Posted on May 26, 2017
For absolute assuredness around credit risk, complete your business credit report with a bank code update.
As a business striving for problem-free, profitable dealings with customers, you know how important complete, accurate and up-to-date credit information is, and you will want to leave no stone unturned when it comes to assessing creditworthiness.
As South Africa’s leading credit bureau, pbVerify provides you with all the products you as a business need, to guarantee sound commercial transactions – including a Bank Code Update service to round off business credit reports.
Complementing pbVerify’s recently launched XDS Business Credit Report, is our commercial bank code update service – also provided by XDS – that allows you to acquire an up-to-date bank code from any listed South African bank.
Bank codes are critical when it comes to assessing the credit limits and creditworthiness of potential customers. Before extending credit to any business, request a Bank Code Update on the pbVerify system to the value of credit you are considering.
In a nutshell, this is how it works: After you have submitted the required information, pbVerify’s Bank Code Update service makes contact with the customer in question’s bank, and requests the latest bank code against the desired Rand value. The return bank report is kept in your pvVerify account and can be retrieved any time after it is received.
What is a Bank Code?
A bank code is essentially a code provided by a bank on the company in question’s account, representing how good the company is for the amount of credit it is applying for. This is an investigation report that takes 24 hours.
As the business looking into a company as a potential customer, you are required to enter the company’s bank details (bank name, branch, account number) and the terms of the enquiry. For example, if the company in question signed a credit agreement of R10 000 for 12 months. The terms would then be R10 000 at 30 days over 12 months.
Below are the possible bank codes pbVerify’s Bank Code Update service could return:
A = Undoubted for the amount of your enquiry
B = Good for the amount of your enquiry
C = Good for the amount quoted if strictly in the way of business
D = Fairtrade risk for the amount of your enquiry
E = Figures considered too high
F = Financial Position Unknown
G = Paper occasionally dishonoured
H = Paper frequently dishonoured
Bank Code Update is a standard feature within the pbVerify system and is also available to third-party integrators via an API.
- Before requesting a bank code, businesses need to ensure that the company registration number matches that associated with their bank account.
- It takes 24 hours from the time of enquiry for a bank code to be returned to the business enquiring.
- This product is only available for companies – a bank code cannot be requested for an individual.