The onboarding process continues and will intensify as the milestone dates approach. As a reminder of key milestone dates that are due from 1 November 2019, we refer to the letter (see below) from the South African Reserve Bank dated 20 September 2019.
Over the course of the project, Real Pay has kept our Users informed of the important regulatory requirements and associated milestone dates. We are in the advanced stages of User onboarding. Our onboarded Users are aligned with industry requirements and already benefitting from processing live DebiCheck transactions against payers’ bank accounts.
Real Pay remains significantly advanced and on track with the industry project. Accordingly, our progression through the project phases is aligned with that of our Sponsoring Banks and the interbank industry. We remain excited to be live and processing all mandatory DebiCheck transaction types and to be migration ready. A managed methodology is applied in phasing in new project stages.
We are aware of industry challenges, including coverage and migration, which are being addressed at industry level through the project structures established by the SARB and PASA. Real Pay remains committed to the project and actively involved in and contributing to our industry associations CIBA and the EDO PSSF. From this perspective, we highlight the importance of Users being onboarded and thereby compliant with the SARB Directive. It is therefore of utmost importance to complete the DebiCheck application documents to ensure registration of the User Settlement Account and Abbreviated Shortname with DebiCheck.
We urge Users who are not onboarded yet to ensure compliance and avoid anticipated industry bottlenecks prior to compliance dates.
Additional participation benefits include the User internal learning process associated with the new DebiCheck payments stream and implementation of required User business process changes, as well as continued priority processing post 31 October 2019.
As a leading payments service provider in Africa, Real Pay uniquely developed all three DebiCheck transaction types with both our Sponsoring Banks and has been aligned with industry phases and stages throughout the project life cycle.
Users requiring onboarding information or any clarification relating to the above can contact Luan Cloete – Head of Sales and Marketing: Real Pay Group – directly on (+27) 83 657 9136 or at firstname.lastname@example.org.
The Real Pay Team