WHAT IS EnDO?
EnDO will offer 3 new payment streams:
01. ENHANCED DEBIT ORDERS (EnDO):
- Early Morning Processing – Increasing access to funds
- Collect from All Major Namibian Banks
- Real-Time Debits – Guaranteed immediate reservation of funds
- Credit Tracking – Debits to be processed as funds become available
02. ENCHANCED CREDIT PAYMENTS (EnCR):
- Bulk credit payments to single and multiple beneficiaries
03. NEAR-REAL-TIME CREDITS (NRTC):
- Bulk credit payments to single and multiple beneficiaries in real-time
Current EFT credit payments system will be replaced by two new streams (ENCR & NRTC). This will enhance the way money can be transferred across all banks in the National Payments System. This involves the ability to continue to transact within a current day while also benefiting from the capability to transfer money immediately to any beneficiary in Namibia, whether they bank at the same institution or not.
Key EnDO features includes:
- Debit orders are submitted using the new industry payment standard
- Institutions that submit debit orders on behalf of other institutions or entities are required to register as a collector.
- Users are able to send debit orders that will have the ability to repeatedly check for funds (credit tracking) on the debtor’s account over a period of time which will improve the chances for collection successes.
- Debit Orders will be processed three times daily after the morning salary credit run.
- All debit orders are fully randomised to avoid preferential treatment on collection of funds.
- Debit orders will not be “unpaid” but rather “unsuccessful” on the consumer’s account resulting in fewer disputes and queries.
- The customer’s credit record will be impacted should the debit order be unsuccessful
- Should a debit order request on a debtor/payer’s account not be honoured, it will automatically be returned to the originator.