Financial services firm Standard Bank says it has invested R1-billion to enhance its online banking platform since its launch in October 2024, which has strengthened the digital banking experience for its business and commercial banking clients.

The online banking platform forms part of a phased client migration journey, with enhancements introduced progressively as part of the bank’s broader digital modernisation programme.

All new clients are automatically onboarded, while existing clients are upgraded in phases and notified in advance. This approach ensures continuity, stability and security for clients as improvements are implemented over time, the bank says.

More than 140 000 businesses have already been onboarded. The online banking platform provides on-demand business banking and enables companies of all sizes to manage transactions, payroll and working capital with greater control and real-time visibility.

Use of the platform has also grown since its launch, which reflects increased adoption and engagement as clients transition to the new digital environment. The online banking platform currently processes billions of rands in transactions a month, and plays a growing role in supporting day-to-day business banking activity across South Africa, it says.

“Running a business is demanding and managing finances should not add to that pressure. Our continued investment in our online business banking capability focuses on improving reliability, usability and security to give business owners and their finance managers tools that are convenient and time-saving,” says Standard Bank Group Business and Commercial Banking CE Bill Blackie.

The new online banking platform directly advances Standard Bank's business and commercial banking strategic priorities as part of its broader digital banking modernisation, with investments in scalability, payments infrastructure, security and system integrations.

It is designed to evolve over time, with further enhancements introduced as migration progresses, he adds.

Further, digitised processes reduce friction and operational dependency, while automated controls and audit trails minimise risk and bolster security and compliance.

However, the business banking model remains human-led and digitally enabled, and combines advanced online banking with dedicated relationship managers providing personalised support, sector expertise and advice on managing and growing their businesses, he says.