03/01/2024
DebiCheck is a secure debit order system requiring the bank account holder to give specific electronic permission (via their bank) once-off at the start of a new contract, prior to any debit order being processed.
So why should we trust DebiCheck? Bank account holders have the comfort of knowing that the debit order can only be processed within the terms as agreed by them. Businesses can debit a bank account confidently as specific consent is received via the account holders bank and the likelihood of transactions being disputed is drastically reduced.
As the client, you can also deny a debit order. In other words, clients must approve or verify debit orders. This is great news for clients since banks cannot process debit orders that fall outside the terms and conditions that have been agreed upon.
DebiCheck has become a popular and trusted system in South Africa, with ten major banks embracing it. These banks include Ubank, Nedbank, Standard Bank, Bidvest, Capitec, Absa and First National Bank. The system forms part of the Payments Association of South Africa (PASA) and as such is regulated by the organization.
It is interesting to note that the system was developed since 2013 and was only released in late 2019 and cost more than R4 billion. This investment was worth it, as the system has transformed the traditional debit order process, offering clients and businesses a more secure and reliable solution.
DebiCheck replaced both AEDO (Authenticated Early Debit Order) and NAEDO (Non-Authenticated Early Debit Order) transactions.
References:
https://www.directdebit.co.za/
https://m.debicheck.co.za/