National Payment System Act, 1998 (Act No. 78 of 1998)

Notices

Designation of the South African Post Office Limited, a Postal Company contemplated in Section 3(1) of the Post Office Act, 1958 (Act No. 44 of 1958) which conducts the business of a bank through its Postbank Division, referred to in Section 51 of the Postal Services Act, 1998 (Act No. 124 of 1998), as a Designated Clearing System Participant

3. Designation
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THE RESERVE BANK considered the provisions of the Act and has deemed it to be in the interest of the integrity, effectiveness, efficiency and security of the payment system to designate the Postbank;

 

THEREFORE, I Gill Marcus, Governor of the Reserve Bank hereby with effect from, 1 June 2011—

 

3.1 DESIGNATE, the Postbank as a designated clearing system participant in terms of sections 6(3)(a) of the Act, subject to the conditions listed in clause 4; and

 

3.2 CONFIRM, in terms of section 6(3)(a)(ii) of the Act, that the Reserve Bank settlement system participant associated with the designated clearing system participant is The Standard Bank of South Africa Limited ("Standard Bank").