TradeSafe Has Teamed Up With Standard Bank

Posted by Jethro on Fri, Dec 20 2019 12:35:23


We have spent the past few months merging our escrow payment function with Standard Bank’s payment operations team.

After a successful pilot run, we are proud to announce that Standard Bank now has management oversight of our escrow account and are fully involved in the process for payment instructions that we initiate.  They will accordingly provide a 2nd release payment function.

What does this mean?

It means that your funds are doubly secure, whether you’re a buyer or seller, and when its necessary for payment to be made, Standard Bank will perform its own internal governance checks and act as a 2nd release operator on all payment instructions that is initiated from the TradeSafe escrow platform. This will provide an additional level of comfort and security that the funds are going to be paid - properly and on time. 

We are also incorporating host-to-host integration with the bank’s backbone which will allow for automated payments which we hope to have ready by end of February 2020. This means incoming payments will be automatically cleared no more than 15 minutes once the funds reach the escrow account. Outgoing payments too will be automated – with the necessary checks and balances, of course.

New escrow account and closure of old accounts

To complement the new approach, a new escrow account has been opened jointly with Standard Bank under the holding company of Trade-Safe Holdings (Pty) Ltd. The new bank account details are now visible in your TradeSafe user account profile. The entity TS Escrow (Pty) Ltd with the following bank accounts are no longer in operation:

ABSA - 4086744612
First National Bank - 62542988285
Nedbank - 1106080114
Standard Bank - 371624649 

We kindly request that if you have saved one of the above TS Escrow (Pty) Ltd bank accounts to your internet banking, that you remove it now from your internet banking beneficiary list.

Adjustment to payment runs

We will continue two payment runs until the fully automated process has been implemented.

The morning run has moved from 09h00 to 10h00. This means all release instructions must be placed on the TradeSafe system by no later than 09h00 that morning. If the release instruction is placed later than 09h00, then payment will take place during the afternoon’s payment run.

The afternoon run will take place normally at 15h00 with all release instructions required to be placed on the system by 14h00.

We look forward to an exciting journey with Standard Bank as we look to bring you even more safe, secure, and successful transactions.

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