Malawi

 
 

Internet banking

 

Internet banking functionality

 

1.    Payments and transfers
You can transfer between accounts, make bill  or company payments and private payments. You also have the option to make future and repeat payments. There are no limits on funds transfers, on payments you have a default limit of MWK100, 000 per day.

Multiple beneficiary payments
This function allows you to pay multiple beneficiaries at once. It saves you time because you don’t have to repeat the action for each beneficiary separately.

Scheduled payments
Payments to beneficiaries can be scheduled daily or monthly, allowing you to fix a payment amount to be paid either on the same day of the week or on the same day of each month. For example, you may schedule to have your rent payment go through on the same day of every month.

You may change the scheduled payment dates and amounts when needed whereas, repeat payments cannot be changed.

Beneficiaries
Before you can start paying your bills you will have to load your beneficiaries' details (the bills you want to pay) to your Internet banking profile. This area allows you to set up private and bill/company payments and modify, delete and view beneficiaries. To make payments you must ensure that you have sufficient funds available .You can load up to 90 beneficiaries per account. You have a daily payment limit of MWK100 000 per day.

Beneficiary notifications
Using this function means that you can have a confirmation sent to the beneficiary once the payment has been made. The confirmation will be in the form of an SMS sent directly to their mobile phone.

Beneficiary payment history
Here you can see a history of the payments you have made to selected beneficiaries - be they private or a company.

2.     Statements

Custom/Sort and history statement
You are able to sort or filter details of your statement in ascending or descending order, by transaction date, amounts, value, type and narrative text including obtaining a statement history.

Statement download and print
You can print and download your displayed transactions into the following formats:

  • Comma separated values (CSV) files
  • Open financial exchange (OFX) files
  • ASCII text files (TXT) files.

3.     One-time password

What is a one-time password (OTP)?
It’s a unique and time-sensitive password used as added security on Internet banking. The password does not replace the password you use to log on to Internet banking but provides a second layer of security. The password will be sent to you via SMS and is valid for one Internet banking session only.

Which functions require me to use an OTP?

  • Adding beneficiaries
  • Amending beneficiaries
  • Resetting your password
  • Amending your mobile phone number

How does it work?
Once you have registered for the service, a password will be sent to your mobile phone whenever you perform functions that require an OTP. The system will prompt you to enter your password after which you will be able to continue with your banking.

How much does it cost?
There is no cost for the service.

Do I need a different OTP for multiple transactions?
No, a single one-time password can be used to perform multiple activities in one Internet banking session.

Can I use the same OTP once I have logged off?
No, it is only valid for one Internet banking session. Once you have used your OTP for an Internet banking session, you cannot use it again.

Can the original password be resent to me?
No, whenever you perform a transaction requiring an OTP, a new password will be sent to you.

How long is the password valid for?
It is valid for:

  • One Internet banking session only. 
  • Fifteen minutes from the time you receive it. 

How will you send my OTP to me?
Your OTP will be sent to you by SMS.

4.     Registration
To register for Internet banking you must have a valid Standard Bank account, a valid ID and a mobile phone.

Our operating hours are Mondays to Fridays from 08:00 to 15:00 and on Saturdays from 09:00 to

11:30. Please keep your banking details handy when you call.

Contact us

Customer Call Centre

Tel: +265 (0) 1 872 099

Toll free line: 80001111

Email: callcentre@standardbank.co.mw