Debt Relief Bill: 13 Fast Facts

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debt-1157824_960_720We explore details around Government’s recently signed National Credit Act amendment, which aims to free low-income earners of crippling debt.

pbVerify Business customers who extend credit to consumers are urged to strengthen their KYC procedures to not only ensure legislative compliance, but also to protect them against potential financial losses.

This comes after a recent amendment to South Africa’s credit act, which has highlighted the importance of responsible credit lending.

Just over two months ago, the National Credit Amendment Bill – broadly dubbed the “Debt Relief Bill” – was signed into law and, although it has been almost two years since Parliament’s portfolio committee on trade and industry initiated the amendment bill, there are still uncertainties around its implications.

Also known as the Debt Intervention Bill, the bill basically aims to protect low-income earners from what government considers reckless credit lending, allowing consumers who are burdened by debt to have it written off.

While the bill has been welcomed by consumers, around 9.4 million*[7] of whom may qualify for debt relief thanks to it now having been signed into law, it has been met with “extreme concern” by others, including the Banking Association of South Africa (BASA), which said in a statement on 16 August, “The Act, in its current form, will restrict ability of banks to lend to this vulnerable market and increase the cost of credit.”

Treasury estimated government’s debt-relief proposals could result in the write-off of R13.2bn to R20bn of debt.

In response to concerns raised, President Cyril Ramaphosa said the bill and its proposals were within the country’s constitution. Business Day cites Ramaphosa as saying that, regulations and certain provisions notwithstanding, the law is constitutional.

Here are some fast facts relating to the debt relief bill and debt in South Africa to help demystify the controversial piece of legislation:

  1. The National Credit Amendment Bill was signed into law on 15 August 2019.
  2. The Debt Intervention Bill is an amendment to the National Credit Act.
  3. The bill’s primary aim is to provide relief for South Africa’s vulnerable and most financially distressed consumers.
  4. There is no date set yet for the bill to come into operation.
  5. According to the bill, indebted consumers must meet the following criteria in order to have debt extinguished:
    1. They must earn a gross monthly income of R7 500 or less.
    2. They must have unsecured debt amounting to R50 000.
    3. The National Credit Regulator (NCR) must have found them to be critically indebted.
  6. The bill also makes it an offence for a person to intentionally submit false information related to debt relief.
  7. The bill will inevitably result in losses for banks, retailers and other credit providers.
  8. TransUnion’s Q2 quarterly Industry Insights Report shows a significant increase in the amount of credit being taken out by consumers (Unsecured lending was recorded to be up by 12% in the second quarter).
  9. BASA petitioned Ramaphosa in August not to sign the Act in its current form.
  10. According to BASA, existing debt relief measures have proven to educate and rehabilitate debtors and return them to the credit market. “In 2017, banks expunged R30 billion in prescribed debt in line with existing legislation and their own policies.”
  11. Following a government-commissioned study by consulting firm Genesis Analytics, it was suggested that Parliament reconsider the passage of the bill in its current form, and rather introduce the debt-intervention system within the bounds of the current debt-review system, with subsidy mechanisms for low-income consumers.
  12. According to the Genesis Analytics study, it is unlikely that the introduction of law will have a significant economic impact at a macro-economy level.
  13. The study suggests that the law will mostly benefit the informal credit market. On the other hand, the formal sector credit providers could lose about R3.9bn of existing credit book.

pbVerify is a registered Credit Bureau in terms of section 43 of the National Credit Act 34 of 2005. Its data-systems, data-security and data-processing protocols are audited annually in accordance with the NCA. pbVerify follows strict ISO9001:2015 quality management processes that are audited and internationally certified by TUV Rheinland Germany. pbVerify engineers are certified in ISO27001 IT Security Management.

Phone: +27 (0)10 300 4898

E-mail: support@pbverify.co.za

 

[REFERENCES]

  1. gov.za – National Credit Amendment Act 7 of 2019
  2. Government Gazette – National Credit Amendment Act 7 of 2019 PDF
  3. Fin24 – 5 questions on the ‘debt relief bill’ unpacked
  4. TransUnion – Q2 2019 Industry Insights Report
  5. Moneyweb – Unsecured lending up 12% – report
  6. The Banking Association of South Africa – NCA Amendment Act
  7. *Moneyweb – Close to 9.4m consumers may qualify for debt relief under new bill
  8. Business Day – Cyril Ramaphosa defends controversial debt-relief law
  9. Business Tech – Ramaphosa signs controversial new debt relief bill into law – Here’what it means for you

They’re here: pbVerify’s all-new website and enhanced system have landed

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Marketing concept with person using a laptopOur central data-hub of powerful and intelligent credit and identity information has received its long-awaited face-lift – with a faster system and exciting new products to boot.

As a leading data bureau with innovation at its core, pbVerify has been hard at work face-lifting our website and enhancing our service, so that we can bring you the most cutting-edge products, complete with the latest user interface.

Today, we are both delighted and proud to announce that, after months of blood, sweat, tears, late nights and too much coffee, our all-new website and supplemented online service is ready to go live.

On Monday 2 September, when you open pbVerify.co.za, and log in to your account, you will be greeted with a vibrant new interface, and a greatly enhanced system, featuring more comprehensive data and faster response times on all our existing reports.

What can you expect from the new interface?

Dashboard:

An eye-pleasing and functional dashboard featuring customisable weather updates and news strings to accompany your first cup of coffee in the morning. For our new customers, the new dashboard also features a site explaining the system’s main features and how to navigate through them.

We’ve added your Pending baskets to the dashboard, providing a clear view of outstanding bank reports, which are updated in real-time.

The new menu system makes it easier than ever to navigate our extensive range of products, either by product, or by bureaux. We’ve also enhanced the transaction history section, making it easy to search and find past transactions, and to download files.

Enhanced Reports:

Not only are our new reports beautifully formatted for you, they also contain enhanced quality data, which is now fully interactive. When opening a report, you can find the sections that are hyperlinked, and simply click on the relevant one/s. The links provide click-through functionality presenting more in-depth searches and reports on the data-subject.

New Products:

You can now remove customers you previously listed under the TransUnion Default Listing product. You no longer need to send letters for delisting or updating TransUnion, simply use the TransUnion Default Listing Manager on your Dashboard to manage, update or remove any listing.

But that’s not all

Our platform is gearing up to bring all our customers electronic FICA functionality, previously only available to large organisations and banks. These products, already available via API, will be launched within the next two months, so watch your emails for announcements..

KYCFactory

First up on the list, is our new digital KYC (Know Your Customer) tool, KYCFactory. Developed by our SigniFlow software team, KYCFactory offers businesses a compliant, automated and fully digitised FICA system that caters for both juristic and natural persons, as per policy defined by the Risk Management and Compliance Programme (RMCP).

KYCFactory is the first fully digital end-to-end electronic FICA/AML (Anti-Money Laundering) solution on the market that requires no supporting documents, irrespective of whether your company is on-boarding a consumer or a business. You will be able to read all about this groundbreaker under its dropdown menu on the new pbVerify website.

KYCFactory’s consumer verification comprises configurable, automated processes, including a slick new online 3D liveness test that biometrically matches the person to their national identity document photo, identity data, and alive-deceased data while retrieving their address from over 100 trustworthy SACRRA sources. Juristic entities are equally provided for with a brand-new approach to FICA verification, through an electronic declaration that caters for Directors, Signatories and UBOs (Ultimate Beneficiary Owners) compliant with the new FIC Amendment Act.

KYCFactory incorporates our new Sanctions, PEP and PIP (Politically Exposed and Influential Persons) reporting tool, which enables you to manually screen prospective clients and perform enhanced due diligence on anyone, from any country. This service instantly reports on over 2.5 million detailed PEP profiles and detects individuals, organisations and vessels linked to more than 50 risk categories, including Sanctions, Foreign Officials, and State-Owned Enterprises.

The second part of our Sanctions screening service relates specifically to sanctions and embargoes – i.e. political trade restrictions put in place against target countries to maintain or restore international peace and security. KYCFactory automates reporting on business with individuals who pose a threat and are listed on OFAC (The Office of Foreign Assets Control) Mission. Read more here.

RapidLEI

The next new entry, RapidLEI, is just as innovative and powerful. PBSA has teamed up with UK-based Legal Entity Identifier (LEI) innovator, RapidLEI, to build instant LEI registration into the pbVerify system.

Launched last year by our partner Ubisecure, RapidLEI’s pioneering automatic LEI issuance process takes the process of registering Legal Entity Identifiers, and reduces it from days to mere minutes. With regulation mandating the use of LEIs and new use cases now benefitting from the identity assurance LEIs can offer, this G20-endorsed organisation identifier is already achieving mass adoption.

To find out more about the history behind RapidLEI, and how the service automates the LEI issuance processes to deliver LEIs much faster and easier than ever before, click here. You can also watch Ubisecure’s video on this fully automated LEI process here.

 We look forward to hearing from you on our new website, system and products. If you have any queries or comments, please don’t hesitate to give us a ring on +27 (0)10 300 4898 or email support@pbverify.co.za.

pbVerify is a registered Credit Bureau in terms of section 43 of the National Credit Act 34 of 2005. Its data-systems, data-security and data-processing protocols are audited annually in accordance with the NCA. pbVerify follows strict ISO9001:2015 quality management processes that are audited and internationally certified by TUV Rheinland Germany. pbVerify engineers are certified in ISO27001 IT Security Management.

[REFERENCES]

  1. SigniFlow – Digital KYC
  2. Ubisecure – RapidLEI From Ubisecure
  3. Ubisecure YouTube channel – RapidLEI fully automated Legal Entity Identifiers (LEI)

Paid-up court judgments for bad debt now easier to rescind

CaptureAn amendment to the law that governs how courts treat bad-debt judgments against companies and individuals makes it much easier for these to be revoked once paid up.

Finally some good news for South African companies and individuals that have been affected by court judgments for bad debt: Once paid up, bad-debt judgments will now be much easier to remove.

This comes after an amendment (Clause 14 into Section 23A of the Courts of Law Amendment Act No. 7 of 2017) to the law on how courts handle bad-debt judgments.

As of 11 March 2019, a company or consumer that has settled their bad debt no longer needs to prove to the courts that there is a sound reason for their judgments to be removed. Previously, those with bad-debt judgments against them had to follow an arduous process known as rescission of judgment, which basically means having a judgment revoked.

Rescission of judgment historically involved a lot of red tape, including a lengthy application process and solid justification, and often hefty costs – and after all of this, there was still no guarantee that the court would accept the justification provided, and consent to reversal of the judgment.

Now, a company or consumer simply needs to show that their debt – including any interest and/or costs accrued from the judgment – has been paid in full, and the related bad-debt judgment can be reversed by the court. There is also no longer need to obtain permission for reversal from the party that obtained the judgment originally.

What does the amendment mean for pbVerify customers?

As South Africa’s leading data bureau, one of pbVerify’s priorities and chief services to you, as our valued client, is to allow you to grant credit to customers with complete confidence. This is why we welcome the latest amendment to the Courts of Law Amendment Act.

If you are a business that has customers for whom you have requested bad-debt judgments, the amendment means those customers now have far more incentive to pay up their debt, as this will allow them to have the judgment against their name removed. Previously, many individuals may have shirked paying their debts, because the judgment against their name would still stand.

If you are a business that yourself has a bad-debt judgment, you can now rest assured that, after paying the relevant creditor or originator of the judgement, you can wipe your company’s bad-debt slate clean.

While there are still processes and costs involved – and some feel the move may benefit companies more than individual consumers – it has been lauded as largely beneficial for any debtor that wants to clear their credit record.

[REFERENCES]

  1. Business Insider – Bad debt judgments now easier to overturn with new rescission rules
  2. The Department of Justice and Constitutional Development – Self-help guidelines for Consent Rescission of Default Judgment
  3. RNEWS – New provisions for rescissions of Paid-Up Judgements
  4. Fin24 – Rescission of judgment explained
  5. Parliament (PDF) – Portfolio Committee amendments to the Courts of Law Amendment Bill

 

pbVerify provides an easy to use, web-based system that instantly connects your business to real-time consumer and business information from the four largest credit bureaus in South Africa, the Companies and Intellectual Property Commission, Deeds Office and other business-critical data providers. pbVerify’s business tools enable you to instantly access current and accurate information to assist you in preventing fraud, identifying, tracing and assessing debtors, and effectively managing risk in your business at all times.

pbVerify renews data protection promise

Featured

Blog picSA’s number one data bureau has renewed its status as an official credit bureau, reinforcing customers’ trust in our services.

We are living in the Information Age, and there is an intense air of nervousness and reluctance when it comes to the sharing of personal information. And rightly so – given the proliferation of data breaches and brazen data misuse by marketing companies across the globe.

As SA’s leading data bureau, pbVerify fully understands these concerns and continually takes decisive measures to address them, ensuring our customers’ data remains private and secure at all times.

To this end, pbVerify recently cemented its status as an official credit bureau in terms of Section 43 of the National Credit Amendment Act, 19 of 2014, serving as a stamp of surety and our promise to you, our customer, that your data is safe with us.

In a nutshell, a credit bureau is as company that holds information on credit-active individuals, and uses that data to advise businesses and consumers as to their credit risks associated with a given application or transaction, using complex algorithms.

pbVerify’s status as an official credit bureau, in line with the National Credit Act, validates the fact that we are a professional business, bound by and compliant with all local and international data policy and privacy policy regulation. It also verifies that we have a failsafe disaster recovery system, so both ourselves as a service provider, and our customers, can have total peace of mind when it comes to the protection of the valuable data we deal with.

You can rest assured, your data – including identity data – is secure with us and will stay with us. We will never trade customer information with another company, nor share it for marketing purposes.

pbVerify offers a range of Credit Risk Management and Credit Check products for businesses and consumers.

For more information on pbVerify’s suite of B2B and B2C products click HERE.

To view pbVerify’s NCR Credit Bureau certificate click here: NCRCB343 Certificate – Valid 2018-2019

What is a Credit Bureau?

To manage credit risk and for the sake of general financial health, it is vital that you have a grasp on your credit history. As a consumer, it is important that you understand your credit score and report, as well as the bodies that compile that information, i.e. credit bureaus.

The National Credit Regulator (NCR) describes a credit bureau as “A company that gathers information and updates each consumer’s credit history. A credit bureau creates a record of a consumer’s credit information indicating how the consumer manages his/her credit.

“The credit bureau supplies these records to credit providers, such as banks, retailers and other credit providing companies. The information indicates each consumer’s payment record. It is also used to detect fraud, corruption or theft.”

What rights do I have?

When it comes to the accessing of credit history by a credit provider, you have the right:

  1. To be informed that the credit provider intends to report negative information on you to a credit bureau before the credit provider actually reports you.
  2. To receive a copy of your credit record from a credit bureau when you request it.
  3. To challenge information kept by the credit bureau if you are unhappy with the information.
  4. For your information to be kept confidential, and for your information to be used only for purposes allowed by the National Credit Act.

Click HERE to learn more about credit bureaus and the National Credit Act.

 

REFERENCES 

  1. National Credit Regulator – National Credit Act pamphlet
  2. Fin24 – Five massive data breaches affecting South Africans
  3. Business Live – All your personal information is up for sale to debt counsellors for 55c

Why is it important to credit check prospective customers?

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credit-check-signThe importance of knowing the credit worthiness of new customers cannot be emphasised enough.

It is undeniably important for any business to have customers – whether it be individual consumers, other businesses or suppliers – but it is even more important that the customers you do business with are reliable when it comes to paying you for the services or products you tender.

And, while it may seem counterproductive – even absurd – to turn business away, the value of having quality, paying customers who settle their bills on time, cannot be compared to the value (or lack thereof) of having customers who become a burden because they are constantly defaulting on payments.

The bottom line is, you should never be afraid to turn non-creditworthy customers away because, at the end of the day, it is your company’s bottom line that is on the chopping block.

No business – no matter how big or small – can afford to jeopardise profits. In fact, bad debt and cash flow issues have been positioned as the two main reasons start-ups and small businesses fold.

You also need to be aware that, legally, if you either fail to carry out a credit check or you decide to give a non-creditworthy candidate the green light, you have no recourse down the line should they default on payment and, inevitably, your best option would be to write the debt off.

So, without question, it pays to do your homework. In fact, the advantages of carrying out thorough credit checks go beyond just protecting your profits. The process also allows for intensified sales efforts overall, as these can be confidently spent on the right kind of client, the kind that will add to your income – and not take away from it.

pbVerify offers a range of B2B and B2C Credit Risk Management tools for any size business in South Africa that grants credit. For more information visit our products page HERE

pbVerify intros new verification product

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pbVerify Consumer Marriage Status reportSA’s leading data bureau has added the Consumer Marital Status Report to its suite of credit vetting products.

In the name of protecting your organisation and potentially saving it huge amounts of money, it is imperative that you, as a credit-granting facility, carry out thorough credit checks on new customers.

That is why – as part of our ongoing quest to place all the tools our customers need to manage their credit risk at their fingertips – pbVerify has introduced a new credentials verification product – the Consumer Marital Status Report*.

This latest addition, which forms part of pbVerify’s comprehensive Business to Consumer (B2C) and Business to Business (B2B) credit check suite, allows pbVerify users to quickly and accurately verify the names and identity number of any consumer’s spouse.

While the Consumer Marital Status Report comes primarily in response to our clients’ need to authenticate the marital status of an applicant requesting a financial service, it is also a very useful tool for tracing agents, who may need to access spouse details of customers in default.

All the user needs to access the marital details of the applicant in question, is the applicant’s name, surname and 13-digit South African identity number. These details are then checked against Home Affairs data, after which the system returns the marital details, including the applicant’s spouse’s (if any) first name, surname and identity number.

*The Consumer Marital Status Report costs R7.50 – or 75 pbVerify credits – and is available after registration to any business that grants credit to other businesses or consumers.

For more information on pbVerify’s suite of B2B and B2C credit risk management products click HERE.

pbVerify launches new business report

business credit reportSA’s leading data bureau has added a new B2B product to its extensive suite of credit risk management products.

SA’s leading data bureau, pbVerify, has just launched a new product to complement its existing B2B suite – the XDS Business Credit Report.

The new product will furnish businesses looking to draw business credit reports with instant insight into the existing status of any company that is registered with the Companies and Intellectual Property Commission (CIPC).

XDS is one of South Africa’s leading credit bureaus and, while pbverify has been an XDS partner for many years and offered a range of consumer verification products, the new XDS report is the first business product to be launched on the pbVerify website.

A comprehensive overview and statement of the credit status of any company being researched for credit worthiness, the XDS Business Credit Report is competitively priced and offers all the information (on both the company and its directors) a business requires to make sound commercial decisions.

The information offered in the XDS Business Credit Report also helps businesses prevent fraud by exposing whether any prior legal action has been taken against the company in question. It also gives businesses assurance that the Business and Principal information the company in question has provided, is 100% legitimate.

Below is just some of the information businesses can expect to garner from pbVerify’s new Business Credit Report from XDS:

  • Company CIPC status and information
  • Commercial credit score (with indicator)
  • Auditor information
  • Active director information
  • Business contact information
  • Business banking details
  • Bank Code history information
  • Commercial adverse information (judgements, defaults, etc)

Note: When drawing a business credit report, consent will always be required in terms of the National Credit Act (NCA) and its Prescribed Purposes. Read more about this here.

Want financial freedom? Know your credit status

have-you-pulled-your-credit-report-yetDespite the country’s robust credit information industry, most South Africans do not know what their credit profile actually looks like.

It’s an all-too-common scene: you apply for an account at a retail store, and are taken aback when your application is declined on the grounds of bad credit. As far as you know, you’re the poster child for sound financial management – so what went wrong? Most likely, “as far as you know” is not far enough.

Sadly, even though South Africa has an incredibly strong credit information industry, many citizens are in the dark when it comes to what their credit profile actually looks like.

Earlier this month, local news site News24 cited African Bank executive Alfred Ramosedi as saying that many South Africans were “surprisingly unaware of the importance of a good credit profile”. What’s more, he said, many didn’t even know what a credit profile was – and in instances where they did know, they rarely checked their own personal credit profile.

And yet, the importance of managing your credit status – a task that begins with knowing your credit status – cannot be downplayed in today’s volatile economic climate. As Ramosedi rightly points out, many potential employers nowadays look at job applicants’ credit reports as a means of judging character and level of responsibility.

South Africa’s leading property website, Property24, lists bad credit records as the number one reason banks reject home loan applications, while car finance giant Carfin says the first thing you need to do if you’ve been declined for finance is “Find out why” – i.e. check your credit report. Step number two, says Carfin, is to improve your credit score.

No excuse

 The Credit Bureau Association points out that every single credit-active person in South Africa has a credit profile that shows how they manage their debts and accounts.

Fortunately, if you are a South African who wants to do the smart thing and familiarise yourself with your credit profile, you don’t have to climb any mountains to do so. On the contrary, our country’s credit information industry makes the process next to effortless for you. So much so, that there is really no excuse for not knowing your credit status.

On a scale of 0 to 8, South Africa ranks 7 on the World Bank’s Depth of Credit Information Index – a measure of the availability of credit information, where 8 is the highest level attainable by any country.

Additionally, according to the National Credit Act, every consumer has the right to one free credit report once in a 12-month period from the country’s main credit bureaus, namely TransUnion (formerly ITC), Experian, XDS and Compuscan.

A credit report is basically a comprehensive statement outlining your financial history and standing. It comprises information on your spending and borrowing patterns, how well you meet your financial obligations, general spending and payment trends and contact details. It also lists any judgment you may have against you, as well as any money owed to creditors.

MYpbVerify* – the most versatile personal credit check service on the Net – offers you this and more. The tool not only gives you instant online access to your personal credit report, it also allows you to customise your report with variable information.

MYpbVerify offers various pricing options to suit your needs. Depending on your status and credit history, you can choose either a Basic credit report, or a more advanced (Standard or Premium) report. The latter option includes directorship information, deeds data (properties owned), your personal Compuscan credit rating score and more.

This year, do yourself a great favour – get to know your credit status and start building a good credit profile today. Not only will you never have to fret about being turned down when applying for credit again, you will also be able to take advantage of the better repayment  terms that come with having a strong credit report.

*MYpbVerify™ is an online credit check system designed for consumers in need of quality personal credit check reports. The product offers three different credit reports, all instantly sent via email in PDF format once an order is completed. 

[REFERENCES]        

News24 – Ways to take control of credit

The Credit Bureau Association – http://www.cba.co.za/

The World Bank – Depth of Credit Information Index

Property24 – Why banks reject your home loan

Carfin – Have you been declined for vehicle finance?

 

Credit vetting – an essential key to SME success

credit-vet

For SMEs, sound risk management via credit vetting is not only advisable, it is absolutely essential.

Wasting precious time and resources chasing down debtors for money is not only undesirable for any business, it can be downright destructive. The good news is, there is a way to avoid this – and it is inexpensive and painless. Two words: credit check.

If you are in business, you will know that cash flow is king. This is especially true in the in the small to medium enterprise (SME) environment, where finances are particularly tight. Clients that default on payments can – and inevitably do – seriously jeapordise the success of your company.

A foolproof way to protect your business – and ultimately boost its financial fitness – is through consistent credit vetting.

Credit vetting is simply the process of affirming the credit worthiness of customers in terms of financials. Checking the credit status of your clients greatly minimises uncertainty around whether your invoices will be paid, as it provides an overview of their credit rating and reveals whether there are any judgements against them, or whether they have defaulted on payments in the past.

Simple step towards success

According to Leon van der Merwe, senior business development manager at customer communications firm PBSA, the percentage of small simply overlooking this critical process is staggering.

“Simply taking the steps to check the credit status of companies and directors before doing business with them is straightforward, very affordable and it could make all the difference.”

A detailed credit application document with the correct capture information, credit vetting consent and related terms of agreement will protect the financial wellbeing of your organisation, he adds.

All of this can be easily accessed via pbVerify, a PBSA product that offers a user-friendly online credit vetting service. Specifically for small to medium sized businesses, pbVerify is connected to all major credit bureaux and credit data providers and is credible and accurate.

“Neglecting this crucial step towards managing a successful business can cost you profoundly. Having an overview of the credit worthiness of potential customers, on the other hand, will help you make better decisions, in turn saving you time, trouble and money,” concludes Van der Merwe.

For a comprehensive view of all pbVerify’s vetting solutions, please visit www.pbverify.co.za

Digital onboarding: Inject true intelligence into your business processes

Digital_onboardingA shift towards paperless business processes is starting to be seen in the business world, and there has never been a better time to take advantage of the host of benefits the move to digital brings, than now.

If your business processes still require customers to fill out paper forms, and you want to do away with this onerous, admin-intensive method, PBSA’s pbVerify digital onboarding systems have a comprehensive and effective – yet painless – solution for you.

Our pbVerify digital onboarding systems enable your business to change paper-based credit applications into efficient online web-based forms that verify the identity of the applicant – in real time – while automatically drawing consumer and commercial credit reports in your back-office system.

This enables you to not only eradicate fraudulent applications, but also to approve quality applications in minutes – rather than days or weeks. The system gives you all the information you need to vet a new customer automatically, while they are busy applying.

With pbVerify, no paper, no print and no manual credit bureau, ITC or CIPC checks are necessary – everything is automated according to your procedures.

pbVerify injects true intelligence into web-based application forms. The system provides real-time quality data via API (Application Programming Interface) on South African citizens, consumers and registered businesses, which can seamlessly plug into any web-enabled application.

The solution is fully integrated with SignFlow (www.signflow.co.za), which enables the applicant/s to sign the application or agreement with a digital signature immediately while online. This not only eliminates time wasted from sending the document to and fro via email for signature, it also increases the success rate on finalised applications.

From burdensome to streamlined

Whether you realise it or not, sending clients applications in the form of Word or PDF documents (even dynamic ones) annoys prospective customers right off the bat – at a stage when you should be impressing them.

The pbVerify digital onboarding solution changes expensive, inefficient, labour intensive and time-consuming processes into a professional, streamlined process that will impress your customers. No printing, no hand-written documents, no scanning no capturing and no time wasted.

Despite a gradual shift to paperless processes, many businesses still use paper and print somewhere in the customer onboarding cycle…Yours doesn’t have to.

For more information on PBSA’s pbVerify digital onboarding systems call 011 516 9400 or email Leon van der Merwe on leon@pbsa.co.za