South Africa ACH Credit Transfers/Direct Debits

What’s Happening?

As part of our multi-year initiative, we transitioned processing of South Africa ACH Credit Transfers and Direct Debits processing to our strategic payments platform.

You Should Know

While there’s no change to the core processing, this resulted in the following changes:

  • J.P. Morgan Transaction Reference Number: Changing from 8 or 10 to 12 characters on your balance and transaction reports and your statements (Bank References).
  • Book Transfers: All South Africa low value transactions instructed will be sent to clearing for processing, including any transactions debiting and crediting two accounts held at the same JPMC branch. This will ensure clients can leverage the standard industry Recall process (as applicable).
  • Payment Cancellations: J.P. Morgan will enhance the timing of the reporting to occur on the processing date instead of the value date.
  • Stale Dated Transactions: Transactions dated more than 30 business days in the past will be rejected. Previously this was 180 business days.
  • Future Dated Transactions: Future dated transactions will be supported with a date up to 365 days. Previously this was 180 days
  • Batch Revaluation and Cancellation: Your file/batch will be automatically revalued for up to 5 business days, and subsequently cancelled if not completed on the 5th day. A report will be generated and sent to your J.P. Morgan Access Cash Reporting Inbox, accompanied with an email notification to users with the entitlements to the J.P. Morgan Access ID. This will be in an Excel format available for download.
Feature Scenario As-is To-be
Transaction Rollover Processing Transactions that do not complete on their originally requested value date are rolled to the next available value date. Credit Transfer Payments:
  • After initial debit with requested value date, your account will be credited back on the same day, and payments will be rolled to the next available value
  • Your account will be re-debited on the next available value date, and credited back the same day if incomplete
  • This process will repeat each day the payment does not complete, unless cancelled
Direct Debit Collections:
  • After initial credit with requested value date, your account will be debited with the same value, on the same day
  • Your Direct Debit Collections are cancelled and not rolled to the next available value date
Credit Transfer Payments:
  • After initial debit with requested value date, your payments will be rolled to the next available value
  • On the day when the transaction is completed, your account will be credited back for the original value date and re-debited with the achieved value date
  • If cancelled, your account will be credited for the original value date but not be re-debited
Direct Debit Collections:
  • After initial credit with requested value date, your account will be debited with the same value, on the same day, and rolled to the next available value date
  • Rollover will only occur for 2 working days
  • On the day when the transaction is completed, your account will be re-credited with the achieved value date
  • If cancelled, your account will not be re-credited

Questions?

Please contact your service representative.