Start-to-finish product provides one rand-based invoice

On the back of a growing trend towards outsourcing, Sasfin Bank is seeing increasing support for its start-to-finish product which provides the client with a rand-based invoice that includes all the freight, logistical and clearing charges for cargo delivered to his doorstep. It has been several years in the making. “We have for some time offered all the building blocks but now these are all strung together and clients have the option of one rand-based invoice,” Sasfin Bank strategy and solution manager: business banking, Meagan Rabe, told FTW. “Commercial clients are increasingly moving to nichetype service providers,” says national sales manager: trade finance, Arno van Niekerk. “We provide a hands-on service which we believe differentiates us from the commercial banks. We have a close relationship with our clients and we understand their financial requirements and their cash flow cycle.” “If a client is bringing in 10 000 units of a product, we can invoice them as they draw down the stock in South Africa,” Rabe explained. “They can bring the goods into our warehouse for 150-180 days and as they draw down the stock they are charged per item. We have their full commitment that they will take all the stock but we only charge them as and when they draw down the units, which is hugely beneficial in terms of cash flow. “A one -stop shop is what people are looking for,” said Rabe. “We have a strategic relationship with our clients. If a customer wants a start-to-finish product but would prefer to use his own logistics service provider with whom he has had a long relationship, we can accommodate it.” The concept has opened doors to financing of larger corporate clients, said Van Niekerk, “and we’re not involved exclusively in the financing portion but in the entire supply chain process. “The benefit for them is that when we purchase from foreign sources it’s not on the client’s balance sheet. “The stock is on our balance sheet – we carry the stock and they purchase it from us as required.” The ideal customer would be anyone with a trade finance requirement from R2m up to R150m – and they can choose the elements that best suit their needs. “We see it as a menu,” said Rabe. “The client can choose to have a full six-course meal which is our start-tofinish or just the mains – trade finance, as an example.” Sasfin Bank is the only trade finance house with its own forwarding agent and with its own office in Hong Kong. “In addition we have a relatively high BEE rating which is a significant advantage for our customers” said Van Niekerk. INSERT We have a close relationship with our clients and understand their cash flow cycle. – Arno van Niekerk CAPTION Arno van Niekerk and Meagan Rabe Photo: Shannon Van Zyl