Top 4 South African bank streamlines branch banking using UK software innovation

25 August 2008

One of South Africa’s top four retail banks, First National Bank (FNB), has empowered its operational network to increase operational efficiency by implementing an innovative hosted software solution from UK firm, Petra Financial.

The automated validation software allows FNB international banking centers to check client payment data before it is released by the bank. Not only minimizing system errors, Vortex’s software solution is also more cost-efficient than traditional manual cross-checking.

IBAN numbers, check digits, BIC codes and other reference data is now validated to deliver greater straight-through processing and route appropriately to other SEPA-compliant banks.

FNB’s goal to achieve greater operational efficiency was the driving force behind choosing Vortex and chief operating officer of International Banking, Gerrie Butler, looks forward to the continued rollout of the Vortex solution.

“The system was easy to deploy and resulted for us in a more efficient client support framework, by ensuring that potential payment errors are spotted before being sent to clients,” Butler adds.

Petra Financial Marketing Director, John Burton, says the Vortex system means less room for errors, providing a definite corporate banking advantage for this South African bank.

“Vortex offers advanced capabilities and this way of automating at branch level is a definite innovation, bringing FNB’s business banking performance on a par with top international standards,” Burton says.

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