Payment Services| DDACC

DDACC - Direct Debit and Credit Clearing

What is DDACC?

An inter-bank electronic settlement system allowing banks to directly transfer funds between bank accounts by direct debit or direct credit via Zambia Electronic Clearing House (ZECH).

• Direct Debit (DD) enables an organisation through its bank to collect regularly occurring payments from large numbers of customers.
• Direct Credit enables an organisation to make payments through its bank to various beneficiaries.
• DDACC instructions are submitted to the bank through diskette, the internet or modem. There is no physical paper interchange.

Potential Users

• Utility providers who have to collect several payments from various payers.
• Organisations can use direct credit for payments to suppliers, savings plans, salaries etc.

Benefits Of DDACC

To Service Provider:

• Reduced administrative costs.
• Certainty of payment and improved cash flow.
• Aids marketing and credit rating of payers by providing a database of regular payers.

To Payer:

• Convenient payment method.
• Payments are made on time.
• Helps budgeting by spreading payments over time.
• Direct Debit Guarantee from the paying bank protects the payer.

Factors Considered To Be A DDACC Participant:

• Contractual capacity.
• Financial standing.
• Quality of Administrative control.
• Have a registered office in Zambia.