The South African Reserve Bank (SARB) will introduce the Authenticated Collections (AC)/DebiCheck project from 1 May 2021 as part of its modernisation of the national payment system (NPS).
According to SARB, this project is a first of its kind that seeks to address the increasing levels of abuse in the debit order payment system, known commercially as the early debit order (EDO) payment system.
“Before 1 May 2021, consumers would provide a mandate to a company or user to collect money from their bank account. In the new AC/DebiCheck payment system, consumers will provide authorisation to their bank, by way of an authenticated mandate, to release the funds from their account when a debit order is submitted by a company or user from whom they bought goods or contracted for a service.”
“From 1 May 2021, all new and renegotiated EDO mandates will be originated in the AC/DebiCheck payment system and not in the current EDO payment system. Early debit orders will only be processed through the AC/DebiCheck payment system, while normal debit orders will still be processed later in the day as per current arrangements.”
Click here to download the SARB media release.
We want system that we will use to collect money from our clients