by SAVIOUS KWINIKA
JOHANNESBURG – FIRST National Bank (FNB) has implemented DebiCheck, a new scheme in support of the industry-wide initiative by the Payments Association of South Africa (PASA).
These initiatives are because of an increasing number of unauthorised debit orders being submitted into the payment system.
DebiCheck will require a user to electronically confirm its debit order details before a creditor or service provider can debit their account.
The client would be able to review their DebiCheck debit order details on their preferred channel, ensuring increased security and putting them in control of their debit orders.
FNB would reject debit orders that do not align with the details (such as date and amount) of the client’s agreement with the service provider.
FNB is one of the biggest banks in South Africa.
– CAJ News