Bulk Payment Solutions
The Payment Association of South Africa council has taken a decision to reduce the Cheque item limit from R5 million to R500,000 effective from 16 July 2012. This means, Mercantile Bank will no longer accept cheques over R500,000.
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Bulk Payment Solutions
Electronic Fund Transfers
At Mercantile e-BUREAU, we specialise in providing leading edge, cost-effective, time-saving and secure systems for processing and managing bulk electronic payments and collections through the South African Banking System. We have a range of products to suit all enterprises from small companies to large corporate companies. No matter the size of your business or the volume of your transactions, we have the solution.
Benefits of e-BUREAU:
- Secure systems with fully electronic data transfer
- Market-leading systems from web hosted to local installs
- Fully automated – reduces workload
- Available nationwide
- Competitive pricing
- Full-time development team ensuring systems are always up to date
- SMS and e-mail run confirmations, unpaid notifications and reminders
Objectives:
- Provide the simplest professional solution for all our clients
- Submit safe, clean data into the banking system
- Manage transactions through all stages
- Automate all processing
- Provide a sound audit system
Sponsorship
Clients wishing to utilise the e-BUREAU products will require sponsorship by a sponsoring bank, authorised to run user codes through Bankserv. Mercantile Bank will be delighted to offer customers a comprehensive banking solution that includes sponsorship.
Sponsoring Bank – A bank that provides for the financial leg of a direct collection or payment facility.
Bankserv – Clearing bureau responsible for the switching of all electronic transactions between banks.
EPL - Electronic Payment Linking
Our systems range from fully automated internet-based systems hosted within Mercantile Bank's secure environment to Modular Windows Software installed on your Personal Computer. Our systems cater for both payments and collections, all volumes of transactions, whether you require a full solution or batch processing. EPL will provide solutions for SMEs as well as Corporates. Our systems cater for most EFT formats used in the South African market, which allows for an easy transition over to the EPL System.
Our systems are ideal for all types of payments and collections, e.g. debtor collections, creditor payments and salaries and wages. Our automatic systems provide the most economical way to collect and pay with the least effort.
Validating Accounts
Validation of recipient information at point of entry ensures that banking details are correct before collections/payments are made. Our nationwide bank/branch search module includes branch address, contact numbers etc., all local to users' computers.
Securing your data
Security of data is one of Mercantile e-BUREAU’s key features. Secure movement of all data is ensured using 128bit encryption. Electronic "handshaking" is used to ensure the integrity of all data that is moved. Access to our systems can be set up according to your needs, where access is restricted to valid users, and can be restricted to physical computers as well as times for predetermined days of the week. A "fingerprint" recognition module is also available.
Bankserv: EFT Transactions
A brief description of some of our bureau services are:
SDV - The same day value service allows for payments and collections from Monday to Friday - run file must be received by e-BUREAU by no later than 14h00 on action date. The debit or credit transaction will appear on the client's account on the day after action date, but effective from action date.
One Day - The one-day service allows for payments only, from Monday to Saturday - run must be received by e-BUREAU by no later than 10h00 the day before action date. The credit transaction will be effective and appear on the client's account on the day of action date.
Two Day - The two-day service allows for payments and collections from Monday to Friday - run file must be received by e-BUREAU two business days prior to action date before 12h00.
All funds for a particular run are transferred directly from/into the user's nominated bank account at any banking institution. One consolidated amount will appear and made available in the user's nominated bank account on the evening of action date.
Nominated Banking Accounts
The above subservices are all available to any organisation sponsored through Mercantile Bank, where the required ACB facility and user code has been approved. All qualifying organisations will have their own Relationship Managers allocated. The Relationship Manager will, in conjunction with our client, agree on the item limit, an aggregate limit and the type of subservices required.
The SDV service is not available to an organisation not sponsored with Mercantile Bank. Mercantile e-BUREAU will process these organisations' transactions via the user code allocated to the organisation, by its sponsoring bank who will have predetermined the limits and subservices allowed.
Mercantile Bank welcomes the opportunity of providing sponsorship to all clients. In order for an ACB facility to be granted, Mercantile Bank will require the client's most recent financials and further perform normal credit checks. On approval, a Relationship Manager will assist the client with the opening of a current account, investment account and the application of Internet banking, BANK@bility.
| User code | – | Client number |
| Item limit | – | The maximum value of any one transaction transmitted |
| Aggregate limit | – | The total value of all transactions transmitted in one month |
Unpaids
Unpaid transactions are electronically fed back to the client on the date on which the transaction was unpaid. All unpaid transactions will reflect with full reference details and reason codes. Mercantile Bank sponsored clients pay no bank transaction fees in respect of unpaid transactions.
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Last Update: 06/04/2011