The South African Reserve Bank (SARB) has established a Rules and Scheme Management (RSM) Unit within the Domestic and Regional Settlement Services Division of its National Payment System Department to manage and enforce the rules governing participation in the SARB settlement system. The function, previously managed by the Payments Association of South Africa (PASA) as a recognised payment system management body, formally transferred to SARB with effect from 17 November 2025. The RSM Unit’s remit covers the integrity, efficiency and compliance of Settlement Rules and processes across settlement participants and the SAMOS Operator, including coordinating the making of Settlement Rules, managing settlement-related incidents, and enforcing compliance and escalating breaches where necessary. It will also facilitate governance frameworks, chair the Settlement System Participant Group to drive discussions on rule changes and operational enhancements, and administer the Settlement Agreement to keep it current with evolving industry standards. SARB linked the governance shift to a 2018 World Bank Group assessment of SAMOS against CPMI-IOSCO Principles for Financial Market Infrastructures, followed by an in-principle transfer agreement reached with PASA in 2020, and noted that the Payments Ecosystem Modernisation project is set to inform regulatory reform that will change the legal foundation of payments in South Africa.
South African Reserve Bank 2025-11-17
South African Reserve Bank establishes Rules and Scheme Management Unit as settlement function transfers from PASA on 17 November 2025
The South African Reserve Bank (SARB) has created a Rules and Scheme Management Unit within its National Payment System Department to oversee the SARB settlement system, previously managed by the Payments Association of South Africa. This unit will ensure the integrity, efficiency, and compliance of Settlement Rules, manage incidents, enforce compliance, and facilitate governance frameworks. The governance shift follows a 2018 World Bank Group assessment and aligns with the Payments Ecosystem Modernisation project to reform South Africa's payment system regulations.