Electronic Funds Tranfers Overview
The Sameday subservice requires banks to submit data in files on the action/value date. These transactions will be distributed to destination banks as soon as they are successfully cleared during the same processing day. The service provides for the processing of debit and credit transactions, including unpaid and non-financially redirected transactions.
The settlement of these transactions takes place on the same day, after the industry had agreed upon a service cut-off time.
The One-Day subservice requires banks to submit data in files one day prior to the action date. The service allows for the processing of debit and credit transactions by Namclear on the action date. In the case of a transactions action date for a Monday, submissions must be made on the Saturday.
These transactions will be distributed to destination banks after the industry had agreed a service for the cut-off time one day prior to the action date and the settlement will take place by 10h00 on the action date.
The Dated subservice requires banks to submit data in files to reach Namclear no less than two working days before the action date. This subservice is intended for the submission of predated transactions which may will be stored in a warehouse until action date.
This service allows for processing of debit and credit transactions by Namclear 10h45 on working days before the first action date in the submitted file.
The Recalls Service requires banks to submit data in files to reach Namclear no less than one working day before the action date for Bulk Recalls. Member banks can also use the on-line recalls service (QDMS) to capture recall transactions or sets of transactions.
The Recalls Service is not allowed for the Sameday and One-Day subservices.
Unpaid EFT Transactions are sent to Namclear in the Same Day Service. The banks can also use the On-line Unpaids System (QDMS). These transactions are forwarded to the originating bank as either single non-consolidated (single transactions) or consolidated unpaids. depending on the users preferred option.