This is the version of this Act as it was from 28 October 1998 to 29 October 2004. Read the latest available version.
South Africa
National Payment System Act, 1998
Act 78 of 1998
- Published in Government Gazette 19402 on 28 October 1998
- Assented to on 20 October 1998
- Commenced on 28 October 1998
- [This is the version of this document as it was from 28 October 1998 to 29 October 2004.]
1. Definitions
In this Act, unless the context otherwise indicates—"bank" means a bank as defined in section 1 of the Banks Act;"Banks Act" means the Banks Act, 1990 (Act No. 94 of 1990);"branch of a foreign institution" means a branch by means of which a foreign institution conducts the business of a bank in the Republic in terms of a written authorisation granted by the Registrar of Banks in terms of section 18A of the Banks Act;"clear" or "clearing" means the exchange of payment instructions;"money" means a banknote or coin issued by the Reserve Bank in terms of section 10(1)(a)(iii), read with section 14 of the South African Reserve Bank Act;"mutual bank" means a mutual bank as defined in section 1 of the Mutual Banks Act;"Mutual Banks Act" means the Mutual Banks Act, 1993 (Act No. 124 of 1993);"netting" means the determination of the nett payment obligations between two or more system participants within a payment clearing house or the determination of the nett settlement obligations between two or more system participants within the payment system;"payment clearing house" means an arrangement between two or more system participants governing the clearing of payment instructions between those system participants;"payment instruction" means an instruction to a system participant to transfer funds or make a payment;"payment obligation" means an indebtedness that is owed by one system participant to another as a result of the clearing of one or more payment instructions;"payment system" means a system that enables payments to be effected between a payer and a beneficiary;"payment system management body" means a body recognised by the Reserve Bank in terms of section 3(1);"person" includes any partnership;"Reserve Bank" means the South African Reserve Bank referred to in section 2 of the South African Reserve Bank Act;"settlement instruction" mess an instruction given to the settlement system by a system participant or by a payment clearing house to effect settlement of one or more payment obligations or to discharge any other obligation of one system participant to another system participant;"settlement obligation" means an indebtedness that is owed by one system participant to another as a result of one or more settlement instructions;"settlement system" means a system established and operated by the Reserve Bank for the discharge of payment and settlement obligations between system participants;"South African Reserve Bank Act" means the South African Reserve Bank Act, 1989 (Act No. 90 of 1989);"system operator" means a person authorised by the payment system management body to provide clearing processing services on behalf of two or more system participants or a payment clearing house;"system participant" means a member of the payment system management body.2. Powers and duties of Reserve Bank regarding payment system
3. Payment system management body
4. Objects and rules of payment system management body
5. Settlement provisions
6. Clearing provisions
7. Control of payment intermediation
8. Netting agreements and netting rules
9. Utilisation of assets provided as security to Reserve Bank or payment clearing house
Despite anything to the contrary in the law relating to insolvency, any asset of a system participant which was provided prior to the issue of any order for that system participant’s winding-up, by that participant—10. Information
11. Settlement of disputes
12. Directives by Reserve Bank
13. Retention of records
14. Penalties
Any person convicted of an offence referred to in—15. Review of Act
The Reserve Bank must, with the co-operation of the payment system management body, establish a standing committee—16. Short title
This Act is called the National Payment System Act, 1998.History of this document
28 February 2014
03 June 2013
Amended by
Financial Markets Act, 2012
Read this version
01 November 2008
01 August 2008
Amended by
Co-operative Banks Act, 2007
Read this version
01 June 2006
Amended by
National Credit Act, 2005
Read this version
30 October 2004
28 October 1998 this version
Commenced
20 October 1998
Assented to
Subsidiary legislation
Title | Numbered title |
---|---|
Designation of Continuous Linked Settlement System as a Designated Settlement Systems, 2004 | General Notice 2459 of 2004 |
Cited documents 6
Legislation 6
1. | Banks Act, 1990 | 856 citations |
2. | Post Office Act, 1958 | 436 citations |
3. | Electronic Communications and Transactions Act, 2002 | 344 citations |
4. | South African Reserve Bank Act, 1989 | 200 citations |
5. | Mutual Banks Act, 1993 | 159 citations |
6. | Postal Services Act, 1998 | 121 citations |