatically matched to your customer.

When your customers log onto their Internet Banking profile they will access their bills by clicking on the MyBills tab. The bill will then be presented to them. They will then be given the option to pay the amount owing, or a portion thereof, directly from their nominated Standard Bank account.

Features and benefits

• Funds are deposited directly into your account with the correct references, making reconciliation easier and eliminating unallocated receipts.
• Real time billers are provided with immediate notification when bills are paid.
• A mark-up file is provided to ensure all bills paid can be reconciled in your systems.
• Payments can be made on Internet Banking, which means your collection reach extended.
• This also makes it more convenient for your customers, since the channel is available 24/7.
• Your customers receive their bills instantly, helping to reduce lead times between sending bills and receiving payment.
• Once a payment is made it is unlikely to be reversed since the payer actively initiated it.
• Benefits to your customers include improved flexibility and control, reduced cost and heightened convenience.

For more information on how MyBills can help you to streamline your collections, email [email protected]

Since Chinese authorities started developing the nation’s currency, the renminbi (RMB), as a currency of international trade, it has been growing in circulation on global markets. Although still fairly regulated, the renminbi is being promoted by the Chinese government as legal tender in deals with foreign companies and institutions.

While not considered a major currency in terms of volume at this time, the RMB’s projected growth as a currency of trade is considerable. As the currency’s global activity grows, it will have an enormous impact on the way we do business in Africa, since China is Africa’s largest trading partner.

The Standard Bank Group was one of the first financial institutions to recognise and focus on the growing relationship between Africa and Asia. Our relationship with Asia, and with China in particular, is underscored by our close ties with the Industrial and Commercial Bank of China, which holds a 20% stake in the Standard Bank Group.

As the largest banking group in Africa, we are well placed to provide payment clearing and trade settlements in the domiciled currency of Mainland China through a centralised solution designed to meet your requirements.

Click here to view the brochure.

To read more on Trade and payment solutions using Renminbi download the below brochure.

Download brochure - Benefits of using the Standard Bank Group's centralised RMB Capabilities.

Client value propositions

Financial institutions

The Standard Bank Group provides a facility for financial institutions looking for RMB settlement solution for their clients in Africa. The facility can also be used to sell currency, hedge currency risks and provide leverage for short-term funding at low rates.

African importers and exporters

The Standard Bank Group allows African importers and exporters to settle Chinese trade deals directly in RMB, reducing foreign currency translation risk, aiding price negotiations, promoting price transparency and providing access to lower-cost funding.

Chinese importers and exporters

The Standard Bank Group’s direct RMB settling facility reduces the need for a pricing buffer against currency fluctuations, lessens the cost of international trade, reduces the need for hedging, and promotes the use of renminbi as a trade currency in line with the Chinese government’s national strategy.

Investors

The Standard Bank Group provides access to a range of RMB (onshore renminbi traded in Mainland China) investment assets such as foreign exchange, money market products, term deposits and bonds. The renminbi market is an attractive investment option both from an appreciation and diversification perspective.

Benefits of using the Standard Bank Group's centralised RMB solutions
 

• Payments and trade settlements can be initiated on existing channels in RMB, giving you the option of dealing with your Chinese partners in their native currency and aligning with
• China’s national promotion of the use of the renminbi
• Importers and exporters can settle trade transactions in Renminbi.
• RMB clearing through a centralised solution for cash management, payments, trade and client services
• Direct settlement in RMB reduces foreign currency translation risk
• Access to RMB loans helps to reduce the cost of funding by improving your working capital cycle and shortening your cash-conversion cycle
• Foreign currency revenue and cash flows are easier to manage
  The diversification of FX exposure lessens the impact of USD exchange-rate fluctuations on your business

Contact us

For more information on the renminbi service offering, contact your trade sales manager, or email [email protected].