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list-of-debit-order-definitions [2020/06/22 13:36] Schuzelle van Wyk |
list-of-debit-order-definitions [2020/06/22 13:48] (current) Schuzelle van Wyk |
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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 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.| | |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' | |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.| | |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.| | |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 Weekends and public holidays.| | |Business Days|Monday to Friday excluding Weekends and public holidays.| | ||
|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 from.| | ||
|Credit Order/ | |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, | |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/ | |Disputed Item|Authority of processed payment instruction has been disputed/ | ||
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|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/ |