South Africa l Term 3 l Sep 2016
Dear Real Pay User
Just like Wayde van Niekerk in the recent Rio Olympics, the year is flashing by and we can hardly believe spring is here. The Real Pay team is grateful for the many successes, opportunities and learning experiences we shared with our Users and integrated partners over the past six months. In this newsletter we discuss products – brand new and existing – and services.
Real Pay Product Offering
In keeping with our culture of innovation and passion for development, we want to emphasise our full product offering and the application thereof.
Authenticated Early Debit Orders (AEDO)
Real Pay is proud to announce that our AEDO solution is in its final testing phase. We aim to provide a mobile AEDO platform enabling our customers to obtain a non-disputable card transaction, either at their place of business or out in the field.
Users can expect the same user-friendly reporting and exceptional management information from our website and with integrated partners.
Non-Authenticated Early Debit Order (NAEDO)
The Real Pay NAEDO collections system enables Users to collect funds from participating banks through our sponsoring banks, Absa and FNB, once a legal and compliant mandate is obtained. Funds settle in the User’s bank account within 24 hours.
Normal Debit Orders (NDO)
Real Pay offers Users a normal debit order/dated service. Funds from these dated service transactions are collected from all banks participating in the payments stream. Standard debit orders are still widely used for non-priority collections.
Real Pay offers three product models:
- Third-Party Payments Processor (TPPP)
- Own User Code
- Common Monetary Area (Swaziland, Lesotho and Namibia)
Account Verification System – Real-Time (AVS-R)
Real Pay offers registered Users real-time account verification. This system not only verifies account numbers, but also reports on accompanying information, enabling Users to optimise both collections and payments. The system verifies bank accounts from the five major South African retail banks.
At the start of the 2016/17 financial year, Real Pay expanded our product offering to include compliance-related services. These priced value added benefits are offered in order to assist Users to proactively comply with industry regulations.
The current compliance process involves requesting mandates:
- On a quarterly basis for our own reference;
- When dispute ratios spike; or
- On PASA’s/the bank’s request.
Feedback on the requested mandates is provided via mandate criteria sheets that include suggestions to rectify the identified non-compliant areas for correction. If there is no positive reaction the matter will regrettably be escalated and a formal Notice of Non-Compliance will be issued to the User.
Authenticated Collections (AC)
Real Pay remains committed to bringing our Users the most advanced collections solutions and maintain our presence in the AC working group. As soon as AC is approved for rollout, Real Pay will actively engage with our Users in this regard.
Contact your relationship manager or email@example.com for information on any of the products mentioned. Should you have any compliance-related queries, please contact firstname.lastname@example.org for details or mandate vetting.
We wish all Real Pay Users the very best for the final stretch of 2016.
The Real Pay Team