Request-for-debit
Request-for-Debit (also known as incasso) is a direct
debit instruction that allows customers you
to initiate prompt collection of receivables from your business
partners via
the Giro system based on a bilateral aggreement. The Bank processes
the
incoming payments received in response to the your collection requests
of
the customers and our electronic banking system, CitiDirect allows
customers
to automatically initiate Requests-for-Debit and ensures reconciliation
features.
The prerequisite for the initiation of a Request-for-Debit
is to agree with your customers, the remitter, that they sign off
the authorization for collection and register it with their account
holder bank. Your customer is entitled to set in the authorization
letter an upper limit of the amount to be collected and the eventual
queuing period of the Requests-for-Debit.
Benefits of using Request-for-Debit:
- Partial payments are also possible, thus in case
your partner's account cannot cover the whole amount which should
be collected, your partners' bank fulfils partial payments as
far as the account balance allows it;
- Fully automated reconciliation of your accounts
receivables. In addition to the account statement and account
statement file, where the payment for Request for Debits are reported,
Citibank generates structured electronic reports on transactions
initiated, the incoming payments that were reconciled against
to the original request, the rejected transactions and transactions
that were closed due to non-response;
- With enhanced control over your cash flow, you can
reduce your borrowing costs, maximise returns on surplus balances
and make strategic liquidity management decisions;
- Enhanced control over your accounts receivable allows
you to quickly identify those customers who paid their outstanding
invoices on time. This enables you to release their credit lines
faster, thereby increasing your sales potential.
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| Instructions can be initiated |
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Via the CitiDirect
electronic banking system |
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Via mail, fax or tested
fax |
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| Transaction fees and costs
AND Cut-off times |
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