zombietrio.blogg.se - Oversight systems

Joint Consultation On Processing Of Electronic Funds Transfers In Accordance With Recommendation 16 Of The Financial Action Task Force (FATF)

Comment template: Draft Directive Domestic processing.

Comment template - AC Directive - Draft Second Amendment - Comments due by 6 April 2020.

Comment template: Faster payments in South Africa - Comments due by 12 August 2020.

Comment Template – Phasing out cheques – Comment due by 2 November 2020.

The phasing out of cheques in the national payment system.

Comment Template – Consultation Paper – Open Banking due by 26 February 2021.

Consultation paper on the feasibility of establishing a domestic card scheme in South Africa.

Consultation paper on Sort-at-Source in the National Payment System - Comments due by 15 October 2021.

Comment template: Position paper on faster payments in South Africa - Comments due by 29 January 2022.

Position paper on faster payments in South Africa.Comment template: Inerchange Policy Paper - Comments due by 11 March 2022.The NPSD coordinates with other regulatory authorities and ensures that the regulatory framework aligns with applicable international, regional and domestic standards. In terms of the NPS Act, the NPSD has the power to recognise a Payment System Management Body which formulates rules for the participants in the NPS. Development of policy positions, legislative and regulatory frameworks, including directives, follows a consultative process with the payments industry and broader stakeholder community. These documents set out approaches, procedures and policy matters that are applicable and, although not legally binding, carry moral suasion.

The NPSD also periodically issues non-binding position and information papers to affirm and clarify its policy position on specific payment system issues.

In order for the NPSD to achieve the policy and regulatory objectives of promoting the effectiveness, integrity, safety, efficiency and stability of the NPS, the NPSD executes its regulatory responsibility through the development of policies and issuance of legally binding directives. The primary legislative and regulatory framework for the NPS is provided for in the NPS Act. Section 10(1) (c) of the South African Reserve Bank Act 90 of 1989 enables the NPSD to regulate the NPS.

Access to the NPS is through designation or authorisation as provided for in the National Payment System Act 78 of 1998 (NPS Act) and directives. The NPSD regulates the payment systems, the financial market infrastructures (FMIs), settlement systems, payment clearing house system operators, system operators, third-party payment providers, e-money providers, and participants in the NPS, including settlement participants and clearing system participants. Consumer protection in the NPS is the responsibility of the Financial Sector Conduct Authority in terms of the Financial Sector Regulation Act 9 of 2017. In regulating the NPS, the NPSD takes into account the need for innovation, competition and financial inclusion. The integrity mandate extends to the prevention of the use of the NPS for financial crime, in particular, fraud, money laundering and financing of terrorism. The National Payment System Department (NPSD) has a core responsibility of promoting the overall effectiveness, integrity, safety, efficiency and stability of the NPS through its regulatory mandate. The degree of oversight is dependent on the risks posed by the payment system. They also help to limit the cost and risks of settlements that could hinder economic activity.