Standing Order is a Payment Product and addresses the needs of customers who have to effect payments of a fixed amount to a specified beneficiary/ies at specified frequencies for a specified period or until further notice.
The instruction has
- a start date
- an end date or until further notice
- beneficiary name
- beneficiary bank/account number
- reference number
- customer’s authorisation
Once created on the system, the standing order is effected automatically as per its scheduled frequency until its expiry date/cancellation by the customer.