Standard Bank South Africa 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 utilised 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 , will assist the City, 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 South Africa 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, the City’s bank account details will be masked.
For the City’s residents paying their municipal bill at Standard Bank branches, they will use a unique Customer Identify Number (CIN) assigned to the City of Johannesburg, CIN no AA45 in the place of the City’s account number. The customer deposit reference will be ratepayers’ municipal account number for the bill being paid.
In the case of ATM payment and telephone banking, customers are urged to make arrangements with their bank to link the City of Johannesburg from the pre-approved beneficiary list. The beneficiary reference will be the ratepayers’ municipal account number for the bill being paid.
Customers using internet banking payments will need to delete any current beneficiary details they have linked on their Internet Banking profiles for City of Johannesburg. Customers will then link the City of Johannesburg from the pre-approved beneficiary list.. Again the beneficiary reference will be the ratepayers’ municipal account number 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.”
Source: StandardBank.com