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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 ...

From 1 May all stakeholders making use of early debit orders must process payments through DebiCheck (Getty) The Reserve Bank says all new and renegotiated early debit orders will have to go through the Authenticated Collections/DebiCheck project. The project was first launched in August 2018, partly to mitigate against debit order fraud. Existing systems known as Authenticated Early Debit Order and Non-Authenticated Early Debit Order will be discontinued in the latter part of the year. From May 2021, all new and renegotiated early debit order...

How the new debit order system will work 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). This will then allow people to release funds from the accounts digitally when a debit order is sent over by either an individual or an actual company. “The project seeks to address increasing levels of abuse in debit order payment systems. Early debit orders will only be processed through the AC/DebiCheck system, while normal debit orders will still be processed late...

Cape Business News April 28, 2021 Debit orders Source: Google Images 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). This project, which is a first of its kind, 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 SARB, all new and renegotiated EDO mandates will now be originated in the AC/DebiCheck payment system from next month and not in th...