DebiCheck

Facilitated in the following countries:  

The introduction of DebiCheck by the payments and collections industry is a significant initiative. It is intended to address much more than just debit order abuse, and is expected to enhance the safety and efficiency of the South African payments and collections system substantially. Two outcomes of this project are the reduction in the number of unauthorised debit orders processed by companies, and the reduction of consumer disputes stemming from the ‘no authority to debit’ scenario.

The banking industry has never had a mechanism to electronically present and store mandates and vet the validity of each collection instruction over debtor accounts. With this new initiative, RMB and FNB are now able to deliver a collection system solution which will ensure that:

• All DebiCheck debits processed in the early window have already been authenticated by the consumer, using the electronic banking channel(s) available to the debtor
• An electronic mandate is stored as part of the authentication process

Read more

• Download the latest industry documents for DebiCheck
• Press article — "Consumers soon able to authenticate debit orders before being processed"
• Press article — "Check new debit orders before they are authorised"
• Payments Association of South Africa