Home  »  Articles   »   Postbank Designated as Clearing System Participant

Articles
Postbank Designated as Clearing System Participant

November 23, 2020

South African Reserve Bank

The South African Postbank SOC Limited has been designated as a clearing system participant.

The South African Reserve Bank (SARB) announced the designation in Government Gazette 43914.

The designation, in terms of section 6(3)(a) of the National Payment System Act, will enable the Postbank to clear in the manner contemplated in section 4 (2)(d)(i) of the act.

The SARB designated the South African Post Office Limited (SAPO) through its Postbank Division in 2011 as a designated clearing system participant in terms of section 6(3)(a) of the act.

According to the notice, Postbank has been operating as a division of SAPO since inception.

In 2019, Postbank was incorporated as a separate legal entity in terms of section 6 of the South African Postbank Act 9 of 2010.

As a consequence, Postbank ceased to be a division of SAPO and became a separate legal entity.

The SARB points out that Postbank has, “since the designation of SAPO and authorisation by the Payments Association of South Africa (PASA), provided the services of a designated clearing system participant”.

The Postbank was an issuer of payment instruments and acquirer of payment instructions operating within SAPO.

“In accordance with section 7 of the Postbank Act, these services were duly transferred to Postbank on 1 April 2019, necessitating the designation of Postbank as a clearing participant.”

The designation came into effect on the date of publication.

Meanwhile, in Notice 1241, the SARB revoked the designation of the South African Post Office Limited as a designated clearing system participant.

“The SARB has considered the provisions of the NPS Act and has deemed necessary to revoke the designation of SAPO as a clearing system participant due to the transfer of the clearing system participant services to Postbank, now a separate legal entity.”

The revocation came into effect on the date of publication.

In Gazette 43913, the South African Revenue Service announced the extension of the deadline to file country by country returns in terms of section 25(7) of the Tax Administration Act for Reporting Fiscal Years commencing before 1 March 2020.

The deadline is extended to 28 February 2021 for those required to file by 31 December 2020 or 31 January 2021 while those required to file by 28 February 2021 have until 31 March 2021 to do so.

In Board Notice 136, the Independent Regulatory Board for Auditors announced the appointment of board members.

Seven members were appointed with effect from 24 June 2020 while two members were appointed with effect from 1 October 2020.