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

Notices

Designation of South African Postbank SOC Limited as a Designated Clearing System Participant

4. Conditions
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4.1. The aforementioned designation is subject to Postbank adhering to the following conditions within the time frames to be determined by the SARB:
4.1.1. Be a member of Visa and/or MasterCard;
4.1.2. Conclude service agreements with the relevant payment clearing house system operator/s (PCH SOs) through which clearing will be effected;
4.1.3. 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;
4.1.4. Enter into a sponsorship agreement with Standard Bank as well as comply with any other requirements set by Standard Bank for sponsorship;
4.1.5. Participate in the automated teller machine (ATM) and self-service device (SSD), and electronic funds transfer (EFT credits and debits) PCHs, subject to the relevant payment clearing house (PCH) agreements and clearing rules. Furthermore, Postbank is subject to interchange rates applicable to cards and ATMs, as determined by the SARB. It may bi-laterally negotiate EFT credit and debit interchange fees until such time as the SARB determines such interchange fees;
4.1.6. Obtain written approval from Standard Bank, which written approval shall not be unreasonably withheld, prior to participating in a PCH that is not set out in paragraph 4.1.5 above. Provided that written approval is granted, Postbank may then follow the normal process for participation in a PCH;
4.1.7. Not sponsor any third parties in any PCH without the SARB and Standard Bank’s prior written approval, which written approval shall not be unreasonably withheld;
4.1.8. Comply with applicable requirements and any other criteria agreed to between Postbank and Standard Bank, and as specified in the sponsorship agreement concluded between said parties; and
4.1.9. Terminate participation in a PCH subject to the process for termination determined by the PSMB, and written notice given to Standard Bank and the SARB.

 

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