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list-of-debit-order-definitions [2020/06/15 14:12] Schuzelle van Wyk [EFT] |
list-of-debit-order-definitions [2020/06/22 13:48] 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 User's legal entity or trading as name that will reflect on the client' | + | |Abbreviated Name (Short Name)|The User's legal entity or trading as name that will reflect on the client' |
- | |Account Holder|Legal person/entity to whom the user is paying funds to, or collecting funds from.| | + | |Account Balance|The total amount in the account.| |
- | |Action Date|The day you would like to debit or run a debit order from your client' | + | |Account Holder|Individual |
- | |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.| | + | |Action Date|The day the debit order will be deducted |
- | |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.| | + | |Aggregate Value Limit|The maximum aggregate (total) |
+ | |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.| | |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 | + | |Business Days|Monday to Friday excluding |
|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.| | + | |Credit Order/ |
- | |Credit Order/ | + | |Customer|Any person to whom the User is paying money, or from whom the User is collecting money from.| |
- | |Debit Order/Debit Entry/Debit Transaction | + | |Cut-Off Date|The final date we will accept a debit order batch for processing.| |
- | |Disputed Item|Authority of processed payment instruction has been disputed by the account holder.| | + | |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, | ||
+ | |Disputed Item|Authority of processed payment instruction has been disputed/ | ||
|EFT|Short for Electronic Funds Transfer and refers to the EFT debit order payment stream.| | |EFT|Short for Electronic Funds Transfer and refers to the EFT debit order payment stream.| | ||
|File|A defined formatted batch of EFT transactions, | |File|A defined formatted batch of EFT transactions, | ||
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|Item|Same as transaction.| | |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.| | |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.| | + | |Mandate|The consent/ |
|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.| | |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.| | |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.| | |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.| | |Public Holidays|Non business days as declared by the South African government under the public holidays act. Such days are not valid action dates.| | ||
- | |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.| | ||
|Same Day Value (SDV)|EFT Service where data has to be delivered for processing on the business day which is the action date.| | |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.| | |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.| | |Two-day Service|EFT Service where data has to be delivered for processing at least two working days prior to action date.| | ||
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|User/s|A person or persons or a body or bodies (including a bank) that submits transactions.| | |User/s|A person or persons or a body or bodies (including a bank) that submits transactions.| | ||
|User Data Set|A number of transactions, | |User Data Set|A number of transactions, | ||
+ | |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 Date|The same as processing date.| | ||
- | |Vet Report/ | + | |Vet Report/ |
- | |Working Days|Mondays | + | |Working Days|Monday |
===== NAEDO ===== | ===== NAEDO ===== |