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EN
SARB dismantles old payment system model in fintech-era
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Sunday World
The South African Reserve Bank (SARB) has moved to dismantle the existing structure for managing the national payment system and replace it with a modernised framework.
The central bank is in the process of withdrawing its recognition of the Payment Association of South Africa (PASA) as a Payment System Management Body (PSMB), a move that forms part of its broader Payments Ecosystem Modernisation (PEM) programme.
Reform to accommodate innovationAccording to the Reserve Bank, the reform is aimed at creating a payment system that is safer, more efficient and better able to accommodate innovation, including the growing role of non-bank fintech companies.
From Tuesday, some PASA functions, employees and intellectual property will be transferred to the SARB.
“Stakeholders will continue to have opportunities to engage with the SARB on payment system matters through established consultation and engagement processes,” the central bank said.