National Payment System Act, 1998 (Act No. 78 of 1998)NoticesDirective in respect of issuing of Electronic Funds Transfer Credit Payment instructions on behalf of the payer in the National Payment System7. Effective date and non-compliance |
| 7.1 | The directive is effective 90 days after publication thereof. The SARB reserves the right to amend any requirements in this directive. |
| 7.2 | A person issuing an electronic funds transfer credit payment instruction on behalf of the payer must comply with the requirements or conditions as stipulated in this directive. |
| 7.3 | Contravention of this directive is an offence in terms of section 12(8) of the NPS Act. |
| 7.4 | The SARB may terminate the registration of a person registered in terms of this directive where such person fails to comply with this directive, or if it is in the interest of the safety and efficiency of the NPS. Any person whose registration has been terminated shall immediately cease to issue electronic funds transfer credit payment instructions on behalf of any payer. |
| 7.5 | Prior to terminating a registration, the SARB shall issue a notice of its intention to terminate the registration and give that person reasonable time to remediate the deficiencies identified. The time provided to remediate the deficiencies shall be determined on a case-by-case basis. |