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Cash Manager

Action iT (Pty) Ltd has an established relationship with Investec Specialist Bank and we are able to offer a value added banking administration service to our clients.

The Action iT Money Market affords investors the opportunity to earn the levels of interest that previously only were available to financial institutions and high net worth investors through a secure online banking system that was specifically designed for third party fund administration. The money management system is called Investec Corporate Cash Manager (CCM) and it complies with industry body rules and regulations.

The Money Market is generally a market for short-term investments which has a variety of players. These include the Reserve bank, commercial banks, companies and financial institutions. The interest rates offered by the Money Market investments are often linked to the Prime Overdraft Rate (the rate at which private banks lend out to the public) which in turn are derived from the Repo rate (the rate at which the South African Reserve Bank lends money to local banks in the private sector).

The key features and benefits of our banking administration service include:

  • Very competitive money market interest rates offered to our clients;

  • Personalised service;

  • Direct line to your dedicated administrator;

  • Clearly defined quick turnaround times, which include:

    • Opening of new client accounts within 1 day;

    • Withdrawals and closures within 12 business hours;

    • Report requests within 2 business hours;

    • Property guarantees within 24 business hours.

  • No transactional charges other than those related to cash deposits or unusual transactions;

  • All investments are made with Investec Specialist Bank;

  • All transactions take place in a secure banking environment;

  • Confirmation of transactions are sent via SMS, email and/or fax;

  • Regular payments can be scheduled.

The Action iT Money Market offers our clients a secure and stable way to invest their money, while enjoying highly competitive returns.

We have introduced processes that ensure that we comply with the legal and legislative requirements set out by the Financial Services Board (FSB) and the South African Government. Our online banking administration system facilitates the following investment process:

  • As the Primary Accountable Financial Institution we are required to obtain and verify the required FICA documentation and the signed Investment Mandate before we can make any investment on the client’s behalf;

  • Once the FICA process has been completed and the signed Client Investment Mandate and other required documents have been received, Action iT (Pty) Ltd will open the client investment account on the CCM system (which creates the electronic account number) and set up the beneficiaries as per written mandate / instructions;

  • The client can then transfer the funds either by electronic transfer or cheque deposit into the call account opened in the client’s name. (Investec leverages the ABSA branch network for cheque deposits);

  • For each individual investment, the interest rate offered will be confirmed;

  • Action iT (Pty) Ltd will then invest the funds as requested by the client;

  • If required and accordingly mandated, Action iT (Pty) Ltd will make electronic payments against the investment account on behalf of our clients (two signatories are required);

  • Guarantees can be issued on condition that the money is available in the client’s call account;

  • Monthly statements will be distributed by e-mail;

  • Account closures will be processed as requested by the client;

  • Payment confirmations will be sent via SMS, email and/or fax;

  • Transfers / payments out of the investment account back to the client will be made on the same day, provided the instruction is received by Action iT (Pty) Ltd before 12 noon.

For more information on our investment process or to sign-up, email patricia@actionassist.co.za

Action iT (Pty) Ltd is an Authorised Financial Service Provider (FSP No. 49985) with an external Compliance officer and external Independent Auditors.

The Fees that will be charged by Action iT (Pty) Ltd to investors are made up of the following components:

  • An administration fee will be levied at the percentages as presented in our client investment mandate;

  • Guarantees may be provided at a rate of R 500 + VAT per guarantee (when applicable); and

  • Additional transaction fees will be negotiated with clients (when applicable).