25-10-2012: Joburg and Standard Bank in new Banking Partnership
09 November 2012
Media Release
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25.10.2012
JOBURG AND STANDARD BANK IN NEW BANKING PARTNERSHIP
Standard Bank has beaten four banks in a tender bid to partner with the City of Joburg. The participating banks were subject to the same rules and requirements, in line with the prevailing legislation, the Municipal Finance Management Act (MFMA).
The City had utilized the services of one of the big four audit and consultancy firms to ensure that the process was transparent and fair to all participants.
“This signifies the beginning of a new partnership with Standard Bank,” says Mr. Trevor Fowler, the City Manager.
“We believe the partnership with Standard Bank will support the City of Johannesburg as it rolls out the GDS 2040 Strategy through commitments undertaken during the bidding presentation on numerous aspects which are in line with socio-economic transformation and the strategic objectives of the organisation.”
In terms of the mandate, Standard Bank will provide the City with transactional banking services for the next five years. This includes payments, collections and liquidity management; property management; and comprehensive banking services for municipal employees.
The bank will also partner with the City on various socio-economic transformation initiatives which can only auger well for the City as a whole. In line with the City’s objectives, the new partnership will enable the City to:
• Drive efficiency and sustainability
• Optimise revenue collection
• Optimally manage cash flows both for operational and capital budgets
• Effectively manage transformation; and
• Ensure service delivery.
To minimise fraud, no banking details like the actual account number and location of the branch will be supplied by the customer. There is already a unique Customer Identify Number (CIN) of the bank for City of Johannesburg customers. This will be shown on the computer screen a Standard Bank branch each time the customer deposits payment.
The transaction will request a customer to insert the CIN no AA45 in the place of the account number and statement reference. This unique number becomes a “customer reference number” accompanying payment of the bill.
In the case of ATM payment and telephone banking, customers are urged to make arrangement with their bank to link the City of Johannesburg as a pre-approved beneficiary. This will enable them to have access to their ATM and telephone banking services. The beneficiary reference will be the customer’s unique customer reference (AA45) number to enable them to pay their bill.
Customers using internet banking payments will need to delete any current beneficiary details they have linked on Internet Banking for City of Johannesburg. Only the pre-loaded City of Johannesburg Company Beneficiary details supplied by the customer’s internet banking system should be used. Again the beneficiary reference will be the customer’s unique customer reference number (AA45) for the bill being paid.
Commenting about the new relationship with the City, Head of Transactional Product and Services of Standard Bank, Mr. Neil Surgey says: “Standard Bank has been an integral part of Johannesburg for 126 years. We are delighted to be appointed official bankers to the City and believe that this partnership will benefit all Johannesburg’s citizens.”
Mr. Surgey reiterated Standard Bank’s commitment to Johannesburg and to serving all its people. He says, “Our head office is in downtown Johannesburg where we employ about 10 500 permanent staff. In addition, we make a major contribution to Johannesburg’s fiscus in terms of revenue and taxes. Johannesburg is an exciting, vibrant and dynamic city and we are proud to be part of it”.
Ends
Released by:
Gabu Tugwana
Group Communication Director
City of Johannesburg
Phone: 011 407 7162
Mobile: 082 495 5673
