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| The approval process of Business Credit Card facilities has been enhanced as follows: | ||||||||
| Paper-based or Siebel Credit Applications The Business Credit Card limit and exposure will no longer be cited under Section A1 in the Siebel limit application, but rather under section A2, which lists the exposure of the Applicant to Other FirstRand divisions. On paper-based limit proposals, this limit and exposure will be cited under Group Exposure to other FirstRand divisions. |
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| Sales staff needs to complete the following and submit these duly completed to Credit for assessment and approval: | ||||||||
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| This process change will obviate the need to process New or Increased Business Credit Card limit requests through the Siebel workflow for approval and there is also no need to amend the Limit proposal to a current paper-based limit. These Business Credit Card limits need only be updated on Siebel annually upon review. CAD Limits The existing process remains unchanged in that Business Credit Card limit requests are still be captured on the CAD application for scoring purposes. In the event of a referral this request will route to the Credit Analyst / Credit Manager for judgemental assessment. Agreed amendments to the CAD protocol will result in approval limits increasing from R100 000 to R250 000. For applications via CAD, once approved on the system, the relevant template i.e. “Card Approval – Limit increase” or “Card Approval – New Applications” (depending on whether it is an increase to an existing user’s card or a new cardholder) still needs to be completed and sent to Card Fulfilment. Please note on the template that approval was done via CAD. Card will obtain final approval from the “APPLICATION FINALISED” field on the AUDIT DETAILS screen (F6). The credit card limit amount can be confirmed on the System Recommendation Screen (BE54). Please see below for ease of reference: |
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| General The decision whether or not to obtain new or additional security for the card exposures needs to be fully motivated by the Sales Teams in their recommendation. All CAD applications, where no suretyship is proposed, will route for a judgemental credit decision. Where security is proposed, it needs to be cited on the “Credit Application – Business Credit Card” template, and the “Card Approval – New Applications” or “Card Approval – Limit increase” template and the normal perfection processes through the LCS channel is to be followed. Upon LCS confirmation and signature that security documents have been perfected, Sales Staff need to return the signed approval template to Card Division for fulfilment. For mandate purposes, the aggregate of the FNB Commercial limits and Business Credit Card limits is applied with a further 10% allowance for card exposure only, e.g. if commercial exposure is R48-million, a card facility of R 4-million can be approved within mandate. Regards Commercial Credit |
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| Contact us: For all Credit related matters: Anelda Rischmuller Anelda.Rischmuller@fnb.co.za For all Process related matters: Magda Schlebusch mschlebusch@fnb.co.za |
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