Auto-Debit Functionality for Improved Transaction Management 

Auto-debit is a financial feature that enables the automatic deduction of funds from a designated account on a scheduled basis to fulfill specific obligations or payments. Commonly used for recurring transactions like loan repayments, savings contributions, subscription fees, or utility bills, this functionality ensures timely payments without manual intervention, reducing the risk of missed deadlines.

To enhance flexibility and precision in managing auto-debit transactions, three specialized jobs have been introduced:

• Jobs.AutoRepayMemberChargesJob – Automatically debits member charges from the designated savings account. 
• Jobs.AutoRepayLoanInstallmentsJob – Automatically debits loan installments according to their due dates.
• Jobs.AutoRepayScheduledPayoutJob – Automatically debits savings recurrence deposits.

Steps to Enable Auto-Debit for Transactions

1. Enabling Auto-Debit for Savings Recurrence

• Navigate to Scheduled Payout Section: In the Admin panel, go to the Mandatory Savings section within the Membership Policy.
• Check the Auto Debit Checkbox: Select the Auto Debit Checkbox to enable automatic debiting of savings recurrence deposits from the designated account.
• Save Changes: Confirm and save the settings.

2. Enabling Auto-Debit for Loan Repayments

• Navigate to Credit Product Policy (CPP): Go to the CPP Repayments section in the Admin panel.
• Locate the Repayments Section: In the Repayments section of the Credit Product Policy, find the area for loan repayments.
• Check the Auto Debit Checkbox: Tick the Auto Debit Checkbox to enable the auto-debit function for loan repayments from the selected savings account.
• Save Changes: Ensure to save these changes to activate the feature.

3. Enabling Auto-Debit for Member Charges

• Navigate to Admin Settings: Log into the Admin panel and go to the Membership Policy section.
• Locate Mandatory Savings: Under the Membership Policy, find the Mandatory Savings section.
• Check the Auto Debit Checkbox: Tick the Auto Debit Checkbox to enable the automatic processing of member charges from the designated savings account.
• Save Changes: Ensure you save the changes to activate the feature.

Benefits