This demands increased security measures and higher standards. South Africa has put considerable effort into the revision of national payment, clearing and settlement systems. Reforming the national payment system started to receive attention in 1993. By 1995 a plan had been finalised containing the objectives, strategies, fundamental principles and critical issues for payment system reform.
The implementation of this plan started off with the introduction of a large value inter-bank real-time gross settlement system in March 1998. The South African National Payment System Act was then promulgated in October 1998, which provided the central bank with the regulatory powers to oversee the safety and integrity of the national payment system.