refers to a person or entity that is identified by the originator as the receiver of the funds associated with the electronic funds transfer;

refers to an accountable institution that receives electronic funds transfer from an ordering financial institution, directly or through an intermediary financial institution, and makes the funds associated with the electronic funds transfer available to the beneficiary;

means an electronic funds transfer where either the ordering financial institution or the beneficiary financial institution is located outside the Republic of South Africa;

means an electronic funds transfer where the ordering financial institution and beneficiary financial institution are both located in the Republic of South Africa;

means a payment instruction carried out by electronic means on behalf of an originator, with a view to making an amount of funds available to a beneficiary, irrespective of whether the originator and the beneficiary are the same person;

refers to the Financial Action Task Force;

means an accountable institution in a serial or cover payment chain that receives and transmits an electronic funds transfer on behalf of an ordering financial institution and beneficiary financial institution or another intermediary financial institution;

means the National Payment System Department of the SARB that is responsible for the execution of the functions contemplated in section 10(1)(c) of the South African Reserve Bank Act 90 of 1989 (SARB Act), and powers and duties contemplated in the NPS Act;

means an accountable institution that initiates an electronic funds transfer and transfers the associated funds upon receiving the request for an electronic funds transfer from or on behalf of the originator;

refers to a person or entity that initiates a payment instruction to the ordering financial institution to execute the electronic funds transfer;

means an electronic funds transfer above the applicable threshold prescribed in this directive;

means the South African Reserve Bank as referred to in section 223 of the Constitution of the Republic of South Africa,1996 and established in terms of the SARB Act;

means a numeric or alphanumeric combination that an ordering financial institution assigns to an originator that uniquely identifies the originator in respect of the electronic funds transfer. A unique customer identifier must refer to a record held by the ordering financial institution, which contains at least one of the following: the customer address, a national identity number or a date and place of birth; and

refers to a combination of letters, numbers or symbols, determined by the accountable institution, in accordance with the protocols of the payment and settlement systems or messaging systems used for the electronic funds transfer.