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list-of-debit-order-definitions [2020/06/05 12:33] Schuzelle van Wyk created |
list-of-debit-order-definitions [2020/06/22 12:50] Schuzelle van Wyk |
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====== List of debit order definitions ====== | ====== List of debit order definitions ====== | ||
- | The list of debit order definitions include [[https:// | + | The list of debit order definitions include [[https:// |
For any queries regarding any of the terms please feel free to **[[[email protected]|contact]]** us. If you want to signup for our service do go to our [[https:// | For any queries regarding any of the terms please feel free to **[[[email protected]|contact]]** us. If you want to signup for our service do go to our [[https:// | ||
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^ Term ^ Definition ^ | ^ Term ^ Definition ^ | ||
- | |Abbreviated Name (Short Name)|The | + | |Abbreviated Name (Short Name)|The |
- | |Account Holder|Legal person/entity to whom the user is paying funds to, or collecting funds from.| | + | |Account Holder|Individual |
- | |Action Date|The day you would like to debit your client or have a credit run from your account.| | + | |Action Date|The day the debit order will be deducted from the client's bank account |
- | |Aggregate Value Limit|The maximum aggregate (total) value of transactions processed by a user in one month, and is restricted to a fixed limit as negotiated between the User and Direct Debit.| | + | |Aggregate Value Limit|The maximum aggregate (total) value of transactions processed by a User in one (1) 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 first following business day.| | + | |Amended Action Date|Where the specified action date is not a valid business day, the effective action date is amended to th following business day.| |
|Bank Account|An account held at one of the participating banks which can be debited or credited as a result of a payment instruction.| | |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|Mondays | + | |Business Days|Monday |
|Calendar Days|A period counting all days – Sundays to Saturdays, including public holidays.| | |Calendar Days|A period counting all days – Sundays to Saturdays, including public holidays.| | ||
- | |Customer|Any person to whom the user is paying money, or from whom the user is collecting money through the Service.| | + | |Customer|Any person to whom the User is paying money, or from whom the User is collecting money through the Service.| |
- | |Credit Order/ | + | |Credit Order/ |
- | |Debit Order/Debit Entry/Debit Transaction (including Debit when used as a noun)|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, | + | |Debit Order/Debit Entry/Debit Transaction (including Debit when used as a noun)|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, |
|Disputed Item|Authority of processed payment instruction has been disputed by the account holder.| | |Disputed Item|Authority of processed payment instruction has been disputed by the account holder.| | ||
- | |EFT|Short for Electronic Funds Transfer.| | + | |EFT|Short for Electronic Funds Transfer |
|File|A defined formatted batch of EFT transactions, | |File|A defined formatted batch of EFT transactions, | ||
|Homing Account|Client’s account at a bank into which credits will be paid or from which debits will be drawn.| | |Homing Account|Client’s account at a bank into which credits will be paid or from which debits will be drawn.| | ||
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|User Data Set|A number of transactions, | |User Data Set|A number of transactions, | ||
|Vet Date|The same as processing date.| | |Vet Date|The same as processing date.| | ||
- | |Vet Report/ | + | |Vet Report/ |
- | |Working Days|Mondays | + | |Working Days|Monday |
===== NAEDO ===== | ===== NAEDO ===== |