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Find out how DebiCheck is improving the Debit Order environment.
Explore how DebiCheck can help your Debt Counselling business.
Debicheck in 5 simple steps
01. Submit the mandate to Hyphen PDA
02. Hyphen PDA validates and submits to bank
03. Consumer approves the mandate
04. Debit order is collected from the Consumer’s account
05. Receive instant notification of mandates and collections
Payments industry launchesnew type of debit order
June 2017 - Over the last few years there has been a significant increase in debit orders processed to bank accounts without permission (a mandate) from consumers. On the other hand, irresponsible consumer behavior, where bank customers are disputing debit orders that do have valid mandates, at their banks, has also become a huge concern for the industry.
As a result, the South African Reserve Bank (SARB) requested PASA, which includes the South African Banks, to find a solution. An industry project aiming to enhance and eventually replace certain type of debit orders and thereby contributing substantially to the safety and efficiency of debit orders, was started during 2013.
Now close to implementation, the project will deliver a new type of debit order, called DebiCheck.
DebiChecks are new debit orders electronically confirmed by you with your bank on a once-off basis, relating to a new contract that you have signed with a company.
This means that, your bank will now know the details of what you have agreed to and will not allow your DebiCheck to be processed outside the terms that you have confirmed.
With DebiCheck, you will be in control.
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