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EnDO Namibia

/EnDO Namibia
EnDO Namibia2020-08-06T11:53:20+00:00

We are EnDO ready.

THE NAMIBIAN FINANCIAL REVOLUTION IS HERE

Say goodbye to the old one-dimensional debit order solution and replacing it with a real-time, interoperable, enhanced collection process called EnDO.  This allows for collections across all banks whilst facilitating credit tracking, should funds not be immediately available. It’s a repayments evolution, led by The Payments Association of Namibia, that will benefit both creditors and payers alike.

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.
SWITCH SEAMLESSLY TODAY! LET’S CHAT