Standard Bank has launched a secure e-mail statement service using software developed by The E-mail Corporation. The software, FinMail, provides for the strong encryption of confidential information via e-mail.
The E-mail Corporation was selected over local and international competitors due to the high level of security and user-friendliness of its FinMail system.
FinMail has been developed for either a Solaris, Linux and NT platform, and can be deployed as an ASP model or on the client's site. The decoder (a one-click self-installation system) is only 40kb in size, and is able to run on Windows, Linux and Mac.
FinMail ensures that customers receive their information timeously, accurately and securely. All statements are encrypted and e-mailed to customers as an attachment. Customers are then required to enter their unique username and password in order to open and read their statement, thereby ensuring they are the only ones that have access to the enclosed information.
Customers are also given control over when they would like to receive their statements (daily, weekly, monthly) and in which format (CSV or HTML).
Standard Bank is the first South African bank to offer a secure electronic statement delivery service to its Internet Banking clients.
Electronic statements are the first step towards a paperless environment. Electronic Bill Presentment and Payment (EBPP) is a growing trend in the delivery of tax invoices and statements over the Internet. Increased delivery speeds and security are primary benefits.
Additional benefits include: a reduction in debtors days as a result of a significantly faster bill payment cycle; a decrease in expenses related to payment errors; and the competitive advantage from enhancing customer loyalty and satisfaction.
Electronic statement delivery will play a crucial role in the future of South African banking, and first movers within this arena will have a highly competitive advantage.
(For more information, contact Heath Turner on (011) 530 9600 or heatht@emailco.net)
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