DURBAN - WesBank will be one of the first vehicle and asset finance house to implement DebiCheck.
DebiCheck is a specific type of debit order where consumers accept, electronically and on a once-off basis at the start of their contracts, The details of the debit order with a bank before it is processed.
DebiCheck is an industry-wide solution to an increasing issue of debit orders being processed to bank accounts without permission or consent from consumers. There has also been an increase in the number of consumers who dispute debit orders where a valid mandate is in place.
This issue has become a concern for banks and companies in the financial sector over the past few years, and as a result, the South African Reserve Bank (SARB) has recommended that the Payments Association of South Africa (PASA), including the South African Banks, implement DebiCheck as a suitable solution.
Ghana Msibi, WesBank’s Executive Head for Sales and Marketing said, "The implementation and rollout of DebiCheck will serve a great deal in fostering trust relationships between the bank and consumers. As WesBank, we are proud to be the first within the Vehicle and Asset finance space to pilot the DebiCheck system to our consumers ahead of the set schedule time, with 1700 dealers set to go live November 17, 2018".