SARB Draft for Consultation:
Second Amendment to Directive No. 1 of 2017
Amidst the global COVID-19 pandemic, the SARB published a draft amendment to Directive No.1 of 2017.
Following industry consultation in recent weeks, and the declaration of the National State of Disaster, the SARB aims to minimise risk to the collections ecosystem; resulting amongst others in the current DebiCheck compliance dates of 1 May 2020 and 31 October 2020 to be reconsidered and amended. The draft amendment proposes that these dates are extended by twelve months to 1 May 2021 and 30 October 2021 respectively.
Industry has been afforded up until 6 April 2020 to provide comment to the SARB NPSD. The draft is currently under review by industry, including the EDO PSSF as well as the PASA AC Steering committee. Real Pay continues to contribute towards these industry structures through its technical association CIBA. We are confident that the amendments will provide industry and business with manoeuvring space during the current lockdown and anticipated economic pressures.
We encourage our Users to maintain their momentum on DebiCheck and support the maturation and stabilisation of the DebiCheck stream. The continued effort by our Users in on-boarding, as well as initiating mandates and transactions are appreciated, as these have already contributed towards refinement of the DebiCheck stream.
We will keep our Users informed once the finalised SARB Directive has been received. We appreciate your continued support and wish you the best during the COVID-19 lockdown period.
The Real Pay Team
Company confidential – Not for distribution
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