Real Pay Namibia EnDO (NamPay) | November 2019 Newsletter

Namibia | November 2019

Dear Real Pay User

We’re pleased to report that we’re making excellent progress in the ‘controlled live’ phase of EnDO. We are currently in transition phase to maturation with EnDO, and are remaining aligned with industry-determined thresholds in this regard.

It is crucial that mandates are used for all debits that are loaded for collection. We would like to highlight the importance of using a valid authority to debit (mandate) to initiate new transactions. It is important that the mandate detail is aligned with the underlying agreement between the user and the customer.

For your convenience, the Real Pay System has a sample mandate available that can autogenerate/ populate the detail of the transaction created. This sample mandate is aligned with industry practice.

EnDO Regulatory and Compliance Requirements

We would like to repeat our reminder to users of the specified minimum requirements which need to be included in an EnDO debit mandate (authority to debit). These are similar to the existing requirements, but are enhanced for EnDO.
The minimum requirements include:

  • Partial collections are NOT allowed
  • Full name and surname (not only initials)
  • Identity number
  • Contact details of client
  • Amount to be debited (instalment amount)
  • Bank details of account holder
  • Date of debit (action date)
  • Frequency (e.g. weekly, fortnightly, monthly)
  • Signature of account holder
  • Tracking days (up to 14 days)

Thank you for taking this journey with us. Please do not hesitate to contact us with any queries at compliance@realpay.co.za.
Sincerely,

Real Pay Team

Company confidential – Not for distribution

 

 

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