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 orders must be processed through the
DebiCheck System, says the SA Reserve Bank.
The bank
on Wednesday issued a statement on the modernisation of the national payment