The problem was approached on an all-inclusive national level and a strategy was formulated to upgrade the existing South African payment system to comply with world-best standards. In May 1994, a strategy-formulation team, consisting of representatives of the Reserve Bank and the banking community, was established. A collaborative consensus building approach was adopted.
The Reserve Bank acted as facilitator, and it took the task force approximately 14 months to produce a first draft of a proposed strategy for the upgrading of the NPS. This document was intensely discussed amongst the many stakeholders before it was finally presented to the South African Council of Banks (COSAB), for approval.