Parliament of South Africa - National Payment System Act, No. 78 of 1998, as Amended up to February 28, 2014

Payment systems are important mechanisms to facilitate efficient, stable and safe economic activities of the public and private sectors, both domestically and internationally. The Parliament of South Africa's National Payment System Act seeks to promote an effective and efficient payment system in the country. The act aims to achieve this by setting forth measures for the management, administration, operation, regulation and supervision of payment, clearing and settlement systems by the South African Reserve Bank (SARB) with the assistance of a board as appointed by the SARB. The act is divided into several parts, and covers the following topics:

1. Powers and Duties of Reserve Bank Regarding Payment System
2. Payment System Management Body
3. Objects and Rules of Payment System Management Body
4. Designated Settlement Systems
5. Settlement Provision
6. Clearing Provisions and Designated Clearing System Participants
7. Effectiveness and Efficiency of the National Payment System
8. Payments to Third Persons
9. Curatorship, Judicial Management or Liquidation
10. Utilization of Assets Provided as Security
11. Information
12. Settlement of Disputes
13. Directives by Reserve Bank
14. Retention of Records
15. Application for Court Order
16. Penalties
17. Review of Act

Document Details

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Year of Document: 
2014
Date of Document: 
Friday, February 28, 2014
Document Authors: 
Parliament of South Africa

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