21 April 2020
Real Pay DebiCheck Update
SARB Second Amendment of Directive No. 1 of 2017
The SARB Second Amendment of Directive No. 1 of 2017 was gazetted today. Follow the link to the Directive and refer to the covering letter from the SARB NPSD below.
Real Pay, via its technical associations CIBA and the EDO PSSF, provided input to the draft Directive and we can confirm that the SARB NPSD acknowledged such input and provided further clarity in its covering letter to NPS participants. Aspects on the Registered Mandate Service (RMS), Gated Approach, Independent Review as well as Lockdown are clarified in the letter.
A key aspect is that the momentum towards implementation of AC and its goals is to be maintained. This view is shared by industry, and furthermore, that the gated approach must be accommodated within the timelines. The SARB confirms the relevance and importance of RMS in facilitating a smooth transition to AC and recognises its relevance as a transitional/fallback mechanism to address issues relating to the adoption of RMS.
In short, the key date extensions per Directive are:
- 1 May 2020, the date after which no new NAEDO and AEDO instructions will be originated, has been extended to 1 May 2021; and
- 31 October 2020, the end date for processing any NAEDO or AEDO instructions, has been extended to 31 October 2021.
Real Pay’s Perspective
The date extensions provide much needed relief to industry during the COVID-19 crisis and allow industry 12 months to further optimise and refine DebiCheck, in particular the challenges experienced within the project.
Real Pay is live and ready, and:
- We encourage all our Users to maintain the momentum of DebiCheck and to keep on benefitting from being in the lead;
- Real Pay regards the date extensions as an opportunity to achieve further improved stability and functionality while allowing for an orderly transition to DebiCheck;
- Further refinement of Users’ internal business and operations processes to cater for DebiCheck is now possible; and
- Consumer education and training remain key aspects to Payer adoption and will benefit from the proposed time frame.
Real Pay launched DebiCheck live on 1 August 2018 with both our sponsoring banks, Absa and FNB, catering for all three mandatory transaction types:
- Transaction Type 1 – Real Time (Real-time and delayed);
- Transaction Type 2 – Batch (Non-face-to-face); and
- Transaction Type 3 – Card (Face-to-face).
Real Pay has onboarded the majority of its clients with relevant Users participating in the “live” phase with its migration capability in place and its systems architecture geared to accommodate RMS.
We encourage all our Users to submit, albeit low volume, some DebiCheck instructions on a monthly basis. Further consultation on crucial business process changes will follow suit when it is safe for both parties to do so.
Real Pay remains committed to provide a market-leading, multi-channel digital payments platform to you, our valued customer.
Stay safe and healthy!
The Real Pay Team