The Payment Clearing House of Namibia requires that certain processes and standards be adopted by all participating banks in Namibia. These rules govern the operational processes and standards that need to be complied with to ensure effective interbank clearing of Electronic Transactions and Payment Instructions.
As a result the following rules apply to this agreement:
1. No payment instructions denominated in any currency other than Namibia Dollars (NAD) shall be cleared.
2. Both debit and credit payment instructions may be cleared.
3. A payment instruction must not exceed the monetary value of the item and aggregate limit applied for and authorized by the Bank.
4. The Client must obtain a written authority to debit from his customer before debits for that customer may be processed.
5. The Client may use voice-recorded mandates but it is strongly advised that a voice-recorded mandate should be confirmed in writing within 21 (twenty one) days.
6. The Client may not, without the written consent of the customer, cede or assign any of its rights in terms of the written or recorded debit or credit order held by the Client, to any third party.
7. The Client must retain a mandate, whether in writing or recording, after payments have ceased.
8. Mandates must be retained for a period of 5 years from the date of the last transaction processed in terms of the mandate.
9. The Client must submit payment instruction on the required Action date before 14h00 on Mondays to Fridays and 9h30 on Saturdays.
10. No payment instructions will be processed on Sundays and Public Holidays.
11. If, for any reason, a bank is unable to complete a transaction, it will return details of the transaction together with the reasons for non-payment to the Bank.
12. When a transaction is returned “Unpaid” the entry cannot be re-deposited. The Client must either attempt to get payment outside the system or re-submit the transaction with the next submission of payment instructions to Bank Windhoek.
13. When a transaction is returned “Not provided for” on two consecutive occasions the Client must remove the payment instruction from the system unless the Client has received a new subsequent commitment from the payer to meet future payments.
14. When a transaction is returned “Account closed” or “Payment Stopped” the Client may not submit the transaction again.
15. Clients and Banks may not generate debit payment instructions to reverse credit payment instructions passed in error.
16. Clients and Banks may not generate credit payment instructions to reverse debit payment instructions passed in error.
17. The aggregate value limit (means the maximum aggregate value of transactions processed by a Client in any agreed period and is restricted to a limit which is fixed by negotiation between the Client and his bank) time cycle is a period of seven calendar days.
18. The Client must comply with the aggregate value limit as agreed with the Bank.
19. A transaction may be declared a disputed item if one or more of the following reasons are valid:
19.1 The transaction is not mandated or authorized.
19.2 The transaction is in contravention of the mandate or authority.
19.3 The mandate or authority for the transaction has been cancelled.
19.4 The transaction has been previously stopped via a stop payment advice.
20. No Bank may make a payment or act on a payment instruction unless properly mandated and authorized to do so by its Client.
21. The mandate or authority must be retained by the Client and the inability to produce a valid mandate on request shall be prima facie evidence that no valid mandate or authority existed or exists.
22. A mandate or authority may be withdrawn at any time by the Customer either verbally and recorded in writing or by declaring a disputed item.
23. Credits which exceed N$5 000 000 (five million Namibia Dollar) will not be processed.
24. Debits which exceed N$500 000 (five hundred thousand Namibia Dollar) will not be processed.
25. The Client shall not circumvent the overall transaction limit by splitting payments or by any other means.
26. The Bank will issue a file to the Client and under no circumstances should the Client change the format of the file. Only the contents of the file may be changed by the Client.