The Payments Association of South Africa (PASA) was founded in September 1996, and was subsequently recognised, in June 1999, as a payment system management body by the SARB under the provisions of the NPS Act. Whilst PASA’s mandate is derived from the NPS Act, PASA is a self-regulatory body and its governance structure is managed by PASA Council, the highest governing body in PASA representing the participants in the national payment system of South Africa. As such, PASA is mandated to develop rules, criteria and governance structures as may be required to carry out its function. Through a strong legal foundation, PASA manages its members’ specific payment activities through legal constructs such as payment clearing house (PCH) agreements, PCH clearing rules and service level agreements. Other important legal constructs are the PASA Constitution (providing foundation for good governance), policies and position papers.