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Trace: • What is a debit order? • What limitations does the NAEDO debit order have? • How does the electronic mandate solution work? • When are NAEDO transactions not eligible for clearing? • Debit Order Signup Requirements • What are the benefits of using a debit order or direct debit? • When can a User reverse incorrect transactions? • How do I authenticate the mandate on DebiCheck? • What is the benefit of using the AEDO service? • List of debit order definitions
list-of-debit-order-definitions

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list-of-debit-order-definitions [2020/06/22 12:51]
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's bank statement, shortened to 10 characters. For example Direct Debit (Pty) Ltd's customer being debited will see DDEBIT on their bank statement for the debit order transaction.| |Abbreviated Name (Short Name)|The User's legal entity or trading as name that will reflect on the client's bank statement, shortened to 10 characters. For example Direct Debit (Pty) Ltd's customer being debited will see DDEBIT on their bank statement for the debit order transaction.|
 +|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'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.| 
 +|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 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.| +|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.| 
-|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.| +|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 (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.| +|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, hire purchase payments, rentals etc.| 
 +|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.|
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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/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.| 
 |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, all having the same user code, and organised into a self contained defined formatted batch.| |User Data Set|A number of transactions, all having the same user code, and organised into a self contained defined formatted batch.|
 +|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/Input|A report confirming that the data set has been processed by Bankserv. The VET report also details all errors which have been detected.| |Vet Report/Input|A report confirming that the data set has been processed by Bankserv. The VET report also details all errors which have been detected.|
list-of-debit-order-definitions.1592830284.txt.bz2 · Last modified: 2020/06/22 12:51 by Schuzelle van Wyk

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