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Empowering the Financial Services Industry…

Through Independent and Efficient Technology Platforms

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Excellence Through Collaboration & Accountability

Providing a Single View of The Client

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Providing Innovative Technology Solutions

For Inter-Company Financial Data Switching

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News

ISO 27001 CERTIFIED

 

ASTUTE FSE, in June 2018 became the 1st financial services industry company in South Africa to be audited and certified as ISO 27001 compliant for Information Security Management Systems.

 

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Astute to remain OPEN for Transacting - COVID19 Lockdown

 

 

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Astute Business Continuity – COVID19

 

 

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DIGITAL CONSENT 2020

 

Walking the journey with our clients to a paperless world!

 

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BUSINESS LESSONS FROM THE FAIS OMBUD

 

- A new book, soon to be released, by Anton Swanepoel

 

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ACFE CONFERENCE 2018

 

SERIOUS ABOUT FRAUD
Astute is proud to have partnered with ACFE as Bronze sponsor at the 2018 Africa conference.

 

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TECHSHARE 2018

 

COLLABORATING WITH THE COMMUNITY
Astute’s Consolidated Client Portfolio (CCP) Annual Technical Forum took place on the 11th of October in Cape Town. This forum is a collaborative technical discussion between Astute and our technical support from our content providers & our financial needs analysis software providers

 

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ASSET VALUATION

 

ENHANCE YOUR SERVICE WITH A COMPREHENSIVE PROPERTY VALUATION
Provide your client with a comprehensive financial needs analysis with access to Astute's comprehensive property valuation report

 

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About Us

Information technology is at the core of how you do your business and how your business model itself evolves
By Satya Nadella

Astute Financial Services Exchange is an electronic information exchange company, enhancing the movement and integration of data in the financial services industry. Astute FSE was launched in 2000 as a collaborative effort between the major Life Insurers in South Africa. We provide intermediaries with a single point-of-entry to client’s investment and insurance portfolio data. We are trusted by more than 20,000 intermediaries and we are fully integrated into the business systems and processes of many Life Insurers in South Africa, with more than 150 integration points. This allows us to keep in line with our strategic objective of providing a Single view of the client. Our service offering includes integrations into regulatory offices and government departments to detect and prevent fraud, as well as assist our clients in complying with legislative requirements.

Services

Astute FSE provides solutions that are tailored for the needs of the community which we service.

Astute FSE systems are built on robust infrastructure allowing it to handle millions of transactions per month. As a player in the financial services space, we also place significant importance in data security with our data hosted in a trusted 3-layered secure environment which is compliant with industry and legislative requirements to ensure information transfer is secure, privileged and confidential. We add value to our partners by ensuring that our data is seamlessly integrated across multiple platforms, creating efficiency and cost savings.

Astute Services Overview

Investment Switch

The switch provides an affordable single portal for investment brokers to manage client’s investment

portfolios across various Investment companies. This provides a single consolidated statement of all investments for investment clients and enables a holistic view for the investment broker of all Assets

Under Management (AUM) within their portfolio of clients.

 

The service offers:

 

  • Daily updates of inflow and outflow transactions.
  • Consolidated client investment statements.
  • Total Assets Under Management.
  • Direct integrations to Financial Needs Analysis systems.
  • The Investment Switch offers integration points to almost 10 Investment companies and growing.

 

Pricing

 

 A monthly subscription fee of R250.00 applies per subscriber to the service for a maximum of 300 clients. For any portfolio, over 300 clients, an additional rate (as detailed below) will apply per client and will be added to the subscription amount.

 

Client Total  Monthly Pricing per Client  Client  Monthly Total per Broker
 1_ 300  R 0.83 ≤ 300  Included in R250.00 Subscription Fee 
 300 +  R 1.00 > 300 *
* R1 per client per month where more than 300 clients' data is utilised

 

How to Register:

 


Consolidated Client Portfolio

Through the Astute Consolidated Client Portfolio service, a financial advisor instantaneously receives a single view of a client’s insurance portfolio across various Financial Institutions, saving costs and drastically shortening the time of information gathering.

 

Through various integrated Financial Needs Analysis systems, information can be directly imported into the FNA, further increasing efficiencies during the needs analysis process.

 

The service offers:

  • Integration points to over 20 Insurers and growing.
  • Products offered via the CCP service include whole life, endowment, retirement annuity, term assurance, other annuities and income protection policies, unit trust, employee benefits and linked investment products.
  • Direct integrations to Financial Needs Analysis systems.
  • Access to property valuation services will soon include comprehensive assets and liabilities.

Price list

Band

Transaction Volumes

Price Per Transaction

Life and Risk Transactions South Africa:

Band A

Band B

Band C

 

20 – 4 499

5 000 – 11 999

12 000 – 50 000

>50 000

R 21.24

R 16.81

R 14.09

Price on application

Life and Risk Transactions Namibia:

Band I

Band J

Band K

 

20 – 4 499

5 000 – 11 999

12 000 – 50 000

 

R 16.81

R 16.81

R 14.09

Client Not Found (CNF)

Any

50% of Transaction Price

Linked Investment/Unit Trust

(where no Life and Risk Transaction was included)

Any

R 5.86

Property Valuation

Per Transaction

R48.00

Note: Prices Exclude VAT

 

Monthly Connection Fee Applicable to Debit Orders

Country

Rate: 2020/21

South Africa – 6%

R 41.66

Namibia – 6%

R 45.32

Note: Prices Exclude VAT


Compliance Services

To meet the needs of Legislative Compliance, the Astute Compliance Service offers an integrated and automated solution to enable compliance throughout the sales value chain.

 

It enables product providers to validate the categories intermediaries are registered for before accepting new business and assists with compliance with the Personal Service Provider Income Tax Legislation.

 

It helps Intermediaries remain competent, enables FSPs to manage a competency register, track and enforce their representative’s competence. Reporting to the FSCA is made easy via easy downloadable and customizable Excel reports.

1. FSPE Enquiry service  

The service uses an FSP Number and/or a Representative ID or Passport number to authenticate product licensing information using a direct link to the Industry Representative Register.

 

 Service features include:

  • Representative, amendments or removal, directly with the FSCA.
  • Daily notification of changes to FSP or Representative information.
  • List of debarred representatives in the industry.
  • Date of first appointment (DOFA).
  • Regulatory examination details.
  • Qualifications
  • Supervision status
  • Financial products and financial services at current and previous FSPs.
  • Digital Consent to obtain consent from the data subject where required

 

2. Personal Service Provider

Financial Product Providers need to comply with the requirements of the Income Tax Act No. 58 of 1962. To meet this need, the PSP service offers a consolidated, automated online census, conducted on behalf of Financial Product Providers, with all FSPs they have contracts with to determine their PSP status. FSPs are benefited as they only need to complete the census once and not for each Product Provider. The census runs from September each year to January the following year.

 

The service provides the following benefits:

  • Eliminates the administrative burden when determining the Personal Service Provider (PSP) status of an FSP.
  • Assists Product Providers to apply the applicable PAYE tax deductions for declared PSPs.
  • FSPs only need to complete the census once and not for each product provider they have contracts with

 

3. Competency Register

The service uses the representatives’ Date of First Appointment (DOFA) and FAIS Fit and Proper requirements to outline a personalised path to competence for representatives. 

The system is designed to pro-actively track and monitor product-specific training, experience, regulatory examinations, class of business training, qualifications and CPD. 

The Intermediary data is pre-populated directly from the available data sources and is in real-time.

 

Service features include:

  • FAIS competency check.
  • Supervision details.
  • Access to verifiable certificates.
  • Competency CV which can be used to onboard representatives or as supporting documents to customers.
  • Reporting to assist compliance officers with legislative reporting.
  • A single platform for the industry, including training providers to exchange information between parties as well as with the FSCA.

 

4. Service Quick Summary

The Astute Compliance Service assists FSPs to comply with legislative requirements from recruitment; managing a representative and Key Individual register; dully authorised classes of business, through to maintaining representative competence and sales compliance processes. Adhoc DOFA transactions can be requested for individuals who may not be initially included on Rep Register (subscription) list.

 

Service Description

Available on Astute Front End

Available through Integration

1.       On boarding (Initial Setup of Rep Register and Reps

          on System)

2.       Debarred Status

3.       Supervision Status

4.       Date of First Appointment (DOFA)

5.       Qualifications

6.       Regulatory Examinations (RE)

7.       Product Sub-categories

8.       Financial Services

9.       Class of Business Training (COB)

 

10.    Product Specific Training (PST)

 

11.    Continuous Professional Development (CPD)

 

12.    Competent CV

 

13.    Register/Edit/Delete Representatives

 

14.    Submit Subscription List

15.    Get Deltas (changes) on Subscription List

 

16.    Get FSP Number

 

17.    Get All from Subscription List

 

18.    Get Latest from Subscription List

 

19.    Get Employment History

 

20.    Get Representative Category

 

21.    Get Representative Reference

 

22.    Personal Services Provider Census

         (SARS compliance)

 

 


5. Pricing

5.1.    FSPE Subscription Fee

Description of Service (Monthly Charge)

Rate 1 July 2020 – 30 June 2021

Subscription Fee: R0.82 per Rep on the subscription list or a Minimum of R 9 780.00 to a capped Maximum of R21 450

R0.82 per Rep

R9 780.00 (Min)

R21 450.00 (Max)

Personal Service Provider (PSP Census)

Included in Subscription Fee

Note: Prices Exclude VAT

 

5.2.    Competence Register Subscription Fee

 

Once the Client subscribed to the FSPE Service (as per 2.2 above) subscription to the Competency Register is voluntary.  This service will only be available in the first quarter of 2020.

The service is charged as follows (in addition to the FSPE Subscription Fee):

Description of Service (Monthly Charge)

Rate 1 July 2020 – 30 June 2021

Competency Register Data Fee (including Experience, DOFA and RE, COB, CPD, PST): Monthly per Rep included on the Competency Register

R3.85 per Rep

 

Competence Register Administrator Access

Included in Subscription Fee

Note: Prices Exclude VAT

 

5.3.    Annual Support Fee

Description of Service

Rate 1 July 2020 – 30 June 2021

15 hours of support per annum is included in the FSPE Subscription Fee.

 

Additional support hours will be quoted based on the applicable resource rate at the time.


5.4.    Additional Services

Optional Additional Services

Rate 1 July 2020 – 30 June 2021

DOFA RE (Ad-Hoc Requests)

R9.55

Digital Consent

Included in Above Price

Competency Register Front End for FSPs and Reps (Monthly Subscription)

R22.00 per Rep

Note: Prices Exclude VAT


Property Valuation Report

Our report contains all the information you need about your client’s property to assist you with Estate Planning or to advise your client on the best price to buy or sell a property for.

This report includes:

  • Property value
  • Property purchase price
  • Bond amount
  • Date purchased
  • Property size
  • Historical sales in the neighbourhood

 

R48 (excl vat) per report


Life and Claims Register

PREVENT FRAUD BY SHARING RISK AND CLAIMS INFORMATION

 

The Life Register is a database through which insurers can share information about persons who propose for, or who are the life assured under a policy and who have “notifiable impairments” that are relevant to the risk or claim assessment.

 

The Claims Register is a database through which insurers can share information about persons who are the life assured under policies and who have made “notifiable claims” that are relevant to the assessment of future claims and risk assessment.

 

The objective of the Life and Claims register is to prevent fraud in the following ways:

 

  • To prevent consumers who have been refused cover due to a notifiable impairment, to approach another Life Office without disclosing the impairment.

 

  • To prevent the payment of notifiable claims that are refused/repudiated, usually due to non-disclosure.

 

  • Centralised capture ensures that there is a single version of the truth – no synchronisation discrepancies. All companies are able to submit their notifications through the multiple integration mechanisms improving fraud prevention.

 

  • The combined register ensures that both Life notifications and Claim notifications are always available whether assessing a claim or performing underwriting.


Astute Short Term Switch

ENABLING DATA AND COMMUNICATION STANDARDS ACROSS THE SHORT TERM INSURANCE INDUSTRY

 

On 1st January 2016, Astute has acquired the STRIDE switch. Industry feedback played a crucial role in the streamlining, enhancing and integration of STRIDE switch into the Astute Short Term Switch (ASTS). ASTS  is a secure and easy way to request and deliver data between insurers and industry participants. The electronic interchange (or switch) of data is a system whereby information can be easily moved from one source to another and is able to overcome incompatibility issues. This type of environment offers a strategic advantage to your company through various benefits:

  • Cost saving
  • Data accuracy
  • Speed of delivery
  • Business efficiencies – process more transactions in less time with fewer errors
  • Enhanced partnerships
  • Improve operational efficiencies by tracking the status of a transaction and measuring performance throughout the process

ASTS will ensure the safe and secure transfer of data without storing data in a central database. Special security is embedded in the switch which will not allow access to parties outside of the insurance transaction without the explicit permission of the industry.

 

A Directory Service will manage the security and data sharing relationships in the switch. A Batch delivery mechanism will enable participants to share information on a daily, weekly or monthly load. The Switch will enable real-time, bi-directional communication between participants to facilitate both data and process exchange.


Verification of Personal Details

PREVENT FRAUD: VERIFY REAL-TIME ONLINE

 

VOPD provides for the following verification types:

  • Identity verification
  • Death certificate verification
  • Status verification (alive/deceased status)
  • Birth certificate verification
  • Family lineage verification
  • Marriage verification

 

Participating companies will receive the following benefits from the DHA link:

 

  • New Business:
    • Verify the identities of current and prospective clients; making it difficult for people with fraudulent IDs to take out new policies or to claim against existing policies.
  • Claims:
    • An overall reduction in fraudulent claims as well as investigation costs;
    • Consistent automated processes to fraud detection and prevention
    • Verification of DHA documents can speed up valid claim payments and reduce fraud
  • Forensics:
    • More focused forensic activities due to lower first line requests
    • Mandated access to DHA data allows for admissibility of evidence
    • Improved syndicate investigations and claims analysis
  • Annuities:
    • Regular scheduling and automation of proof of existence;
    • Reduction in incorrect payments and improved turnaround time
  • General:
    • Data scrubbing and analysis of existing client books e.g. credit life, trusts & wills etc.
    • Manage previously undetected risk exposure
    • Proportional development shared with community
    • Enhancement costs shared by all participants
    • Transactional model lowers barrier to entry; more cost-effective

 

Governance is provided by a signed Memorandum of Understanding with the Department of Home Affairs (DHA) and ASISA. Access is granted either through a secure website or fully integrated business solutions allowing for individual and bulk requests.


Risk Mitigation Switch

THE RISK MITIGATION SWITCH IS AN INDUSTRY-DESIGNED SOLUTION TO ASSIST IN THE MITIGATION OF FRAUD BY CREATING A SHARED DATABASE OF SUSPICIOUS AND FRAUDULENT ACTIVITIES

 

The RMS benefits the broader Financial Services Industry by:

  • Sharing fraud date between companies
  • Allows for the prediction of syndicate behaviour
  • Flagging of known fraud and suspicious indicators
  • Identifying previously undetected fraud by comparing various data elements across parties
  • Facilitating the implementation of preventative measures

The strength of the system lies in the collaboration between financial institutions and aggregating the services of specialist providers to create a single entry point to combat and investigate fraud.

The legal constraints have been considered through the establishment of a committee comprising a legal representative from participating insurers.


People

As an innovative FinTech company that provides the backbone for inter-company financial data switching, the Astute FSE team is driven by making a positive and valuable impact in the financial services industry.
Team Member

Executive Managing Director and Group CEO

Jacques is an entrepreneurial technologist with more than 20 years of experience in transforming and running companies. He joined Astute FSE in 2014 with the mandate of transforming the organisations’ strategic objectives, driving growth as well as identifying new opportunities in the marketplace. Jacques has previously worked at Aurecon, the Engineering Group (previously Africon Engineering), as an IT consultant after which he spent six years based in London where he assisted the growth, acquisition and private equity deals of a global financial services group and later became part of Alexander Forbes International through acquisition. In 2010, he founded a company specialising in unified utility management technology solutions, successfully developing the company following major client acquisitions.

Jacques Rossouw

Exec Managing Director & Group CEO Executive
Team Member

Chief Information Officer

Charl is a digital and entrepreneurial strategist with a vision of seeing the democratisation of financial information in South Africa. With over 8 years in the financial services space, he started his career in the tech environment working for a software development organisation. He then moved to PWC as part of the Tech Advisory team working on solutions specifically focusing on financial services companies. With a passion for strategy development, business development, entrepreneurship and digital strategy, Charl joined the Astute FSE team in 2016 as the Chief Operations Officer as he identified Astute FSE’s unique positioning to make an impact in the financial services industry. Charl’s key mandate at Astute FSE is overseeing the core operational function, new product delivery as well as maintenance of product and technical infrastructure in the organisation. Charl has completed his MBA (Stellenbosch Uni) and has completed qualifications in Bus Hons (Stellenbosch Uni), Project Management (UP) as well as Digital Strategy (Bocconi Uni; Italy).

Charl Theron

Chief Information Officer Executive
Team Member

Executive: Group Risk & Compliance

Michelle joined Astute in 2015 and has over 15 years’ experience in IT Service Management, ranging from IT Consulting to IT Operations Management, as well as managing small to large size teams. Michelle believes in the importance of the triad of People, Process and Technology working in alignment to create business success. As the Risk and Compliance Executive, Michelle is tasked with identifying, planning and assisting in mitigating the ever-changing emerging risks whilst ensuring governance and compliance as part of a healthy Eco-system. Michelle holds certifications in ITIL, Project Management, ISO 20000, ISO 27001, Cobit 5, Cyber Security and CISM (Certified Information Security Management).

Michelle Taylor

Executive: Group Risk & Compliance Executive
Team Member

Nivashni Naguran

Nivashni has over 19 years’ experience in a variety of functions in HR. Her industry experience spans across retail, medical and the financial services sector. She joined Astute FSE in May 2014 as an Independent Consultant to the Human Resources function and was then permanently appointed as HR Manager in September of the same year. Her key focus is building and entrenching a culture of high performance in the organisation. Driven by a passion for harnessing talent, Nivashni is also responsible for attracting and retaining capable individuals onto the Astute FSE team as well as enhancing the leadership skills in the business. Nivashni holds a BA Degree and Post-Graduate Qualifications in Human Resources.

Nivashni Naguran

Executive: Human Resources Executive
Team Member

Chief Financial Officer

Ovadia has over 20 years’ experience as a financial leader and specialist. He joined Astute FSE in 2013 and his role includes ensuring business results with a view to long term sustainability, strategic focus and digital transformation. He has held key leadership and executive roles as FD or CFO of the businesses he’s worked in, including a large NGO, The Focus Group and ADvTECH Group Limited. Ovadia holds a BCom and BCom (Hon) from UNISA and is a registered CFO(SA) with SAIBA.

Ovadia Kaempf

Chief Financial Officer Executive
Team Member

Executive: Project & Operations

Zakiyya has over 19 years’ experience in the software delivery space with experience in the financial , insurance , retail and aviation industries. A Portfolio, Program & Project Management specialist with a natural flair for breathing new life and energy into individuals, teams and projects, moving people to action and making change happen. She is passionate about helping people grow. Zakiyya has solid expertise in Portfolio, Programme & Project Management Methodologies, Governance, P3O Management Office, PMBOK, PRINCE2™, ITIL, SDLC and vast experience working on a wide range of consulting, business transformation & service roll-out programs & projects across a variety of organisations. These included strategic roadmaps, program & project governance, project health checks & post implementation reviews, IT Cyber Security, organisational change, systems integration, implementation, data & systems migration, telecommunications quality systems monitoring & support. Zakiyya’s key mandate at Astute FSE is overseeing the software delivery teams as well as the operations within the organisation. Zakiyya has a degree in project management and holds certifications in PRINCE 2 , P3O and Neuro Linguistic Practitioner as well as ITIL.

Zakiyya Cassimjee

Executive: Project & Operations Executive

Our Directors

Astute Financial Services Exchange

 

    Mr Jacques Pieter Rossouw
  • Mr Jacques Pieter Rossouw
    Executive Managing Director & Group CEO
  • Mr Brett Warner Matthew
  • Mr Brett Warner Matthew
    Chairperson and Independent Non-Executive Director
  • Mrs Lizl Budhram
  • Mrs Lizl Budhram
    Non-Executive Director
  • Ms Jill Rose
  • Ms Jill Rose
    Alternative Director
  • Mr Brad Eliot
  • Mr Brad Eliot
    Independent Non-Executive Director
  • Mr Johannes van Zyl
  • Mr Johannes van Zyl
    Non-Executive Director
  • Ms Tendani Mantshimuli
  • Ms Tendani Mantshimuli
    Alternative Director
  • Mr Kroshelan Chetty
  • Mr Kroshelan Chetty
    Non-Executive Director

 

Astute Short Term Exchange

 

    Mr Jacques Pieter Rossouw
  • Mr Jacques Pieter Rossouw
    Executive Managing Director & Group CEO
  • Mr Hennie Nortje
  • Mr Hennie Nortje
    Non-Executive Director
  • Mr Brett Warner Matthew
  • Mr Brett Warner Matthew
    Non-Executive Director
  • Mr Kevin Wright
  • Mr Kevin Wright
    Non-Executive Director

Careers

PASSIONATE ABOUT OUR PEOPLE

We pride ourselves in employing individuals who are skilled, motivated and passionate about their chosen career. As an innovative fin-tech company, we encourage a learning culture and support the continuous self-development of our staff. Our core values of Accountability, Integrity, Excellence and Collaboration are inherent in our people and representative of how we engage with each other, as well as our business partners.

Want To Join Astute?

Our Core Values

The Astute FSE core values define how we do business and highlight the organisations fundamental beliefs. Our values are at the heart of how we engage our employees as well as our stakeholders, and define how we want to be recognised in the financial services industry.
Collaboration

Collaboration

At Astute, we work as part of a collective team, we are willing to share our time, our ideas and our knowledge, not just with those we work with each day, but with everyone in the Astute family. Underlying this, is an inherent respect for ourselves, each other, and for the company. Collaboration is what unites and strengthens us, and contributes to our success as well as that of our partners.
Integrity

Integrity

Embedded in the Astute culture is a strong sense of Integrity, both in the way we interact with each other on a daily basis and during our engagements with stakeholders. We pride ourselves on this as it is the core of who we are. Integrity in our people and service offering is a critical part of our success.
Accountability

Accountability

Astute promotes that all staff are accountable for the functions which they own, regardless of the level of operation. Having a high sense of ownership instils a sense of pride in what we do and how we do it.
Excellence

Excellence

Astute strives for Excellence across all platforms, be it with our people; our technology or our stakeholders. Our intention is to continually drive a culture of excellence with all our business activities.

Corporate Social Investment

Empowering Our Community

 

 

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Astute Charity Golf Day

 

 

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Contact Us

We would love to hear from you!
Business Development & Sales   +27 11 214 0900   marketing@astutefse.com
Address

Building 2

Corporate Campus

74 Waterfall Drive

Waterfall City

Waterfall

2090

Open Hours

Mon-Fri: 08:30-17:00