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National Payment System Act, 1998 (Act No. 78 of 1998)

5. Settlement provision

 

 

1) Settlement is effected in money or by means of entries passed through the Reserve Bank settlement system or a designated settlement system.

 

2) A settlement that has been effected in money or by means of an entry to the credit of the account maintained by a settlement system participant in the Reserve Bank settlement system or a designated settlement system is final and irrevocable and may not be reversed or set aside.

 

3) An entry to or payment out of the account of a designated settlement system participant to settle a payment or settlement obligation in a designated settlement system is final and irrevocable and may not be reversed or set aside.