Standard Bank, Africa’s largest bank by assets, has introduced Inward Telegraphic Transfers (ITTs) to its Internet Banking platform, offering a convenient, simple and fast way to process incoming funds from beyond South Africa’s borders.
An ITT can be defined as the electronic transfer of funds from an overseas sender. ITTs are received for several reasons, for example businesses receiving payments for goods exported, or individuals receiving monetary gifts from family or friends.
“The new inward international payment functionality on Internet Banking places the power back in the customer’s hands, allowing them to process incoming funds on Internet banking at their own convenience,” says Henry Dhliwayo, Head, Foreign Exchange, Solutions and Integration, Global Markets, Standard Bank.
Incoming foreign currency payments are converted into local currency (South African Rands) at the exchange rate at the time of processing the transaction. Clients have up to 30 days to choose when they convert their incoming foreign payments into rands.
“Our client and service teams continuously work at transforming client experience hence the focus on digitisation of our solutions. Simplifying and bringing in convenience remain top of mind” says Rosh Sundram, Head of International Payments Client Experience, Standard Bank Business and Commercial Clients.
Benefits of receiving foreign payments on Internet Banking
The benefits of being able to receive inward payments on Standard Bank’s Internet Banking channel are:
- Clients can manage incoming international payments at their convenience, anytime, from anywhere
- View live exchange rates
- Enjoy the flexibility of having up to 30 days to convert their foreign currency to rands
- Clients can view 60-day history of their Incoming International Payments
- The digital process is intuitive and has built in prompts to assist clients through every step of the process, including exchange control reporting
“Standard Bank’s focus is delivering what really matters to our clients. The ITT feature on internet banking solves for difficulties experienced when receiving offshore payments. This will allow for a seamless cross border experience and to ultimately drive growth and prosperity on the African continent,” concludes Sundram.