User Tools

Site Tools

Trace:
list-of-debit-order-definitions

Differences

This shows you the differences between two versions of the page.

Link to this comparison view

Both sides previous revision Previous revision
Last revision Both sides next revision
list-of-debit-order-definitions [2020/06/22 12:51]
Schuzelle van Wyk 		list-of-debit-order-definitions [2020/06/22 13:36]
Schuzelle van Wyk
Line 11: Line 11:
 |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's bank account or credit payment paid from the User's account.| |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) 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.| +|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 th 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.|
 |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 Saturday, Sunday 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 through the Service.| +|Customer|Any person to whom the User is paying money, or from whom the User is collecting money from.| 
-|Credit Order/Credit Entry/Credit Transaction (including Credit when used as a noun)|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.| +|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.| 
-|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, hire purchase payments, rentals etc.| +|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 by the account holder.| +|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.| |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.| |File|A defined formatted batch of EFT transactions, which is a self-balancing entity submitted electronically for processing into the EFT system.|
Line 26: Line 26:
 |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/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.| |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.| 
list-of-debit-order-definitions.txt · Last modified: 2020/06/22 13:48 by Schuzelle van Wyk

Page Tools

Except where otherwise noted, content on this wiki is licensed under the following license: GNU Free Documentation License 1.3
GNU Free Documentation License 1.3 Donate Powered by PHP Valid HTML5 Valid CSS Driven by DokuWiki