PASA is legally recognised and mandated by the SARB. Broadly, the SARB is the primary entity responsible for
managing macroeconomic stability by setting monetary policy and controlling inflation for the South African economy. One aspect
related to managing stability and security of the economy is oversight of the National Payment System.
The SARB has opted to manage the NPS through a delegated self regulatory model. Thus PASA is the payment system management body
recognised by the SARB, in terms of the National Payment System Act of 1998, to organise, manage and regulate the participation of
it members in the payment system.
PASA has a constitution which is approved by the SARB in terms of which the PASA Council is the governing
body of PASA.
PASA Council is made up of representatives from PASA members who undertake to serve PASA in an independent
fiduciary manner. Several committees assist in advising Council on governance issues.
PASA has 23 members, all of them South African banks or local offices/branches of international banks.
In addition, other stakeholders in the NPS who issue a payment instrument and/or provide payment services resulting in “interbank”
clearing and settlement, are required to be registered with PASA. These registered stakeholders include SOs and TPPPs. See
Stakeholders in the NPS and PSO, SO and TPPP for more information.
PASA has defined rules and guidelines to ensure that its members and other stakeholders meet the requirements
of the NPS Act, through the following enabling and empowering structures:
The Banking Association is a voluntary trade association of banks which addresses issues facing the banking
industry. PASA’s relationship with the Banking Association is one of mutual co-operation, and is regarded as one of the key
stakeholders.
PASA is the payment system management body recognised by the SARB. BankServ Africa is a PCH System Operator (PSO)
that is authorised by PASA to clear payment instructions for various payment systems. There are other PSOs such as STRATE, Visa and
MasterCard.
Due to the important role of a PCH System Operator a robust set of entry and participating criteria is defined and approved by the
SARB for these entities. See PSO, SO and TPPP for more information.
The banks have licensing arrangements with Visa and/or MasterCard as entities that operate card schemes.
Visa and MasterCard are also PSOs authorised by PASA for a number of PCH’s.
PASA is part of an international network of payment associations and is a member of ICPACE (International Council
of Payment Association Chief Executives). These links and associations ensure that PASA keeps close to the latest issues and payment
trends. These include matters such as governance, competition and general payment related matters.
PASA brings legal certainty in all aspects of participation in the NPS. This includes the protection of the NPS
through legal constructs such as the PASA constitution, PCH rules and agreements.
PASA creates a framework for its members within which they can bring about interbank innovation. PASA has as part of its objectives
the interest of the good of South Africa such as efficiency and effectiveness of the broader payment system.
PASA offers expert advice and guidance with regards to payments related matters to their members.
PASA is also increasingly an independent sounding board for government departments with regards to payment related matters.
The NPS system is a world class system that adopts best practice and compares favourably with countries such as
Australia, England, Canada, and the European Union. See resource centre for MIS and comparative payment system report.
