Each forum acts as a consultative body for discussing and approving the various rules and procedures governing the respective payment stream. Furthermore, the forums liaise and consults with PAN, the various service providers, and any other party within the clearing environment, which also includes discussing operational business matters relating to the various forums.
The representatives on each forum are accountable for managing clearing issues as well as the practical implementation of the principles, policies, strategies, rules and procedures contemplated in the relevant Forum System Operator Agreements. The participant groups are also responsible for specific management functions contained in the schedules of their respective Forum Agreements.
Furthermore, each forum ensures the following:
- That the clearing of payment instructions between its members are facilitated and managed.
- That payment instrument and payment processing standards are introduced and maintained by its members to protect the integrity of the payment system and its operations, and that such standards are documented and enacted via the clearing rules of the forum concerned.
- That appropriate risk reduction measures are implemented by its members in the process of clearing payment instructions.
- That it facilitates the speedy and effective resolution of problems during daily operations as well as in crisis situations such as the failure of a bank
- That forum system operators conform to the requirements listed in the PAN Regulatory Framework and applicable Forum System Operator Agreements
- That the clearing rules for each forum make adequate provision for handling errors and returns (where applicable) in a formal and structured way
- That the specific service agreements established with each forum system operator are maintained, and
- That forum entry and participation criteria are in place, maintained and implemented.