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Functionality
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Money Management has been in operation since May 1996. Every month, more than R55 million is collected
via Money Management on behalf of our clients. Built-in security modules ensure
confidentiality of information.
Detailed transactions are stored in a history database for a period specified
by the client. Online enquiries and exception reporting is available. The
system is menu driven and all transactions are user, date and time stamped.
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Collection of Money
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ACB or BankServ's EFT magtape service
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Detailed financial transactions are downloaded to the Money Management interface. These transactions
are validated and grouped according to:
-
pre-configured rules specified by
the client
-
BankServ's intricate rules on bank
accounting details
-
the client's contract with his sponsoring bank and BankServ
The latest BankServ rules are always updated and utilized within the Money Management modules. An electronic medium containing all the valid debit orders is sent to
BankServ, formatted according to BankServ's rules.
Collection of money can be requested from any BankServ member bank's branch.
There are 34 different banks and 3 711 different bank branches from which the
client can request debit orders.
The Refer Drawer (also known as the RD) process is fully automated between the
bank, Money Management and the client's financial transactions on e-Sure. RD
notifications to external systems are done via exception reporting and can
also be done via an electronic interface.
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Credit Card
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The same functionality as for ACB exists for the collection of money via credit card. Instead of
interfacing with BankServ, Money Management interfaces with First National Bank's card division.
./top
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Salary Stop Orders or SSO
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Detailed financial transactions are downloaded to the Money Management interface. These
transactions are validated and grouped according to:
-
pre-configured rules specified by
the client
-
each salary institution's rules
-
the client's contract with the salary institution
Electronic output mediums and/or reports are created for each salary
institution, formatted as per the configured rules of each salary institution. The salary institution
processes the data and sends the actual deductions back, either by electronic medium or in a report.
The electronic medium will be processed by Money Management and all valid
transactions will automatically update all the clients' financial status accordingly. Exception reporting
produced from this process
is sent to the client for follow-up.
A facility exists to capture salary payments from a bordereaux received
from the salary institution instead of processing an electronic input medium.
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Payment of Money
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ACB or BankServ's EFT magtape service
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Detailed financial transactions are downloaded to the Money Management interface. These transactions
are validated and grouped according to:
-
pre-configured rules specified by
the client
-
BankServ's intricate rules on bank
accounting details
-
the client's contract with his sponsoring bank and BankServ
The latest BankServ rules are always updated and utilized within the
Money Management modules. An electronic medium containing all the valid payment
requests is sent to BankServ, formatted according to BankServ's rules.
Payment of money can be requested from any BankServ member bank's branch.
There
are 34 different banks and 3 711 different bank branches to which the client can submit payments. The Refer Drawer (also known as the RD) process is fully automated between
the bank, Money Management and the client's financial transactions on e-Sure. RD notifications to external systems are done via exception reporting and
can also be done via an electronic interface.
./top
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Cheque
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Detailed financial transactions are downloaded to the Money Management interface. These transactions are
validated and grouped according to:
- pre-configured rules specified by
the client regarding the cheque book and his staff
- the client's contract between him
and the owner of the cheque book
- electronic cheque printing on
cheques designed by the client
- security verification on cheque book details as well as client's staff members
exception reporting
- data extracts of cheques printed to e.g. the cash book
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Benefits
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- The bulk of transactions and
processing requires no user intervention because all
processes and links between entities are automated.
Follow-up is only required on exception reporting produced
by the system
- Proven track record of a flexible
and stable system
- Strike dates are flexible,
therefore RD percentages are much lower than normal
- The same application look and feel
for collections and payments i.e. less staff training
- Flexible weekly and/or monthly
cut-off dates
- Flexible pre-configured transaction grouping and validation rules
./top
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Interesting Historical Information
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Herewith statistics of transactions successfully processed by Money Management on local AS/400:
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ACB
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Presented
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Transactions
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RD's
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Debit Orders
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R852,597,246.39
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1,800,512
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R83,178,172.40
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Commission Payments
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R9,571,412.62
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6,903
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R29,589.28
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Refunds
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R2,241,209.89
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2,945
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R218,224.95
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Claims Payments
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R157,181.47
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42
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R0.00
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R83,425,986.63
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Cheque
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Claims Payments
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R194,262,062.30
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43,784
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Commission Payments
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R4,275,015,.78
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3,934
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Refunds
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R987,049.21
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859
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Received
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SSO
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R30,285,553.89
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93,685
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R25,081,668.80
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Total
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R1,094,376,731.55
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1,952,664
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Design
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The Money Management database is a relational database and the data has been normalized up to third normal form.
Analysis and design was performed by technical staff who have designed,
developed, implemented and maintained collection, payment, insurance and other systems in South Africa since 1974.
./top
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