South African Reserve Bank varies Yoco Technologies designation to appoint Citibank as settlement system participant and remove Amex and Diners clearing house participation

The South African Reserve Bank published a variation notice amending the conditions attached to Yoco Technologies (Pty) Limited’s designation as a designated clearing system participant under the National Payment System Act. The variation replaces Absa Bank Limited with Citibank N.A., South Africa Branch as Yoco’s South African Reserve Bank settlement system participant and removes references to Yoco participating in the American Express and Diners Club payment clearing houses, with effect from publication in the Government Gazette. Citibank is subject to the same conditions that applied to Absa under the original designation notice, alongside additional requirements to monitor Yoco’s settlement values and volumes against Citibank’s total settlement activity and report Yoco’s percentage share to the South African Reserve Bank’s National Payment System Department annually. Citibank must also submit an annual post-implementation report on its association with Yoco, including any impact on its available liquidity; the notice further notes that these conditions apply exclusively to Yoco and may be varied, revoked, or supplemented via a further Gazette notice.