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South Africa s new debit order system comes into effect

The South African Reserve Bank will introduce the Authenticated Collections (AC)/DebiCheck project from tomorrow, 1 May 2021 as part of its modernisation of the National Payment System. This project seeks to address the increasing levels of abuse in the debit order payment system, known as the early debit order (EDO) payment system. According to the Bank, all new and renegotiated EDO mandates will now be originated in the AC/DebiCheck payment system from next month and not in the current EDO payment system. In the new AC/DebiCheck payment system, consumers will provide authorisation to their bank, by way of an authenticated mandate…

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