... is an electronic instruction from the premium payer to his / her bank to allow for the deduction of their insurance premium.
Electronic Mandate
The system that manages mandates.
Mandate Management System
A request from the premium payer’s bank for him/her to authorise a debit.
Authorization Request
An electronic mandate is retrieved when the premium payer lodges a dispute regarding information on the electronic mandate,
True
An electronic mandate is amended when the change affects the collection day.
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
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
Sanlam Sky Solutions may adjust the premium payer’s collection day taking into account public holidays and non-working days.
Date Adjustment Rule
Methods the premium payer can use to authenticate a variable debit order.
Transaction Type
A group of transactions processed at one time, usually at the end of the day by the system (MMS).
Batch
All VDO application forms captured and accepted for the day are batched in a single batch file, which is then sent to the Sponsor Bank (ABSA Bank) at the end of the day.
Transaction Type 2
There are 2 ways in which the mandate authorisation process can be carried out.
False, 3
The authentication of mandates for debit transactions by the premium payer.
Debicheck
The authentication of debit orders ensures that clients are in control and aware of debit orders processed through their accounts.
True
Tracking increases the probability of collecting the premium.
True
DebiCheck allows the client to electronically confirm the debit order before it is processed to their account.
True
This is the only transaction type that includes the use of a Card and PIN and is specific to SanTech users.
Transaction Type 3
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 transaction type is real time which means that the authentication request is sent to the client immediately.
Transaction Type 1
Because the client has authenticated the debit order they are less likely to dispute or cancel the debit order.
True
Is the ‘middleman’ between Sanlam Sky Solutions and the premium payer’s bank.
Sponsor Bank
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