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.
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