A service by the Payments Association of South Africa (Pasa) will allow account holders to authenticate a new debit order before it is processed through the bank.
Pasa CEO Walter Volker, says the DebiCheck tool is still in it's testing phase and is expected to be piloted this year.
It is a world first so the technology is not simple, and also the human interaction dynamics are not simple. We have to make sure it's something that consumers can easily use for entry level to very sophisticated as well.— Walter Volker, CEO of Payments Association of South Africa
It's probably the most expensive project we have done in the payments industry in South Africa to date, but we hoping that the benefits of greater efficiencies will bring those costs down over time.— Walter Volker, CEO of Payments Association of South Africa
In general, most beneficiary companies are in favor because a lot of the disputes are in fact illegal disputes, people disputing perfectly legitimate debit order just because they are managing their cash flows.— Walter Volker, CEO of Payments Association of South Africa
Both the consumer and corporate will benefit from this new system, he concludes.
Click on the link below to hear more about how the tool works....