DIRECT DEBITS
OPG provide facilities (currently through Bank of England) to enable customers to collect receipts from commercial accounts directly into their OPG account via the Direct Debit system. A facility to enable OPG customers to make payments to their suppliers by Direct Debit is also available.
DIRECT DEBIT (Inwards):
Pulling receipts into an OPG customer account via Direct Debit.
The key service features are:
- Originator approval and sponsorship currently provided by Bank of England.
- Originators must comply with the rules of the Direct Debit Guarantee Scheme and an initial meeting with Bank of England is necessary.
- Separate OIN (Originator Identification Number) allocated to ensure Direct Debits operate separately to any Direct Credit sponsorship.
- Full value of each Direct Debit file credited to the OPG customer account concerned on Day 3 of the BACS processing cycle.
- "Unpaid" items debited on or shortly after Day 3 from the OPG customer account concerned.
- Simply request form BACS-IP1 from the Account Adviser team or e-mail us at opgservices@paymaster.co.uk if you are interested in using this service.
DIRECT DEBIT (Outwards):
A service to allow third parties to debit OPG customer accounts via Direct Debit will be available during 2002-2003.
The main features of this new service:
- OPG will operate a ring-fenced central account at the Bank of England to which all OPG customer Direct Debits will initially be directed.
- A unique OPG Sort Code and account details will need to be quoted.
- OPG will assist customers in the setting up of all new DD instructions.
- OPG will refer high value DDs (above an agreed limit) to customers on Day 3 of the BACS processing cycle for specific customer approval to accept the debit(s).
- Individual DDs will be returned "unpaid" by OPG/Bank of England if necessary.
To use this new service OPG customers must:
- satisfy themselves that using the scheme is value for money and that it meets their requirements for accountability and regularity,
- confirm they will check variable DD amounts in advance either by checking them for the year ahead or, more likely, by checking the "Advance Notice" issued by the Originator at least 10 days in advance of the variable debit being applied,
- use Masterline Reports to view and approve all DDs applied to their OPG accounts on the morning of Day 3 of the BACS processing cycle,
- notify OPG by 12 noon the same day of any irregularities and request OPG to return items unpaid (if necessary) that day.
- ensure sufficient funds are in their OPG account to cover any Direct Debit payments when they become due.
