Payment Instruments and the customer

PASA is the body recognised by the South African Reserve Bank in terms of the National Payment System Act (Act 78 of 1998) to manage the relationships between the various banks in South Africa involved in exchanging transactions on behalf of customers. PASA’s regulatory domain extends to transactions which are not exchanged between two different banks. Banks normally apply the same standards applicable to interbank transactions to the transactions exchanged between their own customers. A major difference would be the speed of funds transfers in-bank where transactions can normally be completed in near real time, whereas some transactions between banks may take longer.

The various Payment Instruments

Debit Order Payments
Cash Withdrawals
Cheque Payments
Immediate High Value Payments
Low Value Credit Payments