Bayport has always kept up with the latest and best industry practices, all in the interest of putting their customers first, by improving our own processes. Authenticated Early debit orders (AEDO) are another example of this approach.

What is AEDO?

Bayport strives to provide their customers with the best in everything they do. Part of this goal includes aligning themselves with the leaders in the payment and collection space. As a result, Bayport has partnered with Altech NuPay to implement their AEDO technology. The impact on customers is extremely low. Customers will only be required to “swipe” their card once at a terminal in the relevant Bayport branch where they are applying for a loan. This will only be required once their loan has been approved. The terminal communicates directly with the customer’s bank in order to verify the customer’s details and to set up future loan repayments as per the loan agreement. This results in Bayport being able to establish an electronic mandate to ensure that the loan repayments that are being debited directly from the customer’s account are in line with the repayment agreement and have not been tampered with. Even though the mandate is set up when the customer swipes their card at the terminal, the debit order is only processed on the dates that were specified for repayments. The process safeguards customers in several ways. The most important safety precaution stems from the fact that no money leaves the customer’s account when they swipe their card at the terminal. The money will only be deducted from the customer’s account when repayments are due. The customer’s PIN is also completely safe – it does not get stored on Bayport’s systems at any stage of the transaction. The technology utilised ensures that Bayport has no way of accessing a customer’s bank account without their knowledge and consent. All responsible credit providers should be encouraged to implement this process in their businesses in order to protect the customer. AEDO is not only the safer option for both customer and credit provider but also simplifies the process considerably for both parties.