The South African Reserve Bank modernises the national payment system with the DebiCheck project.
Last Modified Date:
2021-04-28, 09:21 AM
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The South African Reserve Bank, as part of the modernisation of the national payment system (NPS), embarked on the Authenticated Collections (AC)/DebiCheck project. 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.
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.