Authentication of ad-hoc debits has now become a requirement in many parts of the world as regulators have mandated that banks must solicit customer permission prior to removal of funds.
This protects customers from unscrupulous businesses attempting to take unauthorised payments and protects companies and banks with authenticated mandates to take direct debit payments.
Myriad Connect’s authorisation services enables the bank to provide a clear audit trail to the regulator that the correctly identified customer has authorised the withdrawal of funds.
A bank wants to enable a customer to authorise the set up of a direct debit payment.