Payments are how people, businesses and the government transfer money to each another, to pay for goods and services and draw cash.
The entire system of rules, technologies, processes, agreements, standards, people and knowledge that make these transfers possible, is collectively known as the National Payment System(NPS). It is a vast and highly connected operational and legal system that must always be available, have minimal failures and connect different firms.
While banks rely on a stable an efficient NPS, it is crucial that it serves all the people and businesses of South Africa. The broad purpose of the BASA Payments Division is to work towards the long-term health and vitality of the NPS. It does this by nurturing efficient collaboration between its members and healthy engagement with key stakeholders. In this context, the Payments Division undertakes research, develops positions and advocates on behalf of the banking industry. The NPS falls under the jurisdiction of the South African Reserve Bank, specifically its National Payment System Department.