In its quest to deliver new banking solutions that help clients to benefit from advances in technology, First National Bank Corporate has introduced BANKit, a new Internet-based, electronic banking solution targeted at the corporate and medium-sized business market.
With BANKit, FNB has designed and introduced a highly reliable, completely secure and feature-rich banking solution that gives businesses secure and controlled access to their FNB accounts seven days a week.
As BANKit is designed with business banking in mind, the system provides companies with the full range of functions used by corporate financial departments, and even integrates seamlessly with the South African Revenue Service`s recently introduced online e-filing system for submitting tax returns and making tax payments.
BANKit clients are entrusting their corporate funds to the Internet and their first and foremost concern is likely to be the security of their accounts. Already a trusted organisation that uses the world`s most advanced security technology across its operations, FNB has introduced new security innovations to the BANKit system that put it in a position to confidently guarantee the safety of client funds. BANKit is secure both by design and by technology.
From an administrative perspective, authorised cheque signatories can appoint single or multiple BANKit administrators when they enrol online. The administrator - typically the financial manager or financial director - is empowered to set up operators to perform functions such as capture transfers and payments, or authorise transfers and payments, view select FNB accounts, and allocate transfer and payment limits for each FNB account. The administrator can also create new operators and modify existing operator profiles; by enrolling multiple administrators, companies can ensure sufficient internal controls and protect against fraudulent transactions.
From a technology perspective, BANKit introduces client digital certificates to South African banking. A digital certificate is a digital signature that binds an individual to a transaction and is an additional method of authentication to prevent Electronic Funds Transfer (EFT) fraud. BANKit clients use their digital certificates and private keys to digitally sign off transactions, a mechanism that is used over and above the normal user ID and password used for logon purposes. Digital certificates therefore provide irrefutable evidence of who was responsible for which transaction.
BANKit allows multiple levels of access to various FNB accounts, payment and transfer limits set according to your company`s requirements, dual authorisations, comprehensive audit trails and access to your FNB accounts across multiple legal entities.
Furthermore, all clients connect to the bank using the SSL (Secure Sockets Layer) protocol at 128-bit encryption - a level of security impossible for hackers to break.
Its greatest feature is certainly security, but BANKit also offers businesses an extensive range of functionality with the unrivalled convenience of Web access. Operators and administrators can view transaction history and balances, and have real-time access to FNB account transaction histories. A further feature that is of considerable use to businesses is the online availability of a 60-day transaction history, while a data storage facility allows the capture of up to 150 days of historical data.
Making it easy for accountants and business owners to track specific payments, the transaction search facility allows a search by date, amount, cheque number, keyword, as well as by debits and credits.
Extensive EFT features fulfil the needs of business clients, with three types of payments available - intra-group for transfers between your FNB accounts; un-nominated for once-off payments, and nominated for regular payments. Electronic payments are also guaranteed, thereby eliminating the need for costly, time-consuming bank guaranteed cheques. Furthermore, payments can be post-dated up to 12 months in advance.
Quite simply, BANKit brings the benefits of global access and easy management to business administrators, allowing financial staff to administer the company`s pecuniary obligations with the convenience and safety that is associated with personal Internet banking and with all the features required by corporate clients. BANKit saves time, saves money by incurring charges only for those features used, and makes business banking better and easier.
FNB Corporate is a division of FirstRand Bank (Ltd).
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