On Dec. 14, 2023, RSA GVT issued variation notice on conditions of designation of Postbank SOC Limited (Postbank), as designated clearing system participant (DCSP).
Notice of Postbank as a DCSP per section 6(3)(b), National payment system act.
Compliance date extended from Dec. 17, 2023 to Mar. 31, 2025; no further extensions.
Document dated Dec. 14, 2023, received from RSA GVT Dec. 18, summarized Dec. 21.
On Dec. 23, RSA GVT issued variation notice re designated clearing.
RSA GVT issued variation re national payment system (NPS) act in official gazette.
Issued second variation of the conditions of the designation of the South African Postbank SOC Limited (Postbank), as a designated clearing system participant (DCSP).
Compliance Extension
RSA CB, as regulator, overseer and supervisor of national payment system (NPS) granted Postbank extension to comply with the variation notice.
RSA CB noted progress Postbank made in implementing a number of the variation notice conditions, despite restrictions imposed by moratorium on IT project.
Reasons for delay to implement full set of project deliverables are reasonable.
Most conditions of variation notice IT-related; could not be effected with moratorium.
Postbank has cooperated and demonstrated commitment to remedy non-compliance.
E.g. through swift initiation of project following lifting of moratorium on the project.
Extension thus in best interest of safety, integrity, effectiveness, efficiency of NPS.
Background
In Nov. 2020, RSA CB designated Postbank as a DCSP in terms of s6(3)(a), NPS Act.
After designation, Postbank engaged re non-compliance with designations conditions
To remedy non-compliance, RSA CB issued notice dated Dec. 17, 2021 (variation notice) to vary conditions of the designation notice of the Postbank as a DCSP.
Additional conditions imposed, Postbank was required to implement the conditions within 12 months from the gazetting of variation notice, i.e. by Dec. 17 2022.
On Oct. 14, 2022, Postbank requested an extension of 12 months commencing on 17 Dec. 17 2022 to implement the conditions of the variation notice.
Citing challenges experienced by Postbank in implementing conditions due to the moratorium imposed on information technology modernization / refresh project.
Lifting of moratorium in Jun. 2022 enabled Postbank to finalize procurement.
However, due to time elapsed between gazetting of variation notice and lifting of moratorium, Postbank not be able to complete project by Dec. 17, 2022 deadline.
Effectiveness
Variation notice compliance date extended to Dec. 17, 2023.
Dec. 2023 Notice Extension
On Dec. 14, 2023, RSA GVT issued variation notice on conditions of designation of Postbank SOC Limited (Postbank), as designated clearing system participant (DCSP).
Notice of Postbank as a DCSP per section 6(3)(b), National payment system act.
Compliance date extended from Dec. 17, 2023 to Mar. 31, 2025; no further extensions.
Document dated Dec. 14, 2023, received from RSA GVT Dec. 18, summarized Dec. 21.
Regulators
RSA CB; RSA GVT
Entity Types
Bank; MSB
Reference
OG 49891, RN 2252/2023, 12/14/2023; OG 47765, 12/23/2022
