Direct debit (E-Debit)

(1) The automatic payment of regular bills by the transfer of funds from a current account into a third party account on a pre-set basis both as to the amount to be paid and the date of payment, such that these may be varied at the third party's discretion, subject to giving prior notification to the holder of the current account.
(2) A method of settling payments electronically via secure debits from an authorized bank account.