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SA's new debit order system
- 07 May 2021
- Accounting
- South African Accounting Academy
The South African Reserve Bank's (SARB's) authenticated collections (AC) system, DebiCheck, came into operation on 1 May 2021, after the original deadline was extended by a year due to the Covid-19 State of Disaster.
AC/DebiCheck requires customers to consent to new debit orders before they can be executed, to end abuses, typically in the form of automatic payments worth R99 each, in the early debit order (EDO) payment system.
The SARB stated that, 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.
Companies or users of the system had until 1 November 2019 to fully implement the AC/DebiCheck payment system.
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