In terms of section 10 (1) (c) (i) of the South African Reserve Bank Act, 1989 (Act No. 90 of 1989) (the SARB Act), the South African Reserve Bank (the SARB)  is  required  to perform  such  functions,  implement  such  rules  and  procedures  and,  in  general,  take  such  steps  as  may  be  necessary  to establish,  conduct,  monitor,  regulate  and  supervise  payment,  clearing  or settlement systems. Furthermore, the National Payment System Act, 1998 (Act  No. 78  of  1998)   (the  NPS  Act)  provides  for  the  management, administration,  operation,  regulation  and  supervision  of  payment,  clearing and settlement systems in the Republic of South Africa, and for connected matters.