South Africa ACH Credit Transfers/Direct Debits

What’s Happening?

As part of our multi-year initiative, we are migrating South Africa ACH Credit Transfer and Direct Debits processing to our global strategic payments platform.

Timing

Migration will occur over time, and account holders will receive a notification in advance.

You Should Know

While there’s no change to the core processing or transaction initiation, you may need to prepare for the following changes to statements, reporting and processing for your South Africa ACH Credit Transfers and Direct Debits.

  • 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).
  • Payment Cancellations: J.P. Morgan will enhance the timing of the reporting to occur on the processing date instead of the value date.
  • Stale and Future Dated Rejection: Clients who use Host-to-Host; Transactions dated more than 30 days in the past will be rejected in new platform vs 180 days in current processing platform.

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.