Eligibility and Conditions

1. Payment Service Providers are eligible to apply to the Central Bank to participate in and, be given access to the Wages Protection System. They shall be given access to the Wages Protection System subject to an approval granted by the Central Bank.
    
2. To allow wages to be credited to an account that can store and maintain the funds, Payment Service Providers may engage with an SVF scheme or a Bank for the provision of such account. Payment Service Providers that apply for participation in and access to the Wages Protection System shall demonstrate, among other things, that they have stringent security measures put in place so as to minimize the risks to the Wages Protection System.
    
3. Upon being given access to the Wages Protection System, Payment Service Providers shall be entitled to open WPS Payment Accounts.
    
4. The requirements in this Article (19) are without prejudice to other requirements of this Regulation to which Payment Service Providers are subject.
    

Obligations

5. Payment Service Providers that have been given access to the Wages Protection System under paragraph (1) shall:
    
   1. 5.1. organize marketing campaigns targeting the unbanked and underbanked segments with the objective of educating WPS Payment Account Holders on the benefits and risks associated with the services provided by the Payment Service Providers;
       
   2. 5.2. conduct workshops with the objective of raising awareness of Employers on the salary information file (SIF) format to be submitted, penalties and related procedures and regulatory requirements;
       
   3. 5.3. ensure that they provide WPS Payment Account Holders with a transaction statement in a timely manner;
       
   4. 5.4. execute the payments to WPS Payment Account Holders in a timely manner and acknowledge such execution in accordance with the WPS Rulebook;
       
   5. 5.5. not hold WPS Payment Account Holders liable for any fraudulent or Unauthorized Payment Transactions, and shall guarantee the full amount of funds; and
       
   6. 5.6. provide a dedicated Retail Payment Service User service and complaints team for WPS Payment Account Holders that are separate from the equivalent teams servicing other Retail Payment Services that may be provided by the Payment Service Providers.
       
6. Payment Service Providers that fail to comply with the requirements of paragraph (5.4) shall be subject to the penalties specified in the WPS Rulebook.
    
7. The Central Bank may request from the Payment Service Providers that have been given access to the Wages Protection System under paragraph (1) to:
    
   1. 7.1. prepare and provide quarterly reports on the average Payment Transactions value per WPS Payment Account Holder; and
       
   2. 7.2. prepare and provide quarterly reports on the number of WPS Payment Account Holders being serviced.