In what it claims as an online breakthrough in South Africa, Standard Bank has become the first bank in the country to offer its 200 000 internet banking clients an encrypted e-mail facility that enables you to have your bank statements e-mailed directly to you.
If you are a Standard Bank internet banking customer, you no longer need to log on to the Standard Bank internet banking site to obtain information on your account balances and statements. You can also choose whether you want to receive the statements and balances daily, weekly or monthly.
A Standard Bank spokesman says the encrypted e-mail service ensures that you are the only person able to open your e-mail.
This new function will be especially useful for business customers who need daily statements to assist them in managing cash flow, or customers who need to check if a cheque or debit order has gone through their account.
Other improvements to the site include a recurring payment facility than enables you to pay your regular expenses, such as loan repayments, rent or children's school fees, online. This option allows you to set up a regular payments system for up to a year in advance. You decide whether these payments should be daily, weekly or monthly.
The recurring payment facility has a distinct advantage over conventional debit orders because you are able set up and control the actual payments, the spokesman says.
Standard Bank internet banking customers now also have the added convenience of being able to open, amend and manage their own investment accounts.
For instance, you can open a notice, fixed or call deposit account; advise or amend instructions to the bank on what to do with an investment when it matures; or change the interest payment cycles on your fixed deposit investment.