We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byKali Pamplin
Modified over 2 years ago
Copyright © 2012 Introduction to Direct Debit Service EG-ACH Direct Debit
Copyright © 2012 Egyptian Banks Company EG-ACH Introduction The Egyptian Automatic Clearing House (EG-ACH) is a nationwide Electronic Funds Transfer (EFT) network. EG-ACH processes batches of interbank Credit and Debit transactions. EG-ACH facilitates a wide range of Customer to Customer (C2C) payments such as salary distribution, supplier payment, governmental payments, pension distribution and many more. 2
Copyright © 2012 Egyptian Banks Company CBE - Payment and Settlement Systems In its effort to develop payment systems in Egypt, CBE has established Real Time Gross Settlement (RTGS) system for large value payments, CBE has assigned EBC with the development of the Automated Clearing House (ACH) system for Bulk small value payments. 3 RTGS ACH CCH EGP CCH EGP ACH USD, EURO ACH USD, EURO Mobile Central Bank of Egypt Banks 123 EBC Role CBE Role
Copyright © 2012 Egyptian Banks Company EG-ACH Direct Debit Service Payment scheme governed by EBC to facilitates payment collections. Permits billers to collect recurring amount due from their customers at their banks by initiating direct debit transaction. Banks are not responsible for any underlying contract between biller and their customers as it is solely an early collection method. Based on a written authorization given by customers to biller for the debit of their accounts; this written authorization named Direct Debit Mandate. 4
Copyright © 2012 Egyptian Banks Company Definitions and Interpretation Debtor (Customer or Payer) Creditor (Biller or Originator) Debtor bank (Customer bank) Creditor bank (Biller bank) 5
Copyright © 2012 Egyptian Banks Company Direct Debit Workflow 6 Creditor Bank Debtor Bank RTGS Billers Company Individual Credit or Debto r Fund Movemen t
Copyright © 2012 Egyptian Banks Company Definitions and Interpretation Mandate Processor: Receives the signed mandate from the debtor, dematerializes the mandate, archives a scanned copy of the mandate and forwards the electronic mandate information to EBC and send the physical mandate to the debtor bank. Third Party Processor: Delivers direct debit transactions to EG-ACH on behalf of originator banks. 7
Copyright © 2012 Egyptian Banks Company What about the Direct Debit Mandate Direct Debit Mandate (DDM) should be approved by the Debtor Bank prior to direct debit transaction initiation. EBC has taken the responsibility of providing mandate centralized screening system Mandate Portal with following features: Host all direct debit mandates in an electronic form (e-mandate) Screen each direct debit transaction against the respective mandate Allowing the debtor bank to activate/deactivate particular mandate Mandate Portal: A central hub for mandate business workflow which facilitates collecting and routing the dematerialized Mandates between the different parties 8
Copyright © 2012 Egyptian Banks Company Direct Debit Mandate Types Irrevocable Mandate Irrevocable transactions Payment frequency as per contract terms and conditions Could be canceled based on mutual agreement between Debtor and Creditor Revocable Mandate Revocable transactions Payment frequency is required (Monthly, Quarterly, Semi-Annual, Annual) Could be canceled upon Debtor request 9
Copyright © 2012 Egyptian Banks Company Direct Debit Mandate Initiation 10 Mandate Portal Mandate Processo r Paye r Bille r Courier Debtor Bank Fill Mand ate Activ ate ACK. Send Deliver Physical Mandate Demate rialize Archi ve Packi ng
Copyright © 2012 Egyptian Banks Company Direct Debit Workflow & Screening 11 Creditor BankDebtor Bank RTGS Billers Corporate Individual Credit or Debto r Fund Movemen t Mandate Portal
Copyright © 2012 Egyptian Banks Company Direct Debit Participants 12 EBC Scheme Owner and Operator Mandate Portal Provider Third Party Processor Work on behalf the banks Send DD transactions Receive DD transactions Mandate Processor Collect mandates Dematerialize mandates Archive mandates DD transaction initiator Host creditor account Debtor Bank Host debtor account Activate Mandate Screening Send mandates to debtor bank Clearing and Settlement Creditor Bank
Copyright © 2012 Egyptian Banks Company Direct Debit Participants EBC The scheme owner; defines the rules for the use and certifies parties participating in the scheme (banks mandate processor and third party processors) The clearing house Mandate Portal The mandates are checked every time a direct debit is done Debtor Bank Will debit the account of the debtor when an accepted direct debit occurs Debtor A debtor is the party whose bank account is to be debited as instructed in a DDM, typically a customer of a biller. The debtor is able to revoke a direct debit transaction within 180 days after settlement date for bill payment only, revocation is not applicable for any installment payment. 13
Copyright © 2012 Egyptian Banks Company Direct Debit Participants (Cont.) Creditor Bank Will credit the account of the Creditor when a direct debit is accepted and settled by the clearing house The Creditor bank is liable towards the scheme owner for any revoked transaction. The Creditor bank has a direct debit contract with the biller Creditor A biller with a direct debit contract can send a direct debit file to the creditor bank The Creditor receives from Mandate Processor the mandates which are accepted by debtor bank The Creditor is liable towards the Creditor bank 14
Copyright © 2012 Egyptian Banks Company 15
Copyright © 2012 Automated Clearing House (EG-ACH) EG-ACH Direct Credit for Corporate.
Copyright © 2012 CorPay Solution The Corporate Payment Channel EG-ACH Direct Credit.
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Credit Card Processing 101
Types of transactions. What is it? An electronic payment is any kind of non-cash payment that doesn't involve a paper check. Methods include credit cars,
Take Charge of Your Finances
What are the methods of money transfer available in Hong Kong ? Methods of domestic money transfer in Hong Kong Cheque Debit cards and Electronic Fund.
Business Law and the Regulation of Business Chapter 28: Bank Deposits, Collections, and Fund Transfers By Richard A. Mann & Barry S. Roberts.
Direct Response Forum – Basel, 25./
Chapter 3 Accounting for Current Accounts Department
Learning Objectives Understand the shifts that are occurring with regard to online payments. Discuss the players and processes involved in using credit.
Copyright © 2004 by Prentice-Hall. All rights reserved. PowerPoint Slides to Accompany BUSINESS LAW E-Commerce and Digital Law International Law and Ethics.
Payments 101 Billie Higgins Kay Limbaugh. Central Banking system Created in 1913 Private banking system composed of Board of Governors appointed by the.
Copyright © 2010 South-Western Legal Studies in Business, a part of South-Western Cengage Learning. and the Legal Environment, 10 th edition by Richard.
AUTOMATED CLEARINGHOUSE PAYMENTS Method of Making Payments to or From a Consumer’s Bank Account. Payments Made Electronically Through Automated ClearingHouse.
ELECTRONIC FUNDS TRANSFER FINANCIAL INFORMATION SYSTEMS.
1.7.2.G1 © Family Economics & Financial Education – Revised May 2009 – Financial Institutions Unit – Electronic Banking Funded by a grant from Take Charge.
1 STATISTICAL DATA ON THE BANKS PAYMENT SYSTEMS IN FINLAND May 2013.
Where to Stash Your Cash
BRIDGING THE GAP ON REVENUE COLLECTIONS A CO-OPERATIVE BANK PRESENTATION TO WATER SERVICE PROVIDERS AND RELATED STAKEHOLDERS November 2011.
October 1, 2005 (Rev. 10/06) Statewide Electronic Commerce Program (SECP) Electronic Funds Transfer Enrollment Process For agencies and eligible entities.
Hanoi, 11/2013 SMARTLINK ECOMMERCE JOURNEY Smartlink Card., JSC Presenter: Nguyen Hoang Long.
Display slides 2 and 3 with Procedure step 2 in the lesson.
Copyright South-Western, a division of Thomson, Inc. Slide 1 NEGOTIABLE INSTRUMENTS Types of Negotiable Instruments Presenting Checks for.
Slides developed by Les Wiletzky Wiletzky and Associates Copyright © 2006 by Pearson Prentice-Hall. All rights reserved. PowerPoint Slides to Accompany.
Dubai Financial Market
Locking in Your Payments - Using Electronic Lockbox Services Karen Bittner, CTP – BB&T Carolinas Cash Adventure May 16, 2011.
CREDIT CARD PAYMENT SYSTEM System involves Several major participants Purchaser that is cardholder Card Issuer that issues credit card Merchant that makes.
B EAU R IVAGE R ESORT & C ASINO B ILOXI, M ISSISSIPPI M ARCH 11-12, 2015.
© South-Western Publishing Slide 1 NEGOTIABLE INSTRUMENTS Types of Negotiable Instruments Presenting Checks for Payment Processing.
Electronic Funds Transfer Enrollment Process For agencies and eligible entities desiring to participate in the State Controller’s Master Services Agreement.
25-1 Chapter 25 Banks, E-Money, and Financial Reform.
Instructions to do RTGS/ NEFT transactions through Internet Banking
There are many different ways of making and receiving payments. MAKING A PAYMENT Cash Cheque Credit cards Debit cards Direct debit Credit transfers.
© 2013 The McGraw-Hill Companies, Inc. All rights reserved. Checks The check is used more than any other instrument of credit as a means of making payment,
14. LETTERS OF CREDIT: PROCEDURES 1. LETTERS OF CREDIT I.THE NEED FOR LETTERS OF CREDIT A. USES TO THE SELLER WITH A FIRST-TIME CUSTOMER WITH A CREDIT.
How does it work? Explain the process... Is a subset of an e-commerce transaction to include electronic payment for buying and selling goods or services.
Massimiliano Di Pace1 INTERNATIONAL PAYMENTS Handling international payment can be complicated and risky The problems can be: - currency - transfer of.
1.7.2.G1 © Family Economics & Financial Education – Revised February 2008 – Financial Institutions Unit – Electronic Banking Funded by a grant from Take.
Eastern Mediterranean University BANK406 Corporate Banking Law and Practice CHP 6.
Copyright © 1999, Financial Services Technology Consortium. All rights reserved. FSML and Echeck Milton M. Anderson Financial Services Technology Consortium.
Bank Guarantees and Indemnities 26 th August 2013 Abdul Yassim Vice President Trade and Working Capital 1 Absa presentation title Date of presentation.
Money Transfer Lecture Objectives : To define money transfer
$$$$$$$ Know your Money! Financial Institutions and Services.
Types of Money How should I pay?. Types of money I listed these in the order I think you are most likely to encounter them. Cash Check Debit card.
1.7.2.G2 Electronic Banking Trivia G2 © Family Economics & Financial Education – Revised February 2008 – Financial Institutions Unit – Electronic.
Chapter 7 Accounting for Promissory Note Ibrahim Sammour.
RXQ Dual Billing Process Flow Distribution Company Supplier Customer Distribution Company reads meter(s) ( ) Supplier receives and processes.
Treasury Offset Program For Unemployment Insurance Compensation Debts.
© 2017 SlidePlayer.com Inc. All rights reserved.