An insurance company has challenged national payment system rules that allow debit order reversals on bank accounts, saying it is losing money that it rightly owns.
Last week, the Gauteng High Court considered an application by insurance group Clientèle that the Payments Association of South Africa (Pasa) change its rules governing debit orders. The application was postponed so that other interested parties, such as the SA Reserve Bank and the banks themselves, could be joined in the case.
Consumers have been able to query and reverse debit orders after Pasa and the major banks
