We are upgrading our core banking systems in order to enhance our product and service offering to you. The system change will result in some changes on the BOL platform including requiring you to use new account numbers which we will strive to minimise through engaging you through your Relationship Manager, and by sending you regular updates as we near go-live date for the project. Find below some responses to questions you may already have regarding the BOL changes.
FAQs Business Online
Frequently Asked Questions - Core Banking project impact on BOL
1. How will BOL be affected?
Should you make use of our Business Online (BOL) platform after we switch to the new Finacle Banking Platform, you will only be able to use your new account number which will automatically be updated for you.
There will be no impact to your user login details for BOL. Your security token remains valid as well.
2.Will my account number change?
Yes. In order to fully utilize the improved functionalities, new account numbers will be generated for all clients. Your existing account number on BOL will be updated automatically upon migration to the new Core Banking Platform which date will be advised to you.
3. How will the change affect Stanbic beneficiary setups on my BOL?
The same automatic change will apply to account numbers of BOL beneficiaries who are also Standard Bank clients (Predefine beneficiary details). Account details for these beneficiaries will be updated to the new account numbers at system change time.
However, with subsequent beneficiary setups, the beneficiary is required to provide the new account number before a transaction can be initiated.
4. Will the account balance remain the same?
Yes, there is no impact on the account balance or transactions. You can also access statements as far back as six months on BOL.
5. How will Payments be impacted?
All transactions to be created on BOL will require the new Finacle Numbers. It is therefore important that you obtain the new Finacle numbers for your beneficiaries that have accounts with Standard Bank.
File import / file upload from your Accounting / ERP or Payroll systems will only allow Finacle account numbers to be imported or uploaded. Use of the old account numbers will result in an invalid transaction.
6. How will international payments via SWIFT be affected?
All payments received via SWIFT will also reflect on the new account number. However, you will have both account numbers reflecting on the SWIFT advice sent to you. Once again we encourage you to notify your counter-parties to amend the account number.
7. How will it influence the Bank’s back-end processes with respect to transactions and how will it improve turnaround times
All transactions, including Inter-account transfers and Third Party Payments will automatically feed directly into the Core Banking system. The system will improve by providing additional information on transaction status feedback on BOL.
8. What will be the impact on Statements?
- Statement numbers received from the new system will follow the statement number sequence from the last number received from old system.
- Statements will contain the new account number
How to apply
E-mail our consultants on firstname.lastname@example.org and they will be in touch with you very soon. You can also visit your nearest Standard Bank branch for more information.
What does it offer me
- 24 hours a day, 7 days a week access to all your bank accounts anywhere in the world
- Access all your account information across countries and currencies in a single view
- Highly secure online banking platform
- View single or group account details for reporting purposes available for transaction, loan and investment accounts
- Assign different levels of authorisation to your staff, setting access limit accordingly
- Seamless inter-bank and intra-bank transfers
- Free set up (BOL attracts a monthly maintenance fee)
- Salary processing on BOL- employees who bank with us get their funds on the same day
- Make payments to third parties in local or foreign currency
- Pay instantly or future date your payments and inter-account transfers
- Decide how often you want to receive statement updates
- Dedicated support to help you if you have any problems.
What I need to apply
- Good Internet connection
- The latest version of Java, which can be downloaded from https://java.com/en/download/index.jsp
- A Call Deposit is an investment account that earns interest while you still have immediate access to your money. This account is ideal for small businesses that want to earn good interest while having immediate access to and full control of the funds in the account.