Debit Transfers

Debit transfers are transactions sent by the creditor to the creditor's bank. The request for payments is based on a mutual agreement, also known as a mandate, between the creditor and the debtor. This valid mandate authorizes the creditor to collect the payment from the debtor through the debtor's financial institution.

Debit data published by the BOD from the ERP is transformed into a proprietary message to be sent to the bank. Usually, the transfer is made through any of these processes, depending on the bank's requirements:

• Uploading the file through a portal to the bank
• Uploading the file to a third party, who will then forward it to the bank
• Allowing a third party to take the file from a prearranged location

We recommend that you contact your bank to confirm their exact requirements. For direct debiting, suitable mandates must be prepared with the bank before debits can occur automatically. This is a manual process, which is not included in the scope of the debit transfer requirements.