Payments and transfers

new Business Online allows you to make payments to third parties or transfer funds electronically between accounts in your Standard Bank Group portfolio.
Payments and transfers may only be made by authorised individuals in your organisation. You establish and retain complete control over authorisation profiles for each individual based on the type, value and currency of a transaction.

Third party payments
These are payments made to customer beneficiaries and can be paid locally in the domestic currency, or cross-border and cross-currency.
The system also caters for same day, future dated or urgent payments. Payments may be dated up to 90 days in advance. All future-dated payments are warehoused and remain in your account until the date of execution.

A payment instruction may be issued from a single account to many recipients at once.
You may transact using your own account or via subsidiary accounts in your portfolio.

Foreign exchange payments
Indicative rates are available on new Business Online and payments are made at that day’s rate. The platform has a facility to capture forward exchange deal contracts as negotiated with the Treasury department.

Setting up beneficiaries
Regular beneficiary details may be captured and stored in your system for re-use.
Once-off payments may be made to ad hoc beneficiaries.
Role-based security governs who in your organisation may create and transact with beneficiaries.

Transfers
This facility allows you to transfer funds instantly between accounts in your Standard Bank Group portfolio.
You may transfer funds from

• base currency to base currency
  
• non-base currency to non-base currency
  
• cross-currency (forex details are required here)