Consumers soon able to authenticate debit orders before being processed

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....


Recommended

by NEWSROOM AI
Read More
Can body corporates increase levies willy nilly?

Can body corporates increase levies willy nilly?

What do you do if your body corporate just informs you that levies will be going up without any form of prior discussions?

Zwelihle residents not happy with Bheki Cele, wanted him to leave

Zwelihle residents not happy with Bheki Cele, wanted him to leave

Police minister visited Zwelihle in Hermanus amidst violent protests but he was chased out because he didn't want to hear them out.

Gerrie Nel confident Thandi Modise will be prosecuted for animal cruelty

Gerrie Nel confident Thandi Modise will be prosecuted for animal cruelty

Prosecutor Gerrie Nel says that people can’t be sheltered from prosecution based on who they are or their political party.

Helen Zille calls on Minister Cele to involve SANDF in Hermanus protests

Helen Zille calls on Minister Cele to involve SANDF in Hermanus protests

Premier of WC Helen Zille shares memorable moments of Madiba, and chats about radicalised youth who are behaving brutally.

[LISTEN] Hermanus protests erupt again

[LISTEN] Hermanus protests erupt again

Editor at Hermanus Times Daleen Fouché gives updates on the Hermanus protest.

'No proof that increased lion bone export quota won't have harmful effects'

'No proof that increased lion bone export quota won't have harmful effects'

Govt has now increased the export quota to 1 500 skeletons for the international trade in lion bones.

Popular articles
From Cape to Cairo: 80-year-old Julia travels to Egypt using 20-year-old car

From Cape to Cairo: 80-year-old Julia travels to Egypt using 20-year-old car

‘It took approximately 4 – 5 months because I had to make some stops on the way for repairs.' - Julia Albu, the African Conquest

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

How to make money through ‘buy-to-let’ (using very little of your own money)

How to make money through ‘buy-to-let’ (using very little of your own money)

Bruce Whitfield interviews Francois Janse van Rensburg, author of “Making Money through Buy-To-Let in South Africa".

Retirement: 8 biggest mistakes people typically make…

Retirement: 8 biggest mistakes people typically make…

The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.

MTN Walk The Talk with 702: Get your entries in and be part of a united Joburg!

MTN Walk The Talk with 702: Get your entries in and be part of a united Joburg!

Join Joburgers from all walks of life come together peacefully, united in their diversity for a fun family day out.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?