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list_of_debit_order_definitions

List of debit order definitions

The list of debit order definitions include EFT, NAEDO and Authenticated Collection (DebiCheck) payment stream definitions in order to get a better understanding of each payment stream.

If you have any queries regarding any of the terms please feel free to contact us or if you want to signup for our service do go to our online application page.

EFT Debits

Term Definition
abbreviated name (short name)means a mandatory field within the User reference field reflecting the user's legal entity name or trading as name on their client's bank statement. This abbreviated name may not exceed the 10 character limit.
account holder refer to any legal person/entity to whom the user is paying funds to, or collecting funds from.
action datemeans 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 limitmeans 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 datemeans 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 accountmeans an account held at one of the participating banks which can be debited or credited as a result of an EFT payment instruction.
business daysmeans Mondays to Friday excluding Saturday, public holidays and Sundays.
calendar daysmeans a period counting all days – Sundays to Saturdays, including public holidays.
customermeans 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 itemmeans the authority of the processed payment instruction has been disputed by the account holder.
EFTmeans Electronic Funds Transfer.
filemeans a defined formatted batch of EFT transactions, which is a self-balancing entity submitted electronically for processing into the EFT system.
homing accountmeans the client’s account at a bank into which credits will be paid or from which debits will be drawn.
homing bankmeans the bank which must act on a transaction; i.e. the bank which holds a homing account.
itemsame as transaction.
item limitmeans the maximum monetary value of a transaction that must be submitted by a user agreed between the participant and the user.
mandatemeans the consent authorisation given by an account holder allowing an EFT User the ability to initiate a payment instruction against the account of the account holder.
nominated accountmeans 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 instrumentmeans every instrument that provides a method of exchanging value for money, i.e. Notes and coins, paper and electronic payment instructions.
processing datemeans the date on which the operator processes a user’s data.
public holidaysmeans non business days as declared by the South African government under the public holidays act. Such days are not valid action dates.
specified action datemeans the date specified by the user on the transaction record of the users data set (must be a valid calendar date).
stop paymentis 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 setmeans 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 servicemeans the EFT Service, which allows delivery of data by a user at least two working days prior to action date.
transaction/transaction recordmeans a debit or credit payment record.
transmissionmeans sending, moving and receiving electronic data between destinations.
User/smeans a person or persons or a body or bodies (including a bank) that submits transactions.
user data setcan 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 datemeans the same as processing date.
vet report/inputvet 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 daysworking 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

Term Definition
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 holdermeans a person whose account is to be debited pursuant to a NAEDO presented to the account of the account holder.
action Dateis the earliest date when an obligation is due and that an Installment can be presented for collection.
agreementmeans 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 referenceis the reference assigned to an Agreement by the NAEDO user to identify the Agreement to the account holder.
business daymeans all weekdays excluding Saturdays, Sundays and official public holidays within the Republic of South Africa.
credit trackingmeans 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 Datemeans 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.
EDOmeans Early Debit Order System, a system to facilitate collections in terms of, amongst others, NAEDO payment instructions.
EDO processingmeans the processing of AEDO and NAEDO payment instructions.
effective action dateis 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 messageis the code indicating the outcome of the presentment of a NAEDO payment instruction to the collecting bank.
installmentis one NAEDO payment instruction of an Agreement.
mandatemeans the authorisation, given by an account holder allowing a NAEDO user to initiate payment instructions.
NAEDO payment instructionmeans 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.
randomisationmeans the process of mixing all payment instructions, at account level, together for AEDO and NAEDO, with no pre-determined pattern or sequence.
transactionmeans a NAEDO payment instruction.

Authenticated Collections

Term Definition
abbreviated namemeans 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 holdermeans a person whose account is to be debited pursuant to a NAEDO presented to the account of the account holder.
action dateis the earliest date when an obligation is due and that an Instalment can be presented for collection.
adjustment amountmeans the amount that the instalment amount and maximum collection amount can be adjusted based on adjustment category. This value can be negative.
adjustment categorymeans the ability to adjust the instalment amount and maximum collection Amount (this includes never, biannual, annual, repo).
adjustment ratemeans the rate that the instalment amount and maximum collection amount can be adjusted based on adjustment category. This value can be negative.
authentication channelidentifies the mechanism used by paying/debtor Bank to payer/debtor for authentication (e.g. ATM Internet Banking, Mobile and Card).
authenticated collectionsis 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 indicatormeans 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 typemeans real time authentication or batch authentication.
business daymeans all weekdays excluding Saturdays, Sundays and official public holidays within the Republic of South Africa.
contract reference numberis 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 amountmeans the amount of the specific payment instruction which is usually the amount due and payable by debtor.
collection daymeans 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 referencemeans 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 timewill always be in the format YYYY-MM-DDThh:mm:ss.
creditor account numbermeans the creditor's Bank account number.
creditor branch numbermeans the 6-digit branch sort code as required to identify the Bank.
credit trackingmeans 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 datemeans the date on which mandate is first submitted for authentication.
debit sequence typeallows for First, Once-off, Recurring, Represented or Final.
debit value typeis an indicator to describe the mandate type which includes Fixed, Variable OR Usage-based.
debtor account numbermeans the Debtor’s Bank account number.
debtor account typemeans Current, Savings or Transmission accounts.
debtor nameincludes individuals who is responsible for the mandate authentication and payment for the collection.
first collection datemeans the earliest date in which the first collection can occur, also referred to as commencement date.
frequencymeans frequency of collections (weekly, monthly, quarterly, annually, biannually, fortnightly, monthly by rule), relative to collection day.
initial amountmeans the first / initial Collection value.
initiating partymeans the name of the creditor or merchant.
instalment amountmeans the regular collection amount.
mandate reference numberthe 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 amountmeans the maximum amount of any instalment. 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 codemeans MAC or authenticated key/electronic signature, if generated by Authentication mechanism.
message identifiermeans unique message identifier constructed of several elements including date and file number.
payer/debtor account numbermeans the account number of payer/debtor at paying/debtor Bank which will be debited as mandated.
remittance informationmeans 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 indicatoris specified if Tracking may be used for collections.

DebiCheck

Term Definition
checking / verifyingThis 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.
contractA 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.
Debicheckmeans 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 orderA 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 informationDebit 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 confirmTo 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.
mandateA 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.
processingProcessing 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 providerThis 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: 2019/06/13 09:19 by Schuzelle van Wyk