Collection Management Service

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SABB Provides you with the tools you need to collect funds from creditors with maximum efficiency.

Collection Management Service

Our electronic banking system ensures that funds are collected on time, allowing you to forecast your cash flow with greater accuracy. We can also provide secure cash and cheque handling services as part of our integrated cash management solution.

Direct Debits

Direct Debits allow your customers to make regular payments from their current accounts direct to your organisation with minimum effort. Once a simple Direct Debit Agreement form has been completed, payments are made automatically every month until they are requested to stop.

Irrevocable Standing Instructions (ISI)

Irrevocable Standing Instruction (SI) is a customized installment collection solution provided to customers who require a full control on the Standing Instruction in cases wherein they are the end beneficiaries. In such a case the payors will not be able to cancel/ modify the Irrevocable SI without the company’s approval for whom the Standing Instruction services is been offered.

Product process

Account Opening: The company's payor needs to open an account with SABB, if not already banking with SABB.

Salary Transfer to SABB: The payor needs to ensure that the salary should be transferred into their designate SABB account on a monthly basis. SABB will not be involved in the salary transfer process.

Standing Instruction (SI) Creation: SABB will load a customized Irrevocable Standing Instruction (Time trigger) as per the Gregorian calendar.

SI Cancellation: The company's payor will be able to cancel/ modify such Irrevocable Standing Instructions by submitting a request through the company. Modification/ cancellation of Irrevocable SI’s without the approval of the company will not be acted upon.

Clearance Certificate: SABB will issue a clearance certificate only upon the customer cancelling their existing Irrevocable Standing Instruction (SI) based on the duly authorised instruction from the company.

Reports: A monthly report of all the existing, new and cancelled Irrevocable Standing Instructions configured for the company will be provided.

Payment Gateway

Payment gateway allows you to collect receivables from your customers online through a secure gateway make regular payments from their current accounts direct to your organisation with minimum efforts. Once a simple Direct Debit Agreement form has been completed, payment receipt instruction can be sent online.

Key Features & Benefits:

  • Secure method of collecting from vendors
  • Convenient way for your customers to pay
  • Reduce your collection cycle time
  • Allow you to control, monitor, and forecast your cash flow more easily

Designed for:

  • Suppliers/ Retailers who receive large volumes of payments
  • Utility companies
  • Insurance companies
  • Installment sales companies
  • Newspapers and magazines
  • Hotels etc

SABB Express

SABB Express is a value added service that is provided to customers for collecting the cheques to be deposited and capture cheque level information along with any additional details as requested by the customer.

Features:

  • Enables easy management of collections as the bank collects the cheques from the your office/ location and deposits the same into your account.
  • Additional Reference number can be provided
  • Individual Cheque Level Information can be provided

SABB Collect

Direct Debits allow your customers to make regular payments from their current accounts direct to your organisation with the minimum of effort. Once a simple Direct Debit Agreement form has been completed, payments will continue automatically every month until they are requested to stop.

SABBCollect Benefits include:

  • Cash and cheques can be collected after banking hours
  • Cash and cheques will be counted at your premises
  • Cash can be delivered to you at 24 hours notice
  • Avoids the risks of commuting with large amounts of cash
  • Saves valuable administrative time
  • Reduces the cost of insuring cash kept on your premises
  • Cash and cheques are processed on a priority basis the next working morning

Aramco PASS and DCCR Solution

Aramco PASS and DCCR solution allow our corporate customers to make payments for their open invoices and dues to Aramco via a real-time transaction through HSBCnet for DCCR payment services. Also, company will be able to use PASS solution via SABB electronic channels to make advance payment.

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Virtual Accounts

The Virtual Account (VA) solution provides customers the ability to identify the remitter/originator of inward payments posted into their bank account
Each of the customers payors/buyers will be assigned a unique 12-digit virtual account number (VAN). The customers payor will remit funds to the assigned VA’s, which they treat as the credit account number. Each VA could be mapped back to a payor as defined in the customers ERP for ease of reconciliation

Benefits:

  • Various reports extracted for reconciliation and information purpose helping customers to shorten the Daily Sales Outstanding (DSO) cycle
  • Automation will simplify reconciliation reducing effort, time and cost
  • Exact payor identification is achieved through unique Virtual Account Numbers