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Electronic Funds Transfer

EFT

EFT debit orders are made possible via BankservAfrica. BankservAfrica developed a bulk electronic transaction processing system for daily clearing and settlement of debit orders and direct EFT credit payments. The EFT credit and debit service is available to all businesses and enables fast and efficient processing of salaries, account payments and debit orders.

EFT debit orders are generally more cost effective than AEDO or NAEDO debit orders and also feature a higher collection limit of R500,000.00 per instruction compared to the R5,000.00 per debit for AEDO as well as NAEDO debit order instructions.

Direct Debit offers both EFT debit (collection) and credit (payment) facilities. EFT debit facilities include: Same Day (SDV) and Two Day collections. EFT credit facilities include: Same Day (SDV), One Day and Two Day payments.

Ask us today about a EFT facility for your business.

What is the EFT service?

The EFT Service is provided by participating banks, which enables companies and other bodies to process payments entirely by computerised means. The service can be used both for collecting payments from clients (EFT debits) and for making payments (EFT credits). Payments can be made for salaries, creditors, wages etc. The user can lodge payments and collections through their bank to all participating banks.

What type of transactions can be processed through the EFT service?

Both EFT debits and EFT credits may be processed through the system.
The following criteria will apply:

EFT Credits may be processed against current, savings and transmission accounts, and – under
certain circumstances – bonds, loans and subscription share accounts. Transactions greater or equal to R5 million Rand will not be permitted and will be homed backed with reason exceeds industry imposed limits. Such transactions should be routed through the real time line and not the Operator.

EFT Debits may be processed against current, certain savings and transmission accounts. EFT Debits to bond and subscription share accounts are not allowed. A maximum value limit of R500 000 per transaction is in place.
The splitting of transactions to avoid the limit restrictions is not permitted.

Coverage of the EFT service

The EFT service covers all types of accounts permitted by the EFT Service rules and which are held in the Common Monetary Area by participating banks. A list of participating banks can be obtained on application.

Cut off times for EFT collections

The bank will accept data Mondays to Fridays excluding public holidays. The cut off times below relate to files submitted to Direct Debit. For files processed via the automatic processing service, the cut off is 3:00am 3 days before action date. Any data submitted after this will incur a penalty.

  • Two Day Service: Data must be submitted at least 2days prior to action date before 11:00am.
  • One Day Service: Data must be submitted at the latest by 11:00 am on the day prior to action date.
  • SDV service: Data must be submitted at the latest by 12:00 am on action date.
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