End of a 30-year era for critical South African company

• The Reserve Bank concluded the withdrawal of the Payments Association of South Africa’s (PASA) recognition as a payment system management body.
• PASA responsibilities that have moved to PayInc include managing credit and debit electronic funds transfers, authenticated collections, rapid payments and real-time clearing arrangements.
• The withdrawal marks one of the biggest changes for how payments have been managed in South Africa in the past 30 years, with the goal of strengthening the regulatory, oversight, and operational architecture that underpins payments in South Africa.