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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

4. Conditions

 

4.1 The aforementioned designation is subject to the Postbank adhering to the following conditions within the time frames to be determined by the Reserve Bank:

 

4.1.1 become a member of VISA;

 

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 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 a sponsorship agreement with Standard Bank as well as comply with any other requirements set by Standard Bank for sponsorship;

 

4.1.4 participate in the ATM, Debit Card, EFT (credits and debits) and MMT Payment Clearing Houses ("PCHs"), subject to the relevant Payment Clearing House agreements and clearing rules. Furthermore, where applicable, bi-laterally negotiate the inter-change fees for these PCHs directly with other participants until such time that inter-change fees are fixed;

 

4.1.5 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 clause 4.1.4 above. Provided that written approval is granted, Postbank may then follow the normal process for participation in a PCH;

 

4.1.6 not acquire any transactions or sponsor any third parties in any PCH without the Reserve Bank and Standard Bank's prior written approval, which written approval shall not be unreasonably withheld; and

 

4.1.7 comply with the applicable requirements and any other criteria as agreed to between the Postbank and Standard Bank and as documented in the sponsorship agreement concluded between the said parties.

 

4.2 The conditions listed in this clause 4 apply exclusively for the designation of the Postbank and may be varied, revoked or new conditions imposed by the Reserve Bank by way of a notice in the Government Gazette.