Company Overview

The Payments Association of South Africa was constituted in 1996 by banks in South Africa involved in payments, clearing and settlement and the SA Reserve Bank, for the purpose of managing, controlling and governing all matters affecting interbank payments, payment clearing and settlement within the national payment system.

The National Payment System Act, Act 78 of 1998, came into operation on 28 October 1998. Section 3 of the Act makes provision for the recognition of a payment system management body by the SA Reserve Bank. On 9 July 1999 the SA Reserve Bank formally recognised PASA as that management body. Only banks participating in the national payments system are members of PASA and are required to have agreements in place to govern their relationships with each other. The management and control of members are performed by means of agreements, rules and policy papers, all applicable and enforceable to members inter se.

Subtitles :
Part I
Part II
Part III
Part IV
Part V
Part VII
Part VIII

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