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Tag: Debicheck

Here’s how the new debit order system works

For those of you that have a lot of debit orders, we have some important news to bring you: As of Saturday, 1 May 2021, South Africa is operating from a new debit order system – we’ve got all the details here.

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 difference between Debicheck debit orders and other debit orders is that Debicheck requires an electronic confirmation whereas the normal debit orders do not.

“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 later in the day – as per usual. Before then, consumers would provide a mandate to a company/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 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.” | Statement from the South African Reserve Bank

‘Get ready for 1 May!’ SARB opens up on SA’s new payment system

All new and renegotiated Early Debit Order (EDO) mandates will now be originated in the AC/DebiCheck payment system from this month and not in the current EDO system. Companies or users of the system had until 1 November 2019 to fully implement the AC/DebiCheck payment terminals

SARB has also revealed that this project is an initiative of the collections industry, which ensures the safety and efficiency of the NPS, and the mitigation of rogue and fraudulent behaviour in the collections system.

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Tame Communications (known as tameTIMES) was established in 1997. This long-established popular community title includes the key shopping centres:  Alberton City, Mall...

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