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.

Collection of Money

ACB or BankServ's EFT magtape service 
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.

Credit Card

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.

Salary Stop Orders or SSO

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.

Payment of Money

ACB or BankServ's EFT magtape service
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.

Cheque 

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

Benefits 

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

Interesting Historical Information 

Herewith statistics of transactions successfully processed by Money Management on local AS/400:

Design

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.