Terbium Financial Services, which until recently acted as a paying agent for the Oakbay group, is not registered with the Payments Association of SA (Pasa), raising questions whether it has breached regulations governing conduct in SA’s national payments system. Pasa, a payment system management body recognised by the Reserve Bank under its National Payment System Act, said all third-party payment providers had to be registered with it in line with a Reserve Bank directive. The registration should be done by the payment provider’s bank, which has to be one of the 30 members of the clearing and settlement participants at the core of the act. Business Day could find no record of Terbium on Pasa’s list of registered third-party payment providers, or even of system operators.This was even though Terbium has been offering paying agent services, for which it takes lump-sum deposits from corporate entities to divide up among suppliers, employees and other creditors, as part of its "corpora...

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