Electronic Payment Order
Electronic payment order means an instruction given to a bank to pay or collect a specific sum of money out of a designated account, to or for a payee, or to or for a payee’s account, and includes any amendment to a payment order. It may be value-dated but not be subjected to a condition other than as the originating bank agreed to perform. Parties to a payment order are the sender and the receiving bank.
The electronic payment order has three types of transactions:
• Credit Remittance: Typically used for making payment originated by the payer to the beneficiary. Commercial banks provide credit remittance via branch, ATM, Internet, PC, and mobile.
• Direct Credit: Made by a single payer to a single or multiple beneficiaries for paying a specific amount at an expected time. It is mainly used for payroll service.
• Direct Debit: There are two forms of direct debit. One is a forced direct debit and the other one is direct debit request. The forced direct debit is a mandatory demand for payment presented by the beneficiary to payers. The direct debit request is one type of non-value payment order messages. Commonly direct debit is accepted as a request and processed as an advisory message only.
Interbank electronic payment order transactions are very limited, even the NBC established a new payment system which can handle the transactions. Currently, interbank electronic payment order is only available in credit remittance, which can be requested at a branch manually, but major commercial banks like ACLEDA are providing credit remittance services via ATM, internet or mobile banking as well. Normally it takes several hours to complete credit remittance transaction from customer’s request. However, some banks process the transaction within 1~2days even in the case of intra-bank transactions.
The electronic payment order has three types of transactions:
• Credit Remittance: Typically used for making payment originated by the payer to the beneficiary. Commercial banks provide credit remittance via branch, ATM, Internet, PC, and mobile.
• Direct Credit: Made by a single payer to a single or multiple beneficiaries for paying a specific amount at an expected time. It is mainly used for payroll service.
• Direct Debit: There are two forms of direct debit. One is a forced direct debit and the other one is direct debit request. The forced direct debit is a mandatory demand for payment presented by the beneficiary to payers. The direct debit request is one type of non-value payment order messages. Commonly direct debit is accepted as a request and processed as an advisory message only.
Interbank electronic payment order transactions are very limited, even the NBC established a new payment system which can handle the transactions. Currently, interbank electronic payment order is only available in credit remittance, which can be requested at a branch manually, but major commercial banks like ACLEDA are providing credit remittance services via ATM, internet or mobile banking as well. Normally it takes several hours to complete credit remittance transaction from customer’s request. However, some banks process the transaction within 1~2days even in the case of intra-bank transactions.
