List of debit order definitions

The list of debit order definitions include EFT, NAEDO and DebiCheck payment stream definitions.

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EFT

Term	Definition
Abbreviated Name (Short Name)	The User's legal entity or trading as name that will reflect on the client's bank statement, shortened to 10 characters. For example Direct Debit (Pty) Ltd's customer being debited will see DDEBIT on their bank statement for the debit order transaction.
Account Balance	The total amount in the account.
Account Holder	Individual person or legal entity from whom the User is collecting funds from or to whom the User is paying funds to.
Action Date	The day the debit order will be deducted from the client's bank account or credit payment paid from the User's account.
Aggregate Value Limit	The maximum aggregate (total) Rand value of transactions processed by a User in one (1) calendar month, and is restricted to a fixed limit as negotiated between the User and Direct Debit.
Amended Action Date	Where the specified action date is not a valid business day, the effective action date is amended to the following business day.
Available Balance	The total amount available for release based on repayment terms and security retention in the account.
Bank Account	An account held at one of the participating banks which can be debited or credited as a result of a payment instruction.
Business Days	Monday to Friday excluding Weekends and public holidays.
Calendar Days	A period counting all days – Sundays to Saturdays, including public holidays.
Credit Order/Credit Entry/Credit Transaction	An instruction from the User to a bank, presented in the form of an electronic record, to pay money to a client; e.g. salaries, pensions, creditors, dividends etc.
Customer	Any person to whom the User is paying money, or from whom the User is collecting money from.
Cut-Off Date	The final date we will accept a debit order batch for processing.
Cut-Off Time	The final time we will accept a debit order batch for processing.
Debit Order/Debit Entry/Debit Transaction	A mandated payment instruction from the User to a bank, presented in the form of an electronic record, to collect money from a client; e.g. insurance premiums, unit trust investments, hire purchase payments, rentals etc.
Disputed Item	Authority of processed payment instruction has been disputed/reversed by the account holder.
EFT	Short for Electronic Funds Transfer and refers to the EFT debit order payment stream.
File	A defined formatted batch of EFT transactions, which is a self-balancing entity submitted electronically for processing into the EFT system.
Homing Account	Client’s account at a bank into which credits will be paid or from which debits will be drawn.
Homing Bank	Bank which must act on a transaction; i.e. the bank which holds a homing account.
Item	Same as transaction.
Item Limit	Maximum monetary value of a transaction that may be submitted by a user as negotiated between the user and Direct Debit.
Mandate	The consent/authorisation given by an account holder allowing a User the ability to initiate a payment instruction against the account of the account holder.
Nominated Account	An account in the user’s name held by the sponsoring bank for the specific (but not necessarily exclusive) purpose of posting entries connected with the Service.
Payment Instrument	Any instrument that provides a method of exchanging value for money, i.e. Notes and coins, paper and electronic payment instructions.
Processing Date	Date on which an operator processes a user’s data.
Public Holidays	Non business days as declared by the South African government under the public holidays act. Such days are not valid action dates.
Same Day Value (SDV)	EFT Service where data has to be delivered for processing on the business day which is the action date.
Security Retention	The total amount held back as security for unpaid or disputed transactions.
Stop Payment	When a customer stops a collection that has not yet reached his account, by placing an instruction with his bank to stop the transaction.
Transaction Set	A number of transactions of the same type (i.e. debits, credits, salaries), and service (SDV or Two-day) appearing contiguously in a data set, all having the same action date.
Two-day Service	EFT Service where data has to be delivered for processing at least two working days prior to action date.
Transaction/Transaction Record	A debit or credit payment record.
Transmission	Sending, moving and receiving electronic data between destinations.
User/s	A person or persons or a body or bodies (including a bank) that submits transactions.
User Data Set	A number of transactions, all having the same user code, and organised into a self contained defined formatted batch.
User Installation Code	The User Installation Code is the client code assigned to the User to identify the User account.
Vet Date	The same as processing date.
Vet Report/Input	A report confirming that the data set has been processed by Bankserv. The VET report also details all errors which have been detected.
Working Days	Monday to Saturday excluding Sunday and public holidays for the Two-Day service and Monday to Saturday excluding Sunday and public holidays for the Same Day service.

NAEDO

Term	Definition
Abbreviated Name (Short Name)	The user's legal entity or trading as name that will reflect on their client's bank statement, shortened to 10 characters. For example Direct Debit (Pty) Ltd's customer being debited will see DDEBIT.
Account Holder	Legal person/entity to whom the user is paying funds to, or collecting funds from.
Action Date	The day you would like to debit your client or have a credit run from your account.
Agreement	The contractual arrangement with a determined end date, including a loan agreement or a sales agreement, between an account holder and a NAEDO user.
Agreement Reference	Reference assigned to an Agreement by the NAEDO user to identify the Agreement to the account holder.
Business Day	Mondays to Fridays excluding Saturdays, Sundays and public holidays.
Credit Tracking	Process where AEDO and/or NAEDO payment instructions that were indicated to be held over for re-presentment should the said payment instruction not be paid upon initial presentment, are held over for re-presentment.
Cycle Date	The mandated date formally agreed between the user and the customer on which the user will first present a payment instruction to the customer’s account for execution.
EDO	Short for Early Debit Order. A system to facilitate collections in terms of, amongst others, NAEDO payment instructions.
EDO Processing	Processing of AEDO and NAEDO payment instructions.
Effective Action Date	Only used in EDO requests and responses. In the collection request, it can refer to the initial action date or amended action date. In the collection response it can refer to the finalised date as a result of successful presentation, terminal event /change in account status or end of tracking period.
Fate Or Fate Message	Code indicating the outcome of the presentment of a NAEDO payment instruction to the collecting bank.
Installment	One NAEDO payment instruction of an Agreement.
Mandate	The consent / authorisation given by an account holder allowing a User the ability to initiate a payment instruction against the account of the account holder, and to allow tracking of the account for funds.
NAEDO payment instruction	a Non-authenticated early debit order payment instruction, issued and delivered by the User to the Bank, to transfer funds as authorised by the Customer in terms of a NAEDO mandate for funds owed to the User.
Randomisation	Process of mixing all payment instructions, at account level, together for AEDO and NAEDO, with no pre-determined pattern or sequence.
Transaction	A NAEDO payment instruction.

DebiCheck

Term	Definition
Abbreviated Name	The user's legal entity or trading as name that will reflect on their client's bank statement, shortened to 10 characters. For example Direct Debit (Pty) Ltd's customer being debited will see DDEBIT.
Account Holder	Legal person/entity to whom the user is paying funds to, or collecting funds from.
Account Number	The client's/debtor’s bank account number where collections or mandate authentication requests will be made on.
Account Type	Current, Savings or Transmission accounts.
Action Date	The day you would like to debit your client or have a credit run from your account.
Adjustment Amount	Amount that the installment amount and maximum collection amount can be adjusted by, based on adjustment category. This value can be negative.
Adjustment Category	The ability to adjust the installment amount and maximum collection amount (this includes never, biannual, annual, repo).
Adjustment Rate	Rate that the installment amount and maximum collection amount can be adjusted by, based on adjustment category. This value can be negative.
Authentication Channel	Mechanism used by paying/debtor bank to payer/debtor for authentication (e.g. ATM Internet Banking, Mobile and Card).
Authenticated Collections	Process whereby consumers electronically confirm to their bank they are in the process of doing business with a user/company and agree to the details of the debit order instruction. Once authenticated, the bank will check the instruction from the company/user against the authenticated mandate to ensure the debit is within parameters agreed to, prior to processing.
Authentication Indicator	Indicator in user’s /creditor’s amendment request to advise if mandate requires authentication from payer/debtor, or not.
Authentication Type	Real time or batch authentication.
Business Day	Mondays to Fridays excluding Saturdays, Sundays and public holidays.
Checking / Verifying	The bank compares the debit order instruction with the stored authenticated mandate information.
Contract	A legal document between user and client. It sets out certain rights and obligations for each party, specifically regarding service provided or goods bought.
Contract Reference	Number issued by the user/creditor to the payer/debtor when a contract is concluded. Only one contract reference number per mandate is allowed.
Collection Amount	Amount of the specific payment instruction usually due and payable by debtor.
Collection Day	Day of collection from the client's bank account relative to frequency.
Creation Date And Time	Will always be in the format YYYY-MM-DDThh:mm:ss.
Credit Tracking	Process where DebiCheck payment instructions that were indicated to be held over for re-presentment should the said payment instruction not be paid upon initial presentment, are held over for re-presentment.
Debicheck	A debit order confirmed electronically by a client once at the start of a contract with a user/company. Its allows a client to confirm / approve debit order details with their bank before processing.
Debit Order	A mandated payment instruction from the user to a bank, presented in the form of an electronic record, to collect money from a client; e.g. insurance premiums, unit trust investments, hire purchase payments, rentals etc.
Debit Order Information	Information contained in the mandate that stipulates the account number, amount and date on which the debit order may be processed.
Electronically Confirm	Process whereby a client electronically confirms the details of a debit order on an electronic device such as your cellphone, personal computer or perhaps an ATM.
First Collection Amount	The date of the first collection, if different to recurring collection day.
First Collection Date	The date of the first collection, if different to recurring collection day.
Frequency	Frequency of recurring collections (monthly, quarterly, annually, biannually, month-end), relative to collection day.
Installment Amount	means the regular collection amount.
Mandate	The consent / authorisation given by an account holder allowing a User the ability to initiate a payment instruction against the account of the account holder.
Mandate Reference Number	A unique mandate identification for an authorised mandate. Will be the contract reference number.
Mandate Type	The type of mandate: Fixed, Variable or Usage-based.
Maximum Collection Amount	Maximum amount allowed for any installment.
Processing	When the debit order information goes through the bank’s system, resulting in the money being taken from the client's account.
Tracking Indicator	Indicates if tracking may be used for collections on client accounts.
Unstructured Supplementary Service Data (USSD)	Technology allowing a person to access various services through the use of short codes via your cellphone. It usually consists of number that start with * and end with #.

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List of debit order definitions

EFT

NAEDO

DebiCheck

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