National Payment System Act, 1998 (Act No. 78 of 1998)7. Payments to third persons |
A person may as a regular feature of that person's business accept money or payment instructions from any other person for purposes of making payment on behalf of that other person to a third person to whom that payment is due, if-
| a) | the first-mentioned person is the Reserve Bank, a bank, mutual bank, a co-operative bank, a designated clearing system participant, branch of a foreign institution, or a designated settlement system operator; or |
| b) | the first-mentioned person is the postal company defined in section 1 of the Post Office Act, 1958 (Act 44 of 1958), or the Postbank as defined in section 51 of the Postal Services Act, 1998 (Act 124 of 1998); or |
| c) | the money is accepted or payment made in accordance with directives issued by the Reserve Bank from time to time in terms of section 12. |