TERBIUM
EXCLUSIVE: Oakbay’s former pay agent not registered
The revelation raises questions about whether Terbium Financial Services operates legally
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.