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South African FinTech, Payments & Banking Glossary
The definitive SA glossary for acronyms, rails, regs, and standards
Find clear, South Africa specific definitions for the terms you hear every day - PayShap, DebiCheck (Authenticated Collections), SAMOS (RTGS), PASA, SARB, FSCA, FIC, FICA, AML/CFT, PCI DSS, EMV, ISO 20022, and more. Each entry adds local context and a quick example so product, compliance, and policy teams can move faster with confidence.
South Africa’s National Payment System (NPS) is evolving quickly; PayShap for instant retail payments, DebiCheck (AC) replacing NAEDO/AEDO, the SARB operating SAMOS for final settlement, and PASA managing scheme rules and PCH participation. Meanwhile, FSCA conduct standards, FIC guidance under FICA, and ISO/PCI/EMV requirements shape how fintechs, PSPs, and banks build products. This glossary centralises SA-specific definitions and practical examples so you can decode acronyms, compare rails, and stay compliant without guesswork.
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Acronym | Long Form | SA-specific Context / Definition | Practical Example | Category |
|---|---|---|---|---|
3DS | 3‑Domain Secure | E‑commerce cardholder authentication protocol. | Visa Secure/Mastercard Identity Check in SA. | Cards & Acceptance |
ABAC | Attribute‑Based Access Control | Access control by attributes. | Fine‑grained access to PII. | Technology & Ops |
AC | Authenticated Collections | Authenticated debit order scheme replacing NAEDO/AEDO. | DebiCheck mandates confirmed by customer. | Retail Payments |
ACH | Automated Clearing House | Batch clearing system (generic/global term). | Used generically; in SA, EFT fulfils role. | General |
ACS | Access Control Server | Issuer‑side 3DS component. | Authenticates cardholder during 3DS flow. | Cards & Acceptance |
AD | Authorised Dealer | Bank authorised for FX dealings. | Major banks operate as ADs for exchange control. | FX & Cross‑Border |
ADLA | Authorised Dealer with Limited Authority | Non‑bank FX providers with limited permissions. | Bureaux de change, remitters. | FX & Cross‑Border |
AEDO | Authenticated Early Debit Order | Legacy card‑and‑PIN authenticated debit orders. | Supplanted by DebiCheck AC. | Retail Payments |
AI/ML | Artificial Intelligence / Machine Learning | Advanced analytics/automation. | Fraud scoring, anomaly detection. | General |
AIOps | AI for IT Operations | Applying ML to ops monitoring. | Anomaly detection in payment latency. | Technology & Ops |
AISP | Account Information Service Provider | Provider accessing account data (with consent). | PFM/aggregation apps; bank APIs. | Open Banking & API |
ALM | Asset‑Liability Management | Managing interest rate/liquidity risks. | FTP, liquidity buffers, NSFR/LCR. | Banking & Corporate |
AML Crypto | Crypto AML Controls | Screening/transaction monitoring for crypto flows. | Chain analytics for risk scoring. | Crypto & Digital Assets |
AML/CFT | Anti‑Money Laundering / Combating the Financing of Terrorism | Combined compliance domain. | Policies, screening, reporting. | General |
API | Application Programming Interface | Programmatic access to services/data. | Bank/fintech integrations for accounts, payments, KYC. | Open Banking & API |
APM | Alternative Payment Method | Non‑card methods (QR, EFT pay‑by‑bank, wallets). | Scan‑to‑pay at POS; pay‑by‑bank online. | Wallets & Alt Payments |
ARN | Acquirer Reference Number | Identifier to trace card transactions in networks. | Used in dispute investigations. | Cards & Acceptance |
ATM | Automated Teller Machine | Cash withdrawal/deposit device connected to interbank networks. | Domestic switching via BankservAfrica. | Retail Payments |
ATMIA | ATM Industry Association | Global ATM industry body. | Best practices used by SA banks. | General |
AfCFTA | African Continental Free Trade Area | Continental trade agreement driving integration incl. financial services. | Catalyst for cross‑border payment harmonisation. | Regional & Pan‑African |
Afreximbank | African Export‑Import Bank | Pan‑African multilateral bank supporting trade finance. | Hosts PAPSS settlement accounts. | Regional & Pan‑African |
BAU | Business as Usual | Normal operating state. | Post‑migration steady state. | Operations |
BCP | Business Continuity Plan | Plan to sustain operations during disruptions. | DR tests for payment processors. | Risk & Security |
BIC | Bank Identifier Code | SWIFT code identifying banks. | Used in cross‑border payments. | Standards & Messaging |
BIN | Bank/Issuer Identification Number | First 6–8 digits identifying issuer/product. | Used in routing, interchange, risk rules. | Cards & Acceptance |
BIS | Bank for International Settlements | Central bank forum; CPMI resides here. | Publishes PFMI, payments reports. | Markets & Infrastructure |
BOP | Balance of Payments | Macro account of cross‑border flows. | Purpose coding for outward/inward remittances. | FX & Cross‑Border |
BRD | Business Requirements Document | Business needs specification. | Payments transformation programme. | Technology & Ops |
BSA | BankservAfrica | Bank-owned payments operator; clearing/switching for EFT, RTC, DebiCheck. | Runs interbank switching; settlement at SAMOS. | NPS & FMIs |
BoP Code | Balance of Payments Code | Reason/purpose code for cross‑border payment. | E.g., import of goods, dividends, travel allowance. | FX & Cross‑Border |
CASP | Crypto Asset Service Provider | FSCA‑licensed crypto intermediaries (brokers/exchanges/etc.). | Licensing regime under FAIS frameworks. | Crypto & Digital Assets |
CAVV | Cardholder Authentication Verification Value | 3DS cryptogram validating authentication. | Used by networks to evidence auth. | Cards & Acceptance |
CBDC | Central Bank Digital Currency | Central‑bank issued digital fiat (retail/wholesale). | SARB Project Khokha (wholesale PoCs). | Crypto & Digital Assets |
CD/CI | Continuous Delivery / Continuous Integration | Automation of build/test/deploy. | Release pipelines for PSP services. | Technology & Ops |
CDCVM | Consumer Device CVM | Authentication via device (biometrics/PIN) for wallets. | Apple/Google Pay biometrics as CVM. | Cards & Acceptance |
CDD | Customer Due Diligence | Customer identification and verification processes. | Risk‑based approach under FICA. | AML/CFT |
CDN | Content Delivery Network | Distributed caching for content. | Protects and speeds bank web portals. | Technology & Ops |
CET1 | Common Equity Tier 1 | Core capital measure under Basel. | CET1 ratio disclosures. | Banking & Corporate |
CEX | Centralised Exchange | Custodial crypto exchange platform. | Order‑book trading; fiat on/off‑ramps. | Crypto & Digital Assets |
CIB | Corporate & Investment Banking | Wholesale/markets/transaction banking division. | Cash management, trade, markets. | Banking & Corporate |
CIPC | Companies and Intellectual Property Commission | Registers companies; source of KYB documents. | CIPC docs used in KYB/UBO verification. | Regulators & Law |
CMA | Common Monetary Area | Currency union of SA, Lesotho, Namibia, Eswatini. | ZAR and pegged currencies; payments/frictions reduced. | FX & Cross‑Border |
CMA | Common Monetary Area | Currency union of SA/Lesotho/Namibia/Eswatini. | ZAR and pegged currencies; cross‑border cash usage. | Regional & Pan‑African |
COB | Cost of Borrowing | All fees/interest tied to credit. | Disclosure under NCA. | Credit & Collections |
CPMI | Committee on Payments and Market Infrastructures | Global standard‑setter for payments/settlement. | Co‑authors PFMI with IOSCO. | Markets & Infrastructure |
CPoC | Contactless Payments on COTS | PCI spec for contactless acceptance on consumer devices. | Tap‑to‑phone acceptance without PIN on device. | Cards & Acceptance |
CRS | Common Reporting Standard | OECD standard for tax transparency. | Financial institutions report to SARS. | AML/CFT |
CSD | Central Securities Depository | Entity holding securities in dematerialised form. | STRATE is SA’s licensed CSD. | Markets & Infrastructure |
CTR | Cash Threshold Report | Report to FIC for large cash transactions. | Filed when cash meets/exceeds threshold. | AML/CFT |
CVV/CVC | Card Verification Value/Code | Security value for card‑not‑present transactions. | CVV2/CVC2 on e‑commerce. | Cards & Acceptance |
Chargeback | Chargeback | Issuer‑initiated reversal due to dispute/fraud. | Managed via scheme rules and ARNs. | Cards & Acceptance |
CoP | Confirmation of Payee | Name‑check to reduce misdirected payments. | Name‑match prompt before posting payment. | Identity & Trust |
DAU | Daily Active Users | Engagement metric for apps. | Banking app adoption measure. | Data & Reporting |
DCI | Debt Counselling Intake | Onboarding into debt review. | Managed under NCA via NCR/NCT. | Credit & Collections |
DDA | Demand Deposit Account | Transactional bank account (current account). | Used for EFT/RTC receipts. | Banking & Corporate |
DDoS | Distributed Denial of Service | Attack overwhelming network/service. | Banks deploy scrubbing/CDN mitigations. | Risk & Security |
DEX | Decentralised Exchange | On‑chain AMM/order‑book without central custodian. | Smart‑contract based swaps. | Crypto & Digital Assets |
DLT | Distributed Ledger Technology | Blockchain and related distributed data tech. | Tokenisation/settlement pilots. | Crypto & Digital Assets |
DR | Disaster Recovery | Recovery of IT/ops after incident. | Hot/warm sites for switches/issuers. | Risk & Security |
DS | Directory Server | Network‑operated 3DS directory. | Routes 3DS messages between parties. | Cards & Acceptance |
DSR | Debt Service Ratio | Portion of income to service debt. | Used in affordability calculations. | Credit & Collections |
DTI/DSTI | Debt‑to‑Income / Debt Service to Income | Debt obligations divided by income. | Credit policy metric under NCA. | Credit & Collections |
DebiCheck | DebiCheck | Brand for AC debit orders with mandate confirmation. | Consumer approves mandate through bank channels. | Retail Payments |
EDD | Enhanced Due Diligence | Additional checks for higher‑risk customers/products/geographies. | PEPs, adverse media, source of wealth/funds. | AML/CFT |
EFT | Electronic Funds Transfer | Batch credit/debit clearing via BankservAfrica. | Payroll/vendor runs (EFT Credit); legacy EFT Debit now under AC. | Retail Payments |
EFTC | EFT Credit | Batch credit transfers to accounts. | Salary/vendor payments. | Retail Payments |
EFTD | EFT Debit | Legacy batch debit orders (largely moved to DebiCheck AC). | Collections via mandate. | Retail Payments |
ELT | Extract, Load, Transform | Modern data pipeline variant. | Cloud data warehousing for analytics. | Data & Reporting |
EMP201 | Monthly Employer Declaration | PAYE/UIF/SDL declaration. | Bank payments align to SARS reference. | Tax & Accounting |
EMV | Europay Mastercard Visa | Global chip card and contactless standard. | All SA issuers/acquirers support EMV. | Cards & Acceptance |
ETL | Extract, Transform, Load | Data pipeline process. | Batching scheme data into data warehouse. | Data & Reporting |
FAIS | Financial Advisory and Intermediary Services Act | Regulates provision of financial advice/intermediary services. | Requires FSP license; fit‑and‑proper for key individuals/representatives. | Regulators & Law |
FATCA | Foreign Account Tax Compliance Act | US law for reporting US persons’ accounts. | Banks report via SARS/competent authority. | AML/CFT |
FATF | Financial Action Task Force | Global AML/CFT standard‑setter. | Greylisting and mutual evaluation context. | AML/CFT |
FIC | Financial Intelligence Centre | SA’s financial intelligence unit; AML/CFT enforcement under FICA. | Receives STR/CTR/IFTR/TPR; supervises AIs. | Regulators & Law |
FICA | Financial Intelligence Centre Act | Primary AML/CFT law in SA; mandates CDD/KYC, recordkeeping, reporting, and RBA. | Banks require FICA docs at onboarding; periodic reviews. | Regulators & Law |
FIDO | Fast IDentity Online | Standards for passwordless authentication. | Passkeys for banking login. | Identity & Trust |
FPS (UK) | Faster Payments Service (UK) | UK domestic instant payment system. | Often compared with SA’s PayShap/RTC. | Comparative |
FSCA | Financial Sector Conduct Authority | Market conduct regulator for financial institutions. | Supervises FSPs, CIS managers; issues conduct standards. | Regulators & Law |
FSP | Financial Services Provider | Entity licensed under FAIS to render financial services. | Brokerages, advisors, robo‑advisers, and some fintechs carry FSP licenses. | Regulators & Law |
FTP | Funds Transfer Pricing | Internal pricing of funds within a bank. | Aligns product pricing to liquidity cost. | Banking & Corporate |
FedNow | FedNow Service (US) | US domestic instant payments. | Comparator for instant clearing design. | Comparative |
FinSurv | Financial Surveillance Department | SARB division administering exchange control. | Sets Balance of Payments (BoP) codes for cross‑border payments. | Regulators & Law |
G2P | Government‑to‑Person | Disbursements from government to citizens. | Social grants, relief payments. | Gov & Social |
GAAP/IFRS | Accounting Standards | Financial reporting frameworks. | IFRS 9 for expected credit losses. | Tax & Accounting |
GPI | SWIFT gpi | Cross‑border payment tracking/SLAs. | End‑to‑end status, fees, and timestamps. | FX & Cross‑Border |
Gift Card | Closed‑loop Stored Value | Merchant‑issued stored value. | Retail gift cards sold/redeemed at POS. | Wallets & Alt Payments |
HADR | High Availability & Disaster Recovery | Architecture for resilience and recovery. | Active‑active data centres. | Technology & Ops |
HPC | High‑Performance Computing | Compute for risk/pricing/analytics. | Model training for fraud detection. | Technology & Ops |
HSM | Hardware Security Module | Tamper‑resistant cryptographic device. | PIN encryption, key ceremony, TR‑31 key blocks. | Risk & Security |
ICAAP | Internal Capital Adequacy Assessment Process | Bank’s internal capital planning process. | Submitted to PA. | Banking & Corporate |
IFTR | International Funds Transfer Report | FIC report for cross‑border transfers. | Filed by AIs for inbound/outbound flows. | AML/CFT |
IFWG | Intergovernmental Fintech Working Group | Coordination forum of SA regulators on fintech/innovation policy. | Positions on crypto assets, open finance, and sandboxes. | RegWG & Policy |
IIN | Issuer Identification Number | Synonym/updated term for BIN (8‑digit). | Adopted per ISO changes. | Cards & Acceptance |
ILAAP | Internal Liquidity Adequacy Assessment Process | Internal liquidity planning/assessment. | Submitted to PA. | Banking & Corporate |
IMPS | Immediate Payment Service (India) | India’s legacy instant rail (pre‑UPI). | Benchmarking discussions. | Comparative |
IOSCO | International Organization of Securities Commissions | Global securities regulator body. | Standards referenced by FSCA. | Markets & Infrastructure |
IRP5 | Employee Tax Certificate | Year‑end employee tax certificate. | Payroll and banking verification. | Tax & Accounting |
ISO 20022 | Financial Messaging Standard | Modern XML/JSON-based payments/securities messages. | Migration for cross‑border and high‑value payments. | Standards & Messaging |
ISO 8583 | Card Payments Message Standard | Legacy message format for card switching/clearing. | Used by SA acquirers/issuers/switches. | Standards & Messaging |
IT3(b) | Interest/Dividend Tax Certificate | Tax certificate for passive income. | Banks issue to clients. | Tax & Accounting |
IVR | Interactive Voice Response | Telephony menu automation. | Card activation, balance inquiry. | Technology & Ops |
Interchange | Interchange Fee | Fee paid from acquirer to issuer per txn (or vice versa). | Set/approved under regulatory oversight in SA. | Cards & Acceptance |
IoT | Internet of Things | Connected devices. | POS peripherals and telemetry. | General |
JSE | Johannesburg Stock Exchange | SA’s main securities exchange. | Equities, bonds, derivatives. | Markets & Infrastructure |
JWKS | JSON Web Key Set | Endpoint publishing public keys for token verification. | Used by API clients/servers for JWT validation. | Open Banking & API |
JWT | JSON Web Token | Compact auth token format. | Carries claims for API access. | Open Banking & API |
KBA | Knowledge‑Based Authentication | Security questions used for identity proofing. | Less preferred vs biometrics/OTP. | Identity & Trust |
KMS | Key Management Service | Cloud/on‑prem management of cryptographic keys. | Rotate and protect encryption keys. | Technology & Ops |
KMS (Cloud) | Key Management Service (Cloud) | Cloud service for keys (AWS KMS, etc.). | Envelope encryption for tokens. | Technology & Ops |
KPI | Key Performance Indicator | Quantitative measures of performance. | Payment success %, auth rate, NPS (score). | Data & Reporting |
KRI | Key Risk Indicator | Metric signaling elevated risk. | Fraud rate, chargeback ratio, latency. | Risk & Security |
KYB | Know Your Business | CDD of business entities incl. UBOs/control persons. | CIPC docs, beneficial ownership declarations. | AML/CFT |
KYC | Know Your Customer | CDD process to verify identity and risk‑profile customers. | ID, proof of address, sanctions screening. | AML/CFT |
Khokha | Project Khokha | SARB wholesale CBDC/settlement experiments. | Interbank DLT settlement prototypes. | Crypto & Digital Assets |
LCR | Liquidity Coverage Ratio | Basel III liquidity metric. | HQLA/30‑day outflow coverage. | Banking & Corporate |
LEI | Legal Entity Identifier | 20‑char ID for legal entities in markets. | Used in reporting and onboarding. | Standards & Messaging |
Liveness | Liveness Detection | Checks that a real person is present (anti‑spoof). | Active/passive liveness in biometric flows. | Identity & Trust |
MAU | Monthly Active Users | Monthly engagement metric. | Wallet adoption tracking. | Data & Reporting |
MCC | Merchant Category Code | 4‑digit merchant classification code. | Impacts interchange/pricing/risk controls. | Cards & Acceptance |
MDR | Merchant Discount Rate | Acquirer’s blended fee to merchants. | Basis points + per‑txn fee + scheme fees. | Cards & Acceptance |
MFA | Multi‑Factor Authentication | Two or more factors (knowledge/possession/biometric). | OTP + device binding for bank login. | Risk & Security |
MT | SWIFT MT Message | Legacy SWIFT message family (e.g., MT103). | Being phased to ISO 20022 MX. | Standards & Messaging |
MX | ISO 20022 Message | SWIFT ISO 20022 message (e.g., pacs.008). | Cross‑border credit transfer messages. | Standards & Messaging |
Maker‑Checker | Dual Control | Two‑person approval model. | High‑risk payments and config changes. | Technology & Ops |
NAEDO | Non‑Authenticated Early Debit Order | Legacy early debit order scheme; sunset in favour of AC. | Strike times; now phased out. | Retail Payments |
NCR | National Credit Regulator | Regulates credit providers and credit bureaus under NCA. | Registers providers; affordability and debt review oversight. | Regulators & Law |
NCT | National Consumer Tribunal | Adjudicates matters under the National Credit Act. | Hears debt review and enforcement applications. | Regulators & Law |
NPL | Non‑Performing Loan | Loan with payments past due threshold. | Credit risk provisioning. | Credit & Collections |
NPP (AU) | New Payments Platform (Australia) | Australian instant payment system. | Alias addressing like PayID. | Comparative |
NPS | National Payment System | SA’s entire payment ecosystem governed by the NPS Act. | Includes regulation, clearing, settlement and FMIs like SAMOS/Bankserv. | NPS & FMIs |
NPS (Score) | Net Promoter Score | Customer loyalty metric (not payments). | Promoters minus detractors. | Data & Reporting |
NPSA | National Payment System Act | Primary legislation enabling payment system oversight. | Defines oversight, participation and roles (SARB/PASA/etc.). | NPS & FMIs |
NPSD | National Payment System Department | SARB department responsible for NPS oversight and policy. | Issues directives, facilitates stakeholder forums (PSSF). | NPS & FMIs |
NSFR | Net Stable Funding Ratio | Basel III structural funding metric. | Stable funding over one‑year horizon. | Banking & Corporate |
NT | National Treasury | Economic policy; co‑chairs IFWG; drafts financial sector policy. | Twin Peaks implementation; fintech policy notes. | Regulators & Law |
OAuth2 | OAuth 2.0 | Delegated authorisation framework. | Consent for AISP/PISP access. | Open Banking & API |
OFAC | Office of Foreign Assets Control | US sanctions authority (SDN list). | Used for global screening context. | AML/CFT |
OHS | Occupational Health and Safety | Workplace compliance regime (broad). | Applies to branches/ops facilities. | Regulators & Law |
OIDC | OpenID Connect | Identity layer on OAuth2. | Authentication tokens and userinfo endpoints. | Open Banking & API |
OKR | Objectives & Key Results | Goal‑setting framework. | Quarterly goals for product/payment outcomes. | Data & Reporting |
OTP | One‑Time Password | Single‑use passcode delivered via SMS/app/token. | Transaction signing; login step‑up. | Risk & Security |
OWASP | Open Web Application Security Project | Community security best practices. | Used by banks/fintechs for app hardening. | Risk & Security |
PA | Prudential Authority | Prudential supervisor of banks/insurers within SARB. | Licensing new banks; capital, liquidity, governance oversight. | Regulators & Law |
PAIA | Promotion of Access to Information Act | Provides access to information held by public/private bodies. | Banks publish PAIA manuals; data subject requests. | Regulators & Law |
PAN | Primary Account Number | Card number used for routing/authorisation. | Masked/stored as token for security. | Cards & Acceptance |
PAPSS | Pan‑African Payment and Settlement System | Cross‑border instant payment/settlement under Afreximbank/AfCFTA. | Local currency settlement between participating countries. | Regional & Pan‑African |
PASA | Payments Association of South Africa | Payment system management body; oversees scheme rules and PCHs. | Accredits System Operators; hosts PCH Participant Groups. | NPS & FMIs |
PCH | Payment Clearing House | Scheme-level clearing arrangement for a stream (EFT, RTC, Cards). | Rulebooks and participation criteria via PASA. | NPS & FMIs |
PCH PG | PCH Participant Group | Industry group crafting operational rules for a PCH. | DebiCheck PCH PG defines AC mandate specs. | NPS & FMIs |
PCI DSS | Payment Card Industry Data Security Standard | Security standard for cardholder data environments. | Merchants/PSPs validate compliance annually. | Cards & Acceptance |
PCI PTS | PCI PIN Transaction Security | Security requirements for PIN entry devices. | POS/ATM certification. | Cards & Acceptance |
PEP | Politically Exposed Person | Higher‑risk customer due to public prominence. | Apply EDD and senior management approval. | AML/CFT |
PFMI | Principles for Financial Market Infrastructures | Global standards (CPMI‑IOSCO) for FMIs. | SARB applies PFMI to SAMOS/STRATE/others. | NPS & FMIs |
PII | Personally Identifiable Information | Data that can identify a person. | Handled per POPIA security safeguards. | Data & Reporting |
PISP | Payment Initiation Service Provider | Initiates payments on behalf of customers. | Pay‑by‑bank flows; instant rails. | Open Banking & API |
PKI | Public Key Infrastructure | Certificates and keys framework. | Mutual TLS between bank and fintech APIs. | Risk & Security |
POPIA | Protection of Personal Information Act | Privacy law governing processing of personal information. | Banks/fintechs implement lawful basis, safeguards, PAIA links. | Regulators & Law |
PRD | Product Requirements Document | Spec for product development. | New PayShap features. | Technology & Ops |
PSSF | Payment System Stakeholder Forum | Broad SARB‑convened industry forum for NPS reforms. | Used during RPP/PayShap consultations. | NPS & FMIs |
PayShap | PayShap | Retail instant payments overlay with proxy addressing. | Pay to mobile number; seconds‑level credit posting. | Retail Payments |
PoS | Point of Sale | Merchant acceptance device/software for card/contactless. | Integrated with acquirer systems. | Retail Payments |
Proxy | Proxy Addressing | Mapping of identifiers (e.g., mobile number) to accounts. | PayShap proxies via mobile numbers. | Retail Payments |
QR | Quick Response Code | Matrix barcode used for payments. | EMVCo QR for interoperable acceptance. | Wallets & Alt Payments |
R2P | Request‑to‑Pay | Ability to request payer to authorise an instant push payment. | Billers request; payer approves in app. | Retail Payments |
RBA | Risk‑Based Approach | Tailor AML controls to risk levels. | Scoring by product, geography, channel, customer. | AML/CFT |
RBAC | Role‑Based Access Control | Access control based on roles. | Least privilege in ops tooling. | Technology & Ops |
RCSA | Risk & Control Self‑Assessment | Structured assessment of risks/controls. | Operational risk process in banks. | Risk & Security |
REST | Representational State Transfer | Common web API architectural style. | JSON over HTTPS for fintech APIs. | Open Banking & API |
RFI | Request for Information | Early‑stage information gathering. | Market scans for PayShap providers. | Operations |
RFP | Request for Proposal | Procurement document for vendor selection. | Acquiring/PSP RFPs. | Operations |
RMA | Relationship Management Application (SWIFT) | SWIFT bilateral messaging permissions. | Banks approve who can send messages to them. | FX & Cross‑Border |
RPO | Recovery Point Objective | Max tolerable data loss period. | Backups and replication targets. | Technology & Ops |
RPP | Rapid Payments Programme | Industry programme that delivered PayShap. | Low‑value instant payments, proxies, R2P roadmap. | Retail Payments |
RTC | Real‑Time Clearing | Interbank immediate credit push via BankservAfrica. | A2A real‑time payments between banks. | Retail Payments |
RTO | Recovery Time Objective | Target time to restore service. | Measured during DR tests. | Technology & Ops |
RWA | Risk‑Weighted Assets | Assets weighted by risk for capital. | Affects CET1 capital ratios. | Banking & Corporate |
SADC‑RTGS | SADC Real‑Time Gross Settlement | Regional RTGS for Southern Africa (ex‑SIRESS). | Settlement for regional ZAR/USD flows. | Regional & Pan‑African |
SAMOS | South African Multiple Option Settlement | SARB’s RTGS for final interbank settlement. | High-value payments; settlement of multilateral positions. | NPS & FMIs |
SAR | Suspicious Activity Report | Activity‑based suspicion report (generic term). | Used in internal AML escalation. | AML/CFT |
SARB | South African Reserve Bank | Central bank; oversees monetary policy and the National Payment System (NPS). Houses the Prudential Authority (PA) and NPSD. | SARB issues NPS Directives; operates SAMOS RTGS. | Regulators & Law |
SARS | South African Revenue Service | Tax authority for VAT/income/corporate taxes; CRS/FATCA hub. | Receives financial account info from banks and AIs. | Regulators & Law |
SASSA | South African Social Security Agency | Disburses social grants. | G2P payments via cards, EFT, instant rails. | Gov & Social |
SASWITCH | SA ATM Switch (legacy name) | Historic interbank ATM switching brand (now Bankserv). | Enables cross‑bank ATM transactions. | Retail Payments |
SCA | Strong Customer Authentication | EU concept; risk‑based auth adopted as best practice in SA. | Step‑up for high‑risk e‑commerce payments. | Risk & Security |
SEPA | Single Euro Payments Area | EU payment area (SCT/SDD/SCT Inst). | Used for policy comparison. | Comparative |
SFTP | Secure File Transfer Protocol | Encrypted file transfer. | Used for payroll/EFT batch uploads. | Technology & Ops |
SIEM | Security Information & Event Management | Aggregates/analyzes security logs/events. | Detects anomalies in payment platforms. | Risk & Security |
SIRESS | SADC Integrated Regional Electronic Settlement System | Legacy name for SADC‑RTGS. | Older docs still reference SIRESS. | Regional & Pan‑African |
SLA | Service Level Agreement | Contracted service/availability metrics. | Payment uptime, settlement timelines. | Technology & Ops |
SLM | Service Level Management | Managing SLAs and performance. | Contractual uptime for gateways. | Technology & Ops |
SOAP | Simple Object Access Protocol | XML‑based protocol for some bank interfaces. | Legacy host integrations. | Open Banking & API |
SOC | Security Operations Center | Team monitoring security events and threats. | 24/7 fraud/cyber monitoring. | Risk & Security |
SOP | Standard Operating Procedure | Documented process for operations. | Chargeback handling SOPs. | Operations |
SOW | Statement of Work | Contracted scope, deliverables, timelines. | Integration projects with banks. | Operations |
SPoC | Software‑based PIN on COTS | PCI spec enabling PIN entry on consumer devices. | Tap‑to‑phone with external SCRP. | Cards & Acceptance |
SRD | Social Relief of Distress | Temporary grant programme. | Digitally disbursed payments. | Gov & Social |
SRE | Site Reliability Engineering | Ops discipline to improve reliability. | Error budgets for payment APIs. | Technology & Ops |
SSETA | Services Sector Education and Training Authority | Skills development in services sector incl. finance. | Relevant for sectoral training grants. | Regulators & Law |
STR | Suspicious Transaction Report | Report to FIC for suspicious activity/transactions. | Filed based on reasonable grounds. | AML/CFT |
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