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list_of_debit_order_definitions

List of debit order definitions

EFT Debits

abbreviated name

means a mandatory field within the User reference field reflecting the User's trading name on their client's bank statement. This abbreviated name may not exceed the 10 character limit.

account holder

shall refer to any legal person/legal entity to whom the User is paying funds to, or collecting funds from.

action date

means the date on which the payment becomes effective; i.e. the date on which the banks pass the entry to the account/s of their clients. This usually means the day you would like to debit your client or have a credit run from your account.

aggregate value limit

means the maximum aggregate value of transactions processed by a user in any agreed period and is restricted to a limit which is fixed by negotiation between the user and his bank. This is usually the total amount collectively collected from your clients in one month or processed as a credit from your account.

amended action date

means where the specified action date is not a valid business day,the effective action date will be amended to the first valid date for the EFT Service following the specified date.

bank account

means an account held at one of the participating banks which can be debited or credited as a result of an EFT payment instruction.

business days

means Mondays to Friday excluding Saturday, public holidays and Sundays.

calendar days

means a period counting all days – Sundays to Saturdays, including public holidays.

customer

means any person to whom the user is paying money, or from whom the user is collecting money through the EFT Service.

credit order/credit entry/credit transaction (including credit when used as a noun)

means 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)

means 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

means the authority of the processed payment instruction has been disputed by the accountholder.

EFT

means Electronic Funds Transfer.

file

means a defined formatted batch of EFT transactions, which is a self-balancing entity submitted electronically for processing into the EFT system.

homing account

means the client’s account at a bank into which credits will be paid or from which debits will be drawn.

homing bank

means the bank which must act on a transaction; i.e. the bank which holds a homing account.

item

same as transaction.

item limit

means the maximum monetary value of a transaction that must be submitted by a user agreed between the participant and the user.

mandate

means the consent authorisation given by an accountholder allowing an EFT User the ability to initiate a payment instruction against the account of the accountholder.

nominated account

means a current 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 EFT Service.

payment instrument

means every instrument that provides a method of exchanging value for money, i.e. Notes and coins, paper and electronic payment instructions.

processing date

means the date on which the operator processes a user’s data.

public holidays

means non business days as declared by the South African government under the public holidays act. Such days are not valid action dates.

specified action date

means the date specified by the user on the transaction record of the users data set (must be a valid calendar date).

stop payment

is 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)

means the EFT Service where data has to be delivered for processing on the business day which is the action date.

transaction set

means a number of transactions of the same type (i.e. debits, credits, salaries), appearing contiguously in a data set, all having the same record identifier, the same action date and the same nominated account followed by a contra record.

two-day service

means the EFT Service, which allows delivery of data by a user at least two working days prior to action date.

transaction/transaction record

means a debit or credit payment record.

transmission

means sending, moving and receiving electronic data between destinations.

User/s

means a person or persons or a body or bodies (including a bank) that submits transactions.

user data set

can be defined as a number of transactions and their related contra records, all having the same user code, and organised into a self contained batch having its own header and trailer records.

vet date

means the same as processing date.

vet report/input

vet report means a report prepared by the operator on vet date for the user serving as confirmation that the data set has been processed and detailing all errors which have been detected.

working days

working days are Mondays to Fridays excluding public holidays for the two-day service and Mondays to Saturdays excluding public holidays for the same day service.

NAEDO Debits

abbreviated name

means a mandatory field within the User reference field reflecting the User's trading name on their client's bank statement. This abbreviated name may not exceed the 10 character limit.

accountholder

means a person whose account is to be debited pursuant to a NAEDO presented to the account of the accountholder.

action Date

is the earliest date when an obligation is due and that an Installment can be presented for collection.

agreement

means the contractual arrangement with a determined end date, including a loan agreement or a sales agreement, between an accountholder and a NAEDO user.

agreement reference

is the reference assigned to an Agreement by the NAEDO user to identify the Agreement to the accountholder.

business day

means all weekdays excluding Saturdays, Sundays and official public holidays within the Republic of South Africa.

credit tracking

means a process where AEDO and/or NAEDO payment instructions that were indicated by merchants or NAEDO users to be held over for re-presentment should the said payment instruction not be paid upon initial presentment, are held over for re-presentment.

cycle Date

means the mandated date formally agreed between the user and the customer and on which the user will first present a payment instruction to the customer’s account for execution.

EDO

means Early Debit Order System, a system to facilitate collections in terms of, amongst others, NAEDO payment instructions.

EDO processing

means the processing of AEDO and NAEDO payment instructions.

effective action date

is only used in EDO requests and responses. In the request message (from PSO) it refers to the date of presentment and can differ from the action date where the action date falls on a Sunday or Public Holiday. In the response message (to PSO) it refers to the date on which the payment instruction was finalised as a result of successful presentation, terminal event /change in account status or end of tracking period.

fate or fate message

is the code indicating the outcome of the presentment of a NAEDO payment instruction to the collecting bank.

installment

is one NAEDO payment instruction of an Agreement.

mandate

means the authorisation, given by an accountholder allowing a NAEDO user to initiate payment instructions.

NAEDO payment instruction

means a Non-authenticated early debit order payment instruction, being an instruction issued and delivered by the User to the Bank, to transfer funds or make a payment, as authorised by the Customer in terms of a NAEDO mandate for collection of funds owed by the Customer to the User.

randomisation

means the process of mixing all payment instructions, at account level, together for AEDO and NAEDO, with no pre-determined pattern or sequence.

transaction

means a NAEDO payment instruction.

Authenticated Collections

abbreviated name

means a mandatory field within the User reference field reflecting the User's trading name on their client's bank statement. This abbreviated name may not exceed the 10 character limit.

account holder

means a person whose account is to be debited pursuant to a NAEDO presented to the account of the accountholder.

action date

is the earliest date when an obligation is due and that an Installment can be presented for collection.

adjustment amount

means the amount that the installment amount and maximum collection amount can be adjusted based on adjustment category. This value can be negative.

adjustment category

means the ability to adjust the installment amount and maximum collection Amount (this includes never, biannual, annual, repo).

adjustment rate

means the rate that the installment amount and maximum collection amount can be adjusted based on adjustment category. This value can be negative.

authentication channel

identifies the mechanism used by paying/debtor Bank to payer/debtor for authentication (e.g. ATM Internet Banking, Mobile and Card).

authenticated collections

is the process whereby consumers will electronically confirm to their bank that you are in the process of doing business with a user/company and that you agree to the details of the specific debit order instruction. Once you have authenticated the debit order, the bank will check the debit order payment instruction from the company/user against your authenticated mandate to ensure that the debit is within the parameters you agreed to, prior to processing.

authentication indicator

means the indicator in user’s /creditor’s amendment request to advise if Mandate requires authentication from payer/debtor, or Mandate does not require Authentication from payer/debtor.

authentication type

means real time authentication or batch authentication.

business day

means all weekdays excluding Saturdays, Sundays and official public holidays within the Republic of South Africa.

contract reference number

is the number issued by the user/creditor to the payer/debtor when a contract is concluded between both parties. Only one Contract Reference number per Mandate is allowed.

collection amount

means the amount of the specific payment instruction which is usually the amount due and payable by debtor.

collection day

means the day of collection as per frequency selected. The collection day if the preferred recurring day for collection from the client's Bank account relative to frequency.

contract reference

means the number issued by the user/creditor to the payer/debtor when a contract is concluded between both parties. This will appear on the statement and will be referenced in Mandate Suspension, etc.

creation date and time

will always be in the format YYYY-MM-DDThh:mm:ss.

creditor account number

means the creditor's Bank account number.

creditor branch number

means the 6-digit branch sort code as required to identify the Bank.

credit tracking

means a process where Authenticated Collection payment instructions that were indicated by users to be held over for re-presentment should the said payment instruction not be paid upon initial presentment, are held over for re-presentment.

debit date

means the date on which mandate is first submitted for authentication.

debit sequence type

allows for First, Once-off, Recurring, Represented or Final.

debit value type

is an indicator to describe the mandate type which includes Fixed, Variable OR Usage-based.

debtor account number

means the Debtor’s Bank account number.

debtor account type

means Current, Savings or Transmission accounts.

debtor name

includes individuals who is responsible for the mandate authentication and payment for the collection.

first collection date

means the earliest date in which the first collection can occur, also referred to as commencement date.

frequency

means frequency of collections (weekly, monthly, quarterly, annually, biannually, fortnightly, monthly by rule), relative to collection day.

initial amount

means the first / initial Collection value.

initiating party

means the name of the creditor or merchant.

installment amount

means the regular collection amount.

mandate reference number

the debtor Bank provides this unique mandate identification in this response if Debtor authorises the mandate. This number must be unique in the industry for lifetime of mandate and consists of 4 character Bank Number, 8 Numeric Mandate Creation Date and 10 character of Free format Mandate Status This will reflect the status of the mandate – Active, Suspended or Cancelled.

maximum collection amount

means the maximum amount of any installment. The maximum collection amount means the maximum amount that the user/creditor is allowed to collect per debit payment instruction within the frequency as mandated by the payer/debtor.

message authentication code

means MAC or authenticated key/electronic signature, if generated by Authentication mechanism.

message identifier

means unique message identifier constructed of several elements including date and file number.

payer/debtor account number

means the account number of payer/debtor at paying/debtor Bank which will be debited as mandated.

remittance information

means the first 10 characters of the client's bank statement lines will contain the short name; the next 14 digits are the agreement number, and then a 6 digit date indicating the date of collection (contractual cycle date). The remaining 110 characters are to be used for bill presentment.

tracking indicator

is specified if Tracking may be used for collections.

Debicheck

checking / verifying

This is when the bank’s system compares the debit order information that you confirmed at the start of your contract with the debit order information that they receive from the company.

contract

A contract is the legal document that you sign with the company that you do business with. It sets out certain rights and obligations for each party (yourself and the company) specifically regarding the service that the company provides or the goods that you buy.

Debicheck

means a debit order that your confirm, electronically on a once-off basis (at the start of your contract). Its purpose is for you to confirm the details of the debit order with your bank before it is processed to your bank account.

debit order

A debit order is a facility that companies use to collect money from your bank account on a regular basis. Each debit order must have a mandate.

debit order information

Debit order information is the specific information contained in the mandate that stipulates your account number, the amount and the date on which the debit order may be processed.

electronically confirm

To electronically confirm your debit order means that you confirm the details of your debit order on an electronic device such as your cellphone, your personal computer or perhaps an ATM.

mandate

A mandate is the permission that you give to a company to collect money from your bank account, without you having to make the payment every month.

processing

Processing is the term used when the debit order information goes through the bank’s system, resulting in the money being taken from your account.

service provider

This is the company you have a contract with, for example the gym.

Unstructured Supplementary Service Data (USSD)

is a technology that allows 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 #.

list_of_debit_order_definitions.txt · Last modified: 2017/09/01 10:05 by Schuzelle Smit