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list-of-debit-order-definitions [2019/06/12 12:06] |
list-of-debit-order-definitions [2020/06/22 13:48] (current) Schuzelle van Wyk |
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+ | ====== List of debit order definitions ====== | ||
+ | |||
+ | 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:// | ||
+ | ===== EFT ===== | ||
+ | |||
+ | |< 100% 50% 50%>| | ||
+ | ^ Term ^ Definition ^ | ||
+ | |Abbreviated Name (Short Name)|The User's legal entity or trading as name that will reflect on the client' | ||
+ | |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' | ||
+ | |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/ | ||
+ | |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, | ||
+ | |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.| | ||
+ | |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 Bank|Bank which must act on a 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.| | ||
+ | |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.| | ||
+ | |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/ | ||
+ | |Transmission|Sending, | ||
+ | |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 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/ | ||
+ | |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 ===== | ||
+ | |||
+ | |< 100% 50% 50%> | ||
+ | ^Term ^ Definition^ | ||
+ | |Abbreviated Name (Short Name)|The user's legal entity or trading as name that will reflect on their client' | ||
+ | |Account Holder|Legal person/ | ||
+ | |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, | ||
+ | |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, | ||
+ | |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, | ||
+ | |Randomisation|Process of mixing all payment instructions, | ||
+ | |Transaction|A NAEDO payment instruction.| | ||
+ | |||
+ | ===== DebiCheck ===== | ||
+ | |< 100% 50% 50%>| | ||
+ | ^Term^ Definition^ | ||
+ | |Abbreviated Name|The user's legal entity or trading as name that will reflect on their client' | ||
+ | |Account Holder|Legal person/ | ||
+ | |Account Number|The client' | ||
+ | |Account Type|Current, | ||
+ | |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/ | ||
+ | |Authenticated Collections|Process whereby consumers electronically confirm to their bank they are in the process of doing business with a user/ | ||
+ | |Authentication Indicator|Indicator in user’s / | ||
+ | |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/ | ||
+ | |Collection Amount|Amount of the specific payment instruction usually due and payable by debtor.| | ||
+ | |Collection Day|Day of collection from the client' | ||
+ | |Creation Date And Time|Will always be in the format YYYY-MM-DDThh: | ||
+ | |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, | ||
+ | |Debicheck|A debit order confirmed electronically by a client once at the start of a contract with a user/ | ||
+ | |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, | ||
+ | |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' | ||
+ | |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 #.| | ||