South African Reserve Bank
This presentation is the property of its rightful owner.
Sponsored Links
1 / 15

THE NATIONAL PAYMENT SYSTEM AMENDMENT BILL 2004 PowerPoint PPT Presentation


  • 90 Views
  • Uploaded on
  • Presentation posted in: General

South African Reserve Bank. THE NATIONAL PAYMENT SYSTEM AMENDMENT BILL 2004. Dave C Mitchell 31August 2004. Agenda. National Payment System Department. NPS in Perspective Standing Committee for the Review of NPS Act Background Proposed Changes to NPS Act

Download Presentation

THE NATIONAL PAYMENT SYSTEM AMENDMENT BILL 2004

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


The national payment system amendment bill 2004

South African Reserve Bank

THE

NATIONAL PAYMENT SYSTEM

AMENDMENT BILL

2004

Dave C Mitchell

31August 2004


Agenda

Agenda

National Payment System Department

  • NPS in Perspective

  • Standing Committee for the Review of NPS Act

  • Background

  • Proposed Changes to NPS Act

  • Consultative Process (six weeks)

  • Conclusion and Questions


Nps networks

NPS Networks

National Payment System Department


Continuous linked settlement cls

Continuous Linked Settlement (CLS)

National Payment System Department

Foreign Bank

Domestic Transactions

Foreign RTGS

Payments

Forex Transactions

Settlement

Trade Details

CLS

Local Bank

Trade Details

Settlement

Forex Transactions

SAMOS

Domestic Transactions

Payments


Payment system networks

Central Bank

Central Bank

CLS Bank

CLS NETWORK

SARB

PCH

CLC

CLEARING

BANK

NETWORK

NETWORK

PAYMENT

BANK

NETWORK

PCH

PCH

Electronic

Card

SETTLEMENT

CPSP

NETWORK

Retailer

BANK

CUSTOMER

NETWORK

CPSP

Retailer

CPSP

PAYMENT

ATM

NETWORK

CPSP

CPSP

Post

CUSTOMER

Broker

office

NETWORK

CUSTOMER

NETWORK

Payment System Networks


Standing committee for the review of nps act

Standing Committee for the Review of NPS Act

National Payment System Department

  • Established August 2000 i.t.o Section 15 of NPS Act

  • Membership

    • SARB (ex officio)

    • Appointed individuals from banking industry

    • Tenure – 3 (three) years (renewable)


Background

Background

National Payment System Department

  • Broad overview-problem statement

    • CLS Bank

    • Withdrawal of recognition of PSMB

    • Directives

    • Practical problems on implementation of payment intermediation


Proposed changes to nps act

Proposed Changes to NPS Act

National Payment System Department

  • Cater for CLS

  • Changes to the role of payment system management body (PSMB)

  • Directives by the Reserve Bank (SARB)

  • Payments to third persons


Cls consequential amendments

CLS & Consequential Amendments

National Payment System Department

  • CLS Bank: SA-Multi-currency Settlement

    • RTGS Settlement account with SARB-PvP

    • Reserve Bank settlement system/participants

    • Designated settlement system

    • Designated settlement system participants

    • Finality of settlement (pay-ins and pay-outs)

    • No clearing by non-banks and CLS

    • Curatorship and liquidation


Payment system management body

Payment system management body

National Payment System Department

  • Enable operations of NPS without a PSMB

  • Clarification of the roles of Reserve Bank v PSMB

  • Enlarge scope for PSMB

  • Limited membership of institutions exempted and excluded from the Banks Act


Sarb directives

SARB Directives

National Payment System Department

  • Enhanced powers for SARB - directives

  • Directives as a tool for consultations

  • Directives as work-in-progress

    • agency arrangements;

    • recognition of payment or payment products by SARB; and

    • conduct of system operators.


Payments to third persons

Payments to third persons

National Payment System Department

  • Enabling approach v current restrictive S7

  • Postbank rights carried over S7(2) (c)

  • Use of directives


Consultative process stakeholders

Consultative process-Stakeholders

National Payment System Department

  • Government Departments (NT, DTI, DOC, DOJ)

  • Roadshows

    • Banking Industry

    • Institutions providing payments to third persons

    • PCH system operators

    • End-users

    • Business Associations


Parliamentary bill prioritisation

Parliamentary Bill Prioritisation

National Payment System Department

  • Draftsman-Classification of Bill

  • Portfolio Committee on Finance

  • Public Hearings

  • Target date for promulgation (1 October 2004)


Conclusion and questions

Conclusion and Questions

National Payment System Department

  • Comments

  • Recommendations

  • Inputs

  • Questions


  • Login