National Payment System Act, 1998 (Act No. 78 of 1998)11. Settlement of disputes |
| 1) | In this section "business day" means any day other than a Saturday, Sunday or public holiday. |
| 2) | If any Reserve Bank settlement system participant considers itself aggrieved by a decision taken by the Reserve Bank under a provision of this Act, the matter is deemed to constitute a dispute between that Reserve Bank settlement system participant and the Reserve Bank, which dispute must be settled as provided in this section. |
| 3) | The Reserve Bank settlement system participant concerned must, within three (3) months after the decision of the Reserve Bank, in writing, furnish the Reserve Bank with full particulars of its grievance, and thereafter the Reserve Bank settlement system participant and the Reserve Bank must attempt to settle the dispute by consensus within seven business days of the receipt by the Reserve Bank of those particulars. |
| 4) | If the Reserve Bank settlement system participant and the Reserve Bank do not succeed in settling the dispute as contemplated in subsection (3), they may agree to attempt to settle the dispute by mediation within a further period of 10 business days. |
| 5) | Mediation as contemplated in subsection (4) means a process whereby- |
| a) | the Reserve Bank settlement system participant concerned and the Reserve Bank agree on a mediator; |
| b) | the mediator familiarises himself or herself with the position held by the Reserve Bank settlement system participant concerned and the Reserve Bank, respectively; |
| c) | the mediator, the Reserve Bank settlement system participant concerned and the Reserve Bank discuss the dispute at a meeting attended by them all; |
| d) | the Reserve Bank settlement system participant concerned and the Reserve Bank at or following such meeting attempt to settle the dispute by consensus; and |
| e) | the Reserve Bank settlement system participant concerned and the Reserve Bank share the mediator's costs equally. |
| 6) | If the Reserve Bank settlement system participant concerned and the Reserve Bank are unable to settle the dispute by consensus as contemplated in either subsection (3) or (5), the dispute must be referred- |
| a) | to a single arbitrator to be agreed on between the Reserve Bank settlement system participant and the Reserve Bank; or |
| b) | failing such agreement, to an arbitrator appointed at the request of the Reserve Bank settlement system participant and the Reserve Bank by a recognised body concerned with the facilitation and promotion of the resolution of disputes by means of mediation or arbitration. |
| 7) | An arbitrator referred to in subsection (6) must, as far as possible, be a person appointed on account of his or her knowledge of the law and the payment system. |
| 8) | The provisions of the Arbitration Act, 1965 (Act 42 of 1965), apply, with the changes required by the context, to an arbitration contemplated in subsection (6). |
| 9) | The decision of the arbitrator is final and binding on the Reserve Bank settlement system participant concerned and the Reserve Bank. |