Standard Bank To Launch Portal For Debt Counsellors
Standard Bank To Launch Info Portal
With the Protection of Personal Information Act (PoPI) finally coming into full effect in the next few months the various banks, credit providers and Debt Counsellors are having to think about how they will share information about their mutual clients while sticking to the new laws.
Outside software providers like Slipstream are making software like DReX and SWITCH available for their clients to avoid any regulatory misconduct which comes with big fines and penalties. This enables smaller operations to comply without going to the huge and ongoing costs surrounding software development which can be prohibitive. This is certainly one viable, easy to implement, option that many credit providers are going to make use of.
Standard Bank has announced that they have a data sharing portal of their own in development and that Debt Counsellors will be given access to the portal in the near future. The portal will be used by more than just Debt Counsellors of course and will be an integral part of the banks future info sharing processes.
Debt Counsellors will be able to use the portal to get information such as:
Termination notice records,
Paid up letters
General info about their clients.
They will also be able to edit (or suggest edits) for some client information (eg. contact info and address).
Standard Bank has announced that they have a data sharing portal of their own in development …that Debt Counsellors will be given access to
To deal with PoPI some banks are currently looking at systems such as sending two emails at a time for one matter. One email with the info but with a required code and then a second related email with the code for the first email but no info (or very little or partial info). While this may work in smaller batches, it may present challenges when being sent to auto sorting email inboxes at large operations or corporations. One can easily imagine emails getting lost and codes not being available to access the info and then time limits expiring and new requests and emails having to be resent.
PoPI is going to present all industries with challenges and innovative solutions will be needed for those who regularly share consumer’s private information (such as Debt Counsellors, attorneys, credit bureaus, Government offices and credit providers).
To sign up now (in advance) for early access to Standard Bank’s system for when it goes live, Debt Counsellors can email the bank with their name and contact info (PoPI is not yet in full effect so feel free to just send those in an email so long like normal).
The email address for that is: RegulatoryOperationsCommunication@standardbank.co.za