Our DebiCheck explained in 4 simple steps
Now you can manage your end-to-end transaction process
Mandate01. Register your customer’s mandate
Mandate02. Your customer approves his mandate for the debit order
Money03. Debit order is collected from your customer’s account
Mandate04. Oversee all your customers’ mandates
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.
DebiCheck collections 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 collection (or debit order) to be processed outside the terms that you have confirmed.
With DebiCheck, you will be in control.
the new way to manage mandates
A mandate can be defined as the authorisation given by the Debtor allowing the Creditor to present a collection request against the Debtor’s bank account.
The Hyphen Mandate Management system not only facilitates the management of your DebiCheck mandate at the bank but can also be used as a stand-alone system for any customer mandate you wish to record and manage electronically.
DebiCheck made simple
DebiCheck is the new debit order system that will provide a reliable collection environment for both Creditors and Debtors. It provides the Creditor the comfort of knowing that his customer has acknowledged and is aware of the debit order that he has electronically approved. It also allows the bank to record the debit order information and to confirm the collection instruction is within the agreed conditions before they process the debit order.
DebiCheck will protect the Creditor from irresponsible debtor behavior, where their customer disputes a debit order that has a valid mandate. DebiCheck will also protect the Debtor from debit orders processed on his bank account without his permission.
let’s clear things up