Corporate Saver is a userfriendly internet-based administration system, designed to enhance Nedbank’s business relationship with agents who manage large amounts of money on behalf of their clients.
Corporate Saver enjoys leadership in the attorney, accounting and financial services markets where there is a significant need for the efficient and profitable management of estate, trust and transitional funds and individual investment deposits.
As a secure, flexible and high-yielding online banking system for agents managing third-party funds, Corporate Saver offers you the opportunity to gain greater control over investible money. Corporate Saver is successful because it allows your firm to perform basic banking procedures and reporting from its own office and to give your investors the benefit flowing from increased yields.
While this sophisticated money management system treats clients as individuals, the aggregate of your holdings is used to determine an interest rate. Interest rates are subject to change in an endeavour to offer the most attractive rates at all times. Nedbank’s Treasury Department controls the rates and updates the system daily. Corporate Saver offers a complete database and control system, and provides a full range of individual-banking investments, from call accounts to 12-month fixed investments, including prime-linked and notice deposits. Essentially, it gives you access to Nedbank in your office.
How does Corporate Saver work?
Corporate Saver is accessed via the internet and allows investment-related transactions with Nedbank’s full range of investment products. You are connected via your existing internet infrastructure (your own hardware, software and internet service provider. The Corporate Saver software is stored on a central server at Nedbank in Johannesburg. This server allows both you and your clients to view Corporate Saver information 24 hours a day, seven days a week. For monetary transactions the transactional window for agents is from 07:00 to 17:00. From the 24-hour server the information replicates through to the live Nedbank environment. This technology allows you and your clients to access information at any time from any location with internet access. Briefly, the process for deposits and withdrawals is as follows:
Deposits A client gives you an instruction to invest in one of the Corporate Saver products. Funds for the investment may be either electronically transferred directly into the client’s Corporate Saver call account, or deposited into a designated Nedbank deposit account utilised by you specifically for the receipt of cheques and cash. The funds from this account are transferred into the client’s Corporate Saver call account by means of a deposit processed on the Corporate Saver system.
Attorneys will use their Nedbank trust account as their ‘deposit’ account. When a deposit is processed on the Corporate Saver system, the funds are automatically pulled from the trust account into the client’s call account. Funds may also be paid directly into the client’s Corporate Saver account by means of an electronic transfer. In the case of electronic transfers, the system will automatically record a credit and debit on the attorney’s trust account as if the funds were first paid into the trust account (credit) and then transferred (debit) into the client’s Corporate Saver call account.
Withdrawals The client issues you an instruction for the withdrawal of funds. Utilising the Corporate Saver system, the withdrawal is captured on the system according to the payment instruction and then authorised by means of an RSA security token. In the case of an electronic payment the funds are transferred to the designated beneficiary without any further intervention from you. You may also elect that the funds be transferred to one of your nominated business accounts and a cheque can then be issued to the client from this account.
Attorneys may pay the designated beneficiary directly, in which case the system will automatically reflect a credit and debit on the trust account as if the funds were transferred into the trust account (credit) and then paid out to the beneficiary (debit), or they may choose to transfer the funds back to their trust account, from where they can process the onward payments.
Fulltime support Sound relationships underscore our approach to client service. To facilitate this approach fulltime support staff are allocated to your account. It is the responsibility of the relationship manager to assist you with administrative enquiries, product development opportunities and general marketing as well as sales ideas for the product offering.
Administration fees Corporate Saver provides you with the opportunity to deduct administration fees levied against the deposit balances of your clients, calculated either as a percentage of capital or a percentage of interest earned.
The percentage levied is determined by you and can be set to apply to the entire client base or can be set differently for each individual client. This ensures you have maximum flexibility in managing your clients’ deposits.
There is also the option of structuring a sliding scale of administration fees, which would be levied in accordance with balance parameters as determined by you.
More than just a system A dedicated service and support team will help you become a virtual branch of the bank and ensure efficient and profitable management of:
property guarantees for attorneys;
investment deposits; and
Corporate Saver gives your staff greater flexibility, streamlines processes and avoids delays.
Operational risk management Extensive measures are in place to ensure efficient and secure Corporate Saver operations. These include:
security of internet access and the provision of firewalls;
clear segregation of duties and user rights; and
an extensive audit trail that provides a transaction history on a rolling 18-month basis.
Reports can be downloaded in Excel or CSV format. Your client information is kept on a separate database. A detailed maturity programme helps you achieve best yields and is a further feature of a system that allows you to control cashflow through your own bank account.
Management controls Further safeguards with Corporate Saver include the requirement of authorisation for the loading of beneficiaries and electronic funds transfers, capture and release requirements for all transactions, predefined limits of authority and reports to manage transactional activity.
Proven track record Corporate Saver is a market-leading, secure, userfriendly banking system for the effective management of third-party funds. With Corporate Saver you have Nedbank in your office.