Sunday, 11 October 2015

Nedbank South Africa revamps payments ahead of September 2016 deadline

From Banking Technology –

“South Africa’s Nedbank has chosen Volante Technologies to help it revamp its payments message service using VolPay Foundation, which focuses on validating and processing payments. The move comes ahead of regulatory change next year, which will force all South African institutions to change the way they handle payments.

Under the new rules, all South African banks will have to cease offering non-authenticated early debit orders by September 2016 and instead offer a new debit order instrument, called Authenticated Collections. The rule-change is part of a general drive towards greater transparency; the new AC debit order instrument uses a combination of the ISO 20022 and ISO 8583 message standards to authenticate, process and report on the lifecycle of each transaction.”

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