SAB 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.
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 SAB, if not already banking with SAB.
Salary Transfer to SAB: The payor needs to ensure that the salary should be transferred into their designate SAB account on a monthly basis. SAB will not be involved in the salary transfer process.
Standing Instruction (SI) Creation: SAB 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: SAB 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.
Key Features:
- 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
SAB Express
SAB 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.
Key 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
Cash collection and transportation
Cash Collect is designed to assist our customers in collecting and sending recurring cash payments and large payments according to a specified schedule and agreed upon in advance. Through this service, we aim to provide our customers from large and medium companies with the best solutions to deal with large cash payments and frequent cash payments. This service includes the collection and / or delivery of funds from or to the customer's premises in accordance with the agreed upon schedual. Also ollection and delivery are available even during non-working days with agreed on fees.
Key Features:
- Cash can be collected after banking hours
- Cash 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 is processed on a priority basis the next working morning
Aramco PASS and DCCR solution allows our corporate customers to make payments for their open invoices and dues to Aramco via a real-time transaction through SAB electronic channels.
DCCR solution: Enables Aramco customers to make real time payments through our e-banking platform (HSBCnet).
PASS Solution: Enables Aramco customers to make advance payments through our electronic channels.
Key Features:
- SAB Automated channels
- Flexibility to pay multiple invoices for DCCR customers
- Online and real-time payment to Aramco
- Effective payment with immediate confirmation to Aramco
- SMS notification for payment acceptance and rejection by Aramco
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
Key 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
Bulk Deposit Machine (BDM)
BDM is a self-service terminal that enables the customer to deposit cash without any manual intervention of the branch officer. BDM would help in streamlining the procedures of cash depositing and handling by increasing operational productivity, thus improving service efficiency. This machine is linked to powerful reporting tool through web based portal.
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