Tag: Payments Association of South Africa (PASA)
Remain extra vigilant during these trying times
South Africa is in the middle of one of the most trying times in the country’s history. Unemployment was on the rise which will only worsen in the aftermath of the current situation. In addition, tensions are boiling over turning into violent acts and destruction which are currently disrupting society. This includes bank ATM’s and branches.
End of cheques a giant leap into digital payments future
Individual consumers and businesses will no longer be able to cash cheques in South Africa. This follows a joint announcement by the SARB, FSCA, PASA and BASA which confirmed that the issuing and acceptance or collection of cheques will cease from 31 December 2020.
COVID-19: impact on banks and expectations on regulated entities
In response to the COVID-19 emergency, the South African Reserve Bank (Reserve Bank) and the South African financial sector regulators, the Prudential Authority and the Financial Sector Conduct Authority (FSCA), have implemented several mitigation measures to support the economy and companies.
Cheque limits reduced to R50 000
Following the recently announced rules from the Payments Association of South Africa (PASA) to reduce the maximum value of cheque limits to R50,000, businesses are urged to adopt electronic banking channels.
