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The authentication of mandates for debit transactions by the premium payer.
Debicheck
A request from the premium payer’s bank for him/her to authorise a debit.
Authorization Request
A group of transactions processed at one time, usually at the end of the day by the system (MMS).
Batch
... is an electronic instruction from the premium payer to his / her bank to allow for the deduction of their insurance premium.
Electronic Mandate
In the case of DebiCheck it is a Debit Order instruction from the premium payer to his / her bank to allow for the deduction of their insurance premium.
Mandate
The system that manages mandates.
Mandate Management System
Is the ‘middleman’ between Sanlam Sky Solutions and the premium payer’s bank.
Sponsor Bank
Methods the premium payer can use to authenticate a variable debit order.
Transaction Type
DebiCheck allows the client to electronically confirm the debit order before it is processed to their account.
True
Authentication or authorisation of the debit order is done once off at the start of the policy and when the client makes changes.
True
The authentication of debit orders ensures that clients are in control and aware of debit orders processed through their accounts.
True
Because the client has authenticated the debit order they are less likely to dispute or cancel the debit order.
True
Where a premium collection was unsuccessful because of the client not having sufficient funds, tracking of funds after the original action date can happen.
True
Tracking increases the probability of collecting the premium.
True
An electronic mandate is amended when the change affects the collection day.
True
Sanlam Sky Solutions may adjust the premium payer’s collection day taking into account public holidays and non-working days.
Date Adjustment Rule
