The integrated Banking Environment

RAMS provide you with an Integrated Banking Environment that allows you to transact on your ABSA Trust Account that has been linked to the WeconnectU RAMS portal. The associated benefits of the Integrated Banking Environment are as follows:

Security - since this is not a file based integration where files needs to be downloaded and imported into the system, there is no risk of file tampering. Transacting on the Trust Account is therefore only possible through the RAMS system. In addition the user profiles permissions can be tailored to ensure that only trusted users have any access to the online banking environment. To this affect the following specific permissions can be enabled for an administrator
- Map and Submit Bank Payments - a user with this permission enabled will have access to the integrated banking environment
- Approve Beneficiary Detail - a user with this permission enabled will have access to approve Beneficiaries and changes to Beneficiaries.
Beneficiary Management - payments can only be made to Beneficiaries that has been loaded on the system and approved by users with the appropriate permissions.
Real Time Processing - movement on the Trust Account are reported every 15 minutes allowing for close to real time presentation of credit receipts rather than the daily downloads and imports of statements.
Auto Mapping - automated mapping rules allowing for intelligent mapping of credit receipts to Tenant and Landlord wallets. Wallets are essentially pockets of the Trust Account allocated to specific Assets and Leases for Cash Management.
Trust Creditor Reporting - the wallet model allows for accurate Trust Creditor reporting up to the second on exactly what the Trust Balance consists of at a specific selected date and time.
Auto Trust Recon - the system will automatically reconcile credits receipts to wallets and bank debits to payment instructions
Trust Compliance Reporting - the auto recon capability allows for a fully reconciled and compliant Trust Recon report to be requested for a selected date period
Trust Account Bank Cost Sweeping - in order to ensure that your trust account will never have a debit balance, all costs associated with the Trust Account will be swept to the WeconnectU profile from where it will be billed to the customer in accordance with the agreed to cost rates as per the subscription agreement.
Integrated pooled Investment Account - when you signup for RAMS, you get access to the managed pooled WeconnectU RAMS Investment Account. This feature and integrations allows you to:
- have a fully transparent investment environment with superior rates based on the pooled funds that can be used to manage your tenant and landlord deposits
- all monies flowing to and from the pooled investment account will flow through the linked Trust Account and is therefore fully auditable and compliant with current legislation
- feature in the system allows for the configuration and management of interest up to an individual deposit account level
- provision has been made for reconciled and audited Investment and Deposit Summary statement for a selected period
Audit Trail - all important actions associated with the use of the integrated banking environment are captured in the system audit trail

Working with the Integrated Credit Bank Statement

You can view the integrated online bank statement of your trust account by selecting the Banking option from the Payments drop down menu. See example below.

With reference to the example shown above, note the following:

The Date, Description and Amount fields are the actual field values on the Trust bank statement
Transaction filter - use this drop down to show:
- All Transactions - this is the default
- Unmapped Transactions - transactions that could not be auto mapped to wallets by the system and that will require manual mapping
- Mapped Transactions - transactions that have been auto mapped by the system and will posted for processing when the Submit button is clicked.
Start date - End date filter - to select transactions for a specific date period
Wallet - use the drop down menu to search for a wallet to do the mapping manually. See example above for Eksteen Street 20.
Delete icon - Wallet mapping - click the cross to cancel the mapping to a wallet.
Submit - click the Submit link to submit a single mapped transaction.
Submit All - click this button to submit all mapped transactions in BULK.

What happens when you submit mapped credit Bank Transactions

For a Transaction mapped to a Tenant wallet, the wallet balance is updated to include the transaction amount and a credit payment received transaction is posted to the Tenant account which will update the Tenant Account balance. Note that the category balances will not be affected until the payment processing and allocation processes have been completed.
For a Transaction mapped to a Landlord wallet, the wallet balance is updated to include the transaction amount.
All wallets with balances are available on the Allocations dashboard from where payment allocations can be created to pay category balances from the available wallet balances.