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

Notices

Designation of Retail Assist (Pty) Limited

4. Conditions
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4.1 The aforementioned designation is subject to Retail Assist adhering to the following conditions within the time frames to be determined by the SARB:
4.1.1 Become a member of VISA and MasterCard.
4.1.2 Comply with the entrance and participation criteria to become a member of the payment system management body (PSMB), as referred to in section 3 of the NPS Act, and the relevant structures of the PSMB. Furthermore, comply with any other criteria set by the PSMB for clearing system participants.
4.1.3 Enter into a mentorship and sponsorship agreement with Standard Bank, and comply with any requirements set by Standard Bank for sponsorship.
4.1.4 Obtain written approval from Standard Bank, which written approval shall not be unreasonably withheld, prior to participating in a Payment Clearing House (PCH) that is not set out in paragraph 4.1.5 below. Provided that written approval is granted, Retail Assist may then follow the normal process for participation in a PCH.
4.1.5 Participate in the Debit Card, Credit Card, American Express Card, Diners Club Card and Fleet Card PCHs, subject to the relevant PCH agreements and clearing rules. Furthermore, Retail Assist is subject to interchange rates applicable to cards, as determined by the SARB.
4.1.6 Do not issue any payment instruments, do not acquire any other transactions and do not sponsor any third parties in any PCH without prior approval from the SARB and the PSMB.
4.1.7 Comply with applicable requirements and any other criteria agreed to between Retail Assist and Standard Bank, and as specified in the sponsorship agreement concluded between said parties.
4.1.8 Prior to commencing operation, register as a third-party payment provider for the purpose of providing beneficiary payment services in terms of the Directive for Conduct within the National Payment System in Respect of Payments to Third Persons (Directive 1 of 2007).

 

4.2 The conditions listed under paragraph 4 apply exclusively to the designation of Retail Assist and may be varied or revoked, and new conditions may be imposed, by the SARB by way of a notice in the Government Gazette.