SARB introduces a new debit order system

From the tomorrow the South African Reserve Bank will be introducing a new payment system.

It says it’s expected to protect consumers from unwanted and illegal debit orders.

Previously consumers would provide a mandate, to a company or user to collect money from their bank account.

But with the new system all new and renegotiated early debit orders must be processed through the DebiCheck system.

This will require consumers to digitally approve the debit order. 

The bank says this new system will also strengthen our banking systems as a country.

Meanwhile, Payments Association of South Africa CEO Ghita Erling says the system is a world first.