40-day Rule is a friction process in the legacy EFT debit stream whereby after 40-days, debit order disputes do not immediately result in a refund to the payer, but rather are subjected to a manual process allowing the collector to defend the dispute by providing the mandate signed by the payer (only paper or electronic allowed, not voice).

Authenticated Collections is an electronic mandate debit order collection capability that facilitates a more convenient and secure debit order environment. The system was designed to obtain authentication of all collection mandates by payers and subsequently enhanced to accommodate electronic mandates that have not been authenticated (known as Registered Mandates).

Authentication Consent Authority is an alternative approach to authentication of mandates where a third party would drive the payer’s authentication and authorisation of the mandate on behalf of the paying bank.

The Authenticated Early Debit Order system enabled an accountholder to mandate contracted, future-dated early debit orders using their debit card and PIN. In accordance with the SARB's second Amended Directive 1 of 2017, AEDO was sunsetted on 31 October 2021 and AEDO payment instructions were no longer permitted with effect from 1 November 2021.

An Application Programming Interface is a set of defined methods and functions that allow one computer programme to 'talk' to another programme to consume data, perform actions or both. Working behind the scenes, APIs help to reduce the complexity of accessing technology systems and automate interactions 6between systems and apps.

Batch Payments are commonly referred to as delayed payments. Batch payment clearing instructions are processed as a batch-file, while the settlement takes place later. This is generally used in the Electronic Fund Transfer (EFT) environment.

Bulk Payments are a large number of payment instructions that are submitted for processing together in a single file.

Central Bank Digital Currency is a form of money that is denominated in fiat currency (central bank money), in an electronic form, and which is a liability on the central bank's balance sheet similar to cash and central bank deposits.

Central Query Logging System is a system for Participants to log queries and incidents related to PCHs. The system is housed at BankservAfrica.

A Closed-loop Payment System is a payment system that is only accessible and exclusive to a particular organisation and its partners and clients. Transactions occur within a closed ecosystem or network.

The proposed Conduct of Financial Institutions Bill will not only replace conduct provisions in existing financial sector laws, but will build a consistent, strong and effective market conduct legislative framework for all institutions performing financial activities. It also incorporates the schedule of payments service providers who will be licensed in the new NPS regulatory regime.

The CRAFT Platform is a platform used to perform due diligence of all users / collectors of debit orders to prevent rogue / unmandated (R99 and R199) collections.

A Credit-push is a payment instruction from originates from the payer for the purpose of moving funds to a beneficiary. The payment instruction flows from the payer participant to the beneficiary participant.

DebiCheck is an electronic mandate debit order collection capability that facilitates a more convenient and secure debit order environment. The scheme was designed to obtain authentication of all collection mandates by payers and subsequently enhanced to accommodate electronic mandates that have not been authenticated. It encompasses both AC and RMS payment streams.

A Debit-pull is a payment instruction initiated by a third party (beneficiary) on a payer account based on a mandate provided by the payer. The payment instruction flows from the beneficiary participant to the payer participant.

A Dispute occurs when a payer disputes a debit-pull that has deducted money from their account and asks for it to be reversed.

Debit orders are used by companies to collect money from a consumer's bank account on a recurring basis for payments such as insurance and investment policies. An Early Debit Order is processed immediately after a credit payment.

Electronic funds transfers (EFTs) are transactions that move funds electronically between different financial institutions, bank accounts, or individuals. In South Africa. The Electronic Funds Transfer (EFT) systems are owned and operated by BankservAfrica. EFTs allow for the efficient and reliable processing of salaries, debit orders and inter-account payments, within safely controlled and regulated systems

A Financial Market Infrastructure is a multilateral system among participating institutions, including the operator of the system, used for the purposes of clearing, settling, or recording payments, securities, derivatives, or other financial transactions. BIS: Principles for financial market infrastructures Paper can be found at: https://www.bis.org/cpmi/publ/d101a.pdf

An Item Limit is the maximum amount that is applicable to each PCH payment instruction. The R5 million Item Limit is determined in Position Paper 1 of 2000.

Low-value credits incorporating Real Time Clearing, Rapid Payments (PayShap) and EFT Credits.

Low-value debits incorporating DebiCheck (Authenticated Collections) and EFT Debits.

Low-value debit (LVD) / debit order / collection / direct debit is an instruction to deduct funds from the account of a third party (someone other than the party giving the instruction).

Low-value or retail payments are systems used by individuals and corporates which process transactions below the R5 million Item Limit.

Swift’s MyStandards offers standards expertise and a collaborative web platform that allows banks, market infrastructures, and market practice groups to create, publish and share their message specifications and usage guidelines.

The Non-Authenticated Early Debit Order system allowed qualifying service providers and consumers transacting with such service providers the equivalent benefit of AEDO, but without the PIN authentication requirement. In accordance with the SARB's second Amended Directive 1 of 2017, NAEDO was sunsetted on 31 October 2021 and NAEDO payment instructions were no longer permitted with effect from 1 November 2021.

The National Payment System Act provides for the management, administration, operation, regulaton and supervision of payment, clearing and settlement systems in the Republic of South Africa.

An Open-loop Payment System is a payment system that is accessible to more than one participant and their respective clients.

Pay by Proxy is a functionality on the RP system (PayShap) that allows a payer to submit a payment instruction using an alias (e.g., mobile number) other than the traditional bank account details. Proxies on PayShap are known as ShapIDs.

A Payment Instruction is an order to move funds from a bank account or store of value to another account or store of value.

The launch of the PayShap scheme on 13 March 2023 marked an important milestone in the payments journey for South Africa. PayShap is a new instant interbank digital payment offering for real-time, low-value credit payments. It was delivered through the Rapid Payments Programme. The clearing rules for PayShap are managed through the Rapid Payments (RP) PCH.

The PASA International Payment Conference is a premier event for industry leaders, experts, and policymakers, providing a platform for insights, technology discussions, and networking.

Price Stability is money maintaining its value over time – one of the cornerstones of the SARB mandate.

Project Future is the work that gave rise to PayShap, advocating a platform-based approach to payment stream modernisation and advocating a target state architecture.

Proxy Resolution is a process to return ShapID-related information and verify the beneficiary for the payer by providing the beneficiary's masked information.

A Quick Response Code is a high-density, two-dimensional barcode that stores information and can be read by a digital device such as a cell phone. In this context, the QR code is used to initiate a payment.

RMS, once separated from Authenticated Collections into its own payment stream, will be known as Registered Mandate (RM).

The Registered Mandate Solution was introduced to enhance DebiCheck and accommodate electronic mandates that have not been authenticated (i.e. where consumers failed to respond to or declined DebiCheck authorisation requests).

Rapid Payments are real-time low-value payments, currently only delivered through the PayShap scheme and managed by the RP PCH.

Rapid Payments Programme (RPP) is the programme created to deliver PayShap. Now approaching conclusion.

Real-Time Clearing is known by terms like Pay & Clear and Instant EFT to end consumers. It was the first real-time, low-value credit system in South Africa and will ultimately be fully replaced by PayShap and sunsetted.

All credit transfers of a value greater than R5 million must be processed through the Real-time Gross Settlement System.

Request to Pay (RtP) is a functionality whereby a merchant / collector sends a payment request to their customer, who either accepts the request, thereby initiating a payment, or declines.

The SADC-RTGS (formerly known as SIRESS) is the regional cross-border real-time gross settlement (RTGS) system in the SADC region. It is an automated interbank settlement system operated by the South African Reserve Bank, as appointed by the SADC participating member central banks.

The South African Multiple Options Settlement system, run by the SARB, facilitates the settlement of domestic individual High Value payment transactions, retail transaction batches, and bond and equity market settlement obligations. It is an automated system that settles obligations in real-time or in a delayed settlement arrangement.

The mandate of the South African Social Security Agency is to ensure the provision of comprehensive social security services against vulnerability and poverty within the constitutional and legislative framework. It is responsible for paying social grants to grant recipients.

Suspend Mandate / Stop Payment is when a payer asks their bank to prevent future collections from their account against a specified mandate number.

System Error Correction process, which allows reversal of duplicate transactions (credits) and late submission of collection transactions in instances where participants have system problems.

Vision 2025 is a National Payment System Framework and Strategic Vision Statement for 2025.