The NAEDO Service is provided by participating banks including ABSA,First National Bank (FNB), Nedbank, Standard Bank, Mercantile Bank and Bank of Athens, which enables companies and other bodies to process payments entirely by computerized means.
NAEDO payment instructions support multiple presentments thereof. If these are unpaid after the first presentment, credit tracking may be invoked. Credit tracking is optional and if selected, the unpaid NAEDO payment instruction will automatically be represented during the afternoon of the same business day and for the consecutive amount of days selected, twice a day, on business days until payment is received or until expiry of the tracking period selected.
All NAEDO payment instructions, are randomised giving all Users an equal opportunity of receiving payment and are processed as close as possible after salary credits are paid into the bank accounts of Customers in the early morning.
Here is an example of an industry which the NAEDO debit order service works the best for:
Insurance brokerages collecting a monthly premium from one of their clients for funeral cover would be best off making use of a NAEDO debit order system. The likelihood of this client having funds available is quite low and tracking will be useful to keep tabs on the client's account for when funds do arrive (usually their monthly salary).