VAS Holdings has been at the forefront of developing cutting-edge compliance technologies to ensure regulatory alignment, financial transparency, and consumer protection in South Africa’s banking and payments ecosystem.
In partnership with PASA (Payments Association of South Africa) and leading South African banks, VAS Holdings identified a critical need for enhanced compliance, customer notification, and dispute resolution in debit order processing.
The primary challenges included:
Increased disputes on unauthorised debit orders.
Lack of transparency for customers regarding upcoming debit orders.
The need for a feedback mechanism between banks and clients to validate debit order integrity.
To address these concerns, VAS Holdings developed Veridebit and My Notify, two industry-first solutions designed to create bilateral communication between banks, businesses, and customers—ultimately reducing fraudulent transactions and disputed debit orders.
VAS Holdings, in consultation with PASA and major South African banks, developed Veridebit, a real-time verification platform that safeguards debit order processes by:
Verifying uploaded debit order data to ensure its accuracy before transactions are processed.
Automatically flagging non-compliant or suspicious transactions, removing them from the system before processing
Providing a compliance framework to align debit order processing with South African banking regulations.
My Notify was developed as a customer-facing notification system, allowing VAS Holdings’ clients to:
Proactively notify customers about upcoming debit orders.
Provide a two-way feedback mechanism, enabling customers to raise concerns or disputes before the debit is processed.
Reduce debit order disputes by ensuring customers are informed well in advance.
The implementation of Veridebit and My Notify brought significant improvements in compliance, customer protection, and industry-wide efficiency.
The rate of disputed debit orders decreased by over 30%, leading to higher trust in automated payments.
Customers had the opportunity to verify and raise concerns before a debit occurred, reducing chargebacks and fraud investigations.
Non-compliant debit orders were identified and removed from the system before submission, ensuring regulatory adherence.
Banks and merchants gained a secure, automated verification system, reducing errors in debit order processing.
The My Notify system ensured customers received real-time notifications about upcoming debits.
Improved communication between financial institutions and customers, reducing confusion and unexpected debits.
VAS Holdings’ solution became an industry standard, with major banks and payment processors adopting the technology.
Strengthened relationships between VAS Holdings, PASA, and South African financial institutions, reinforcing trust in the debit order process.
Through the development of Veridebit and My Notify, VAS Holdings successfully addressed critical challenges in debit order compliance, fraud prevention, and customer transparency.
By working closely with PASA and major banks, VAS Holdings pioneered an innovative standard for secure debit order processing, benefiting both businesses and consumers.
The success of these solutions underscores VAS Holdings’ leadership in fintech innovation, providing technology that ensures compliance, operational efficiency, and customer trust.
This case study highlights how proactive compliance strategies and digital innovation can reshape financial services, setting new benchmarks for security and transparency in the South African banking industry.
VAS Holdings is a leading provider of value-added financial services and compliance-driven technology solutions. By developing cutting-edge platforms for loyalty programmes, payments, and customer engagement, VAS Holdings continues to drive innovation and regulatory compliance in South Africa’s financial ecosystem.
For more information about VAS Holdings’ compliance and fintech solutions, get in touch with us.
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