The South African Reserve Bank has announced a 12-month extension for the full implementation of the DebiCheck system.
The DebiCheck system requires customers to confirm their debit order information electronically with their bank, which protects both banks and customers from fraudulent debit orders.
The system will now be implemented fully by October 2020, although according to PASA CEO Walter Volker, this deadline extension only affects the turning off of old systems.
“The 11 banks participating in DebiCheck are committed to the process and still aim to have most companies on the system this year,” said Volker.
As of 1 August 2018, the first phase of the system went live – which allows companies to test the systems and introduce new business processes that allow them to utilise DebiCheck optimally.