SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Reconcile Vostro accounts 
SAQA US ID UNIT STANDARD TITLE
117827  Reconcile Vostro accounts 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 3  NQF Level 03  8 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
7147  Reconcile Nostro and Vostro accounts  Level 3  NQF Level 03  12   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is for all People working in the FOREX department of a Financial Services institution.

Persons credited with this Unit Standard will be able to
  • Manage Vostro accounts
  • Scrutinise Vostro accounts
  • Identify and resolve outstanding items
  • Attend to the interest charges resulting from mismatches
  • Handle queries. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should be competent in:
  • Communication and Mathematical Literacy at NQF Level 2
  • The Unit Standard entitled: "Resolve rejected foreign exchange items and SWIFT messages". 
    		•

    UNIT STANDARD RANGE 
    Includes: Duplications, unpaids, wrong mark-ups, mismatches, items lost in transit, unauthorised items. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Manage Vostro accounts. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Steps are taken to ensure that suspense accounts used by internal accounting entities balance against Vostro accounts according to the institution's procedures. 

    ASSESSMENT CRITERION 2 
    Steps are taken to ensure that message(s) for internal entries passed to Vostro accounts by own branches, are received by the controlling department according to the institution's procedures. 

    ASSESSMENT CRITERION 3 
    Outstanding balances and reports are handled as required by the institution 

    SPECIFIC OUTCOME 2 
    Scrutinise Vostro accounts. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Vostro accounts are scrutinised to ensure that all entries are recorded in the manner required by the institution. 

    ASSESSMENT CRITERION 2 
    Manual entries for incidental charges are written up as required by the institution in order to balance the account. 
    ASSESSMENT CRITERION RANGE 
    Including but not limited to institution charges, O/D charges, interest received, other accounting adjustments
     

    ASSESSMENT CRITERION 3 
    Arrangements are made for manual entries to be processed according to the institution's procedures. 

    ASSESSMENT CRITERION 4 
    Accounts are balanced according to the institution's procedures. 

    SPECIFIC OUTCOME 3 
    Identify and resolve outstanding items. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Outstanding items are identified as per the institution's guidelines. 

    ASSESSMENT CRITERION 2 
    The appropriate procedure to resolve each outstanding item is identified according to the institution's guidelines. 

    ASSESSMENT CRITERION 3 
    Each item is investigated according to the institution's guidelines. 

    ASSESSMENT CRITERION 4 
    Each action taken in resolving the outstanding items is recorded as required by the institution. 

    ASSESSMENT CRITERION 5 
    Pending items are followed up according to the institution's guidelines. 

    ASSESSMENT CRITERION 6 
    Resolved items are recorded and filed according to the institution's procedures. 

    ASSESSMENT CRITERION 7 
    Details of the resolved and unresolved items are escalated to the affected parties as per the institution's procedures. 

    SPECIFIC OUTCOME 4 
    Attend to the interest charges resulting from mismatches. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The mismatch to be resolved is identified as required by the institution. 

    ASSESSMENT CRITERION 2 
    The interest to be charged on the mismatch is calculated and the report is annotated according to the institution's procedures. 

    ASSESSMENT CRITERION 3 
    The interest is claimed as per the institution's procedures. 

    ASSESSMENT CRITERION 4 
    The interest received is checked and recorded as per the institution's procedures. 

    SPECIFIC OUTCOME 5 
    Handle queries. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The nature of the query received is identified as required by the institution. 

    ASSESSMENT CRITERION 2 
    The query is attended to as required by the nature of the query and the institution's procedures. 

    ASSESSMENT CRITERION 3 
    All queries are handled in a manner that promotes customer service as required by the institution. 

    ASSESSMENT CRITERION 4 
    Administrative tasks relating to the query are completed in the manner required by the institution. 
    ASSESSMENT CRITERION RANGE 
    Including but not limited to report, notify, record details of a query
     


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • An individual wishing to be assessed (including through RPL) against this Unit Standard may apply to an assessment agency, assessor or provider institution accredited by the relevant ETQA,or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Anyone assessing a learner against this Unit Standard must be registered as an assessor with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA
  • Any institution offering learning that will enable achievement of this Unit Standard or assessing this Unit Standard must be accredited as a provider with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA
  • Moderation of assessment will be conducted by the relevant ETQA at its discretion. 
    		•

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • Institution policies and procedures.
  • Workflow.
  • Operating and computer systems.
  • Operational risk.
  • Security precautions.
  • Internal and foreign institution accounting procedures and practices
  • Working contracts with foreign institutions
  • The SWIFT system
  • Vostro operations
  • Product knowledge 
    		•

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made when the appropriate procedure to resolve each outstanding item is identified according to the institution's guidelines. 

    UNIT STANDARD CCFO WORKING 
    Work effectively with others as a member of a team, group, organization and community when details of the resolved and unresolved items are escalated to the affected parties as per the institution's procedures. 

    UNIT STANDARD CCFO ORGANISING 
    Organise and manage oneself and one's activities responsibly and effectively when arrangements are made for manual entries to be processed according to the institution's procedures. 

    UNIT STANDARD CCFO COMMUNICATING 
    Communicate effectively using visual, mathematical and language skills in the modes of oral and written presentations. Pending items are followed up according to the institution's procedures. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 7147, "Reconcile Nostro and Vostro accounts", Level 3, 12 credits.

    Legal:
    All procedures must meet recognised codes of practice as well as obligations required under current legislation within South Africa and within the normal parameters of the defined job/task.

    Terminology:
  • Nostro-South African institutions' accounts in foreign institutions' books
  • Vostro-Foreign institutions' accounts in South African institutions' books
  • SWIFT- Society for World-wide Inter-institution Financial Telecommunication
  • Good Value-Paying or claiming interest 
    		•

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  20184   National Certificate: Banking  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  BANKSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Fachs Business Consulting and Training 
    2. Octomate Education Pty Ltd 
    3. SIGNA ACADEMY (PTY) LTD 
    4. Trainers Without Borders 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.