Receiving international funds made easier with the introduction of Global Receipts on FNB Forex

Customers no longer have to go through the manual process of filling out forms and submitting them to the bank, which can cause delays in accessing international funds. Instead, they can simply log onto their FNB App, Online Banking, or Online Banking EnterpriseTM, select the Forex tab, and process their global receipts online. Global Receipts is a new digital feature that FNB has introduced as part of its digitization strategy to enhance its forex platform. This feature enables customers to receive funds from outside Eswatini through FNB Forex and fulfil inward cross border data capture to meet Balance of Payments (BOP) reporting requirements in a convenient and efficient way.

Unlock a better experience

When receiving an international payment, customers will get an email notification letting them know that they can log onto their preferred digital platform to process the funds on the Forex tab. This is a significant improvement in the bank’s Forex service offering, as it provides customers with more convenience, speed, and control over how their cross-border payments are credited into their accounts.

Camilla Paiva, FNB Head of Foreign Exchange Product House said, “This is a significant evolution of FNB’s Forex service offering that shows that FNB is committed to providing customers with the best digital solutions for their Forex needs. Our customers will now have access to convenient platforms to perform their inward BOP disclosure requirements. This is a key product in our Forex universe considering that funds will now be automatically processed into the customer’s account within 5 minutes of successfully completing all the required steps.”

Thembi Silombo, Head of Customer Experience, echoed Paiva’s views, adding that, “as a bank that has a customer-first mindset, FNB not only has solutions to achieve business efficiencies but also aims to make it easy for customers to pay and get paid, locally and internationally”.

“We want our customers to feel empowered that they can do almost all of their banking, including where international transactions are concerned, without much hassle or manual interventions”, Silombo emphasized.

Simplifying the user experience

With the newly introduced Global Receipts, FNB customers can enjoy the following benefits:

• Process all inward international payments online, without any manual intervention or branch visits.
• Set limits and permissions for global receipts on Online Banking Enterprise™.
• Receive an email notification when funds are sent to you from outside Eswatini via forex.
• Choose to process global receipts from three convenient platforms: Online Banking Enterprise™, Online Banking, or FNB App.
• Funds will be automatically credited into the recipient’s account within 5 minutes of successfully completing all the steps on Global Receipts.
• View the history of successfully completed Global Receipts.

The current manual process for receiving foreign currency will remain available for customers who do not have access to the FNB App, Online Banking or Online Banking Enterprise.

Global receipts will also make it easy for customers to receive remittances, trade payments, investments, or donations from outside Eswatini via Forex.

To process a global receipt, simply follow these steps:

1. Log on
2. Select ‘Forex Tab’
3. Select ‘Global Receipts’
4. Select ‘Available Receipts’
5. Select ‘Process’
6. Complete all necessary information and follow the screen prompts.
7. Clients will be required to provide additional disclosures concerning the reason for the payment and the payment beneficiary, to enable the fulfilment of Balance of Payments (BOP) regulatory reporting requirements.