EFSA Proposes a Solution for the Payments Industry Body (PIB)

Work continues to go ahead on the creation of the new PIB. The plan is to present the project to SARB by the end of May, although it should be noted that PASA has been updating SARB throughout the process. The plan proposes five levels of membership, from the leading banks down to the Payment Service Providers (PSPs) who will be licensed by SARB in the future, and the “Other Interested and Impacted Parties” (OIIPs). Some of EFSA’s members will be classified as PSPs. They must join and pay an annual fee. EFSA itself will be considered an OIIP. It can join, and if it does it will be consulted and informed of the PIB’s activities. EFSA at our recent AGM (see above) resolved to join. We have suggested that associations enjoy a special “prime” membership of the PIB to be able to express the collective views of our members. This proposal is under consideration.