Government regulated collection systems and the financial corporate user in South Africa

Abstract

For years, South Africa has aimed to build a fit for purpose National Payment System that protects as well as serves various stakeholders. Collection systems hope to ensure that consumers are in control of and aware of debit orders being processed to their own bank accounts. It provides companies with the comfort of knowing that customers have acknowledged and are aware of debits orders and also allows consumers’ banks to record the debit order information and check the information before they process the debit order to their accounts. The study hopes to evaluate the level of efficacy of implementation from a technological point of view against the background of the South African technological landscape. The purpose of the study to investigate the relationship between technological advancements and corporate user capabilities in developing countries that forge ahead with technological advancements in banking payment collection systems (Bell, Pavitt, 1992). The study will attempt to evaluate the current technological interventions and the impact they have on business and consumer buy-in in the insurance industry with specific focus on payment collection systems