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Debit/Credit order transaction flow via Cypher, Bankserv and the Banks. Debit/Credit Order Processing.
Users during the month will prepare and maintain their debit/credit order details. On or before the submission cutoff date the User prepares the data for transmission. If the Users are using Cypher's Payment and Collection system, they will print a "Detailed" report and process the data by performing a data "Generation". Once completed the processed data is e-mailed and the "Data Advice" faxed to Cypher. Users that prepare their own data with their own software, e-mail the data and fax the balancing report to Cypher. Cypher, upon receipt of the data and balancing report, process and balance the data according to the Bankserv rules. The processed data is then placed onto a 9 track reel tape. A "Tape Delivery Advise" and a "Data Control Voucher" for each dataset that is written to tape is printed. The tape report are then delivered to Bankserv the next working day.
Bankserv process and balance the tapes received and produce a "TRS023 - Input Vet Report". The "Vet Report" for each dataset is then transmitted over a secured network to Cypher and then emailed to each client respectively. The "Vet Report" is also printed and placed with the tape for collection the next day. Click on Vet Report for a detailed explanation. On action day the debit and/or credit orders are debited/credited to your respective nominated account(s). The "Action Day" is the day on which the entries appear in your client's bank accounts. The nominated account is the bank account in which the aggregate amount is either debited and/or credited. Within four working days after the action date of your entries you will start to receive "Unpaid" items in your nominated bank account(s). When Bankserv receives an unpaid entry from a payee Bank for a particular User, all transactions from a particular Bank are consolidated into one entry which will be passed onto the User's nominated account. Bankserv will also produce an unpaid advice schedule, "EF70 Schedule of Unpaids", which will list all individual transactions by Bank, date and consolidated amount. The unpaid schedule will be emailed to you by Cypher. These unpaid entries will start returning to the User's bank account within four working days after their respective action date. NB. Only the consolidated amounts per bank will appear on your bank statement. "Unpaid" entries are usually returned by your client's Bank because there are Insufficient funds in the account, account closed, or your client has placed a stop payment on the entry. Click on Unpaid Codes to see a list. |
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