Faster Payment System definition

Faster Payment System or “FPS” means the financial infrastructure launched by the Hong Kong Monetary Authority and operated by Hong Kong Interbank Clearing Limited to facilitate payment services and other related services amongst FPS Participants;
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Faster Payment System means the Faster Payment System and related facilities and services provided, managed and operated by HKICL from time to time for (i) processing direct debits and credits, funds transfers and other payment transactions and (ii) exchanging and processing instructions relating to eDDA Service and Addressing Service;
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Faster Payment System means either the Real Time Payments or FedNow payment system that is accessed through the Faster Payment Services.
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Examples of Faster Payment System in a sentence

  • All payment or funds transfer transactions using HKICL FPS will be processed, cleared and settled under the interbank clearing and settlement arrangements including without limitation the arrangements in relation to the Faster Payment System agreed by the Participants and HKICL from time to time.

  • The Bank Services are therefore subject to the rules, guidelines and procedures imposed by HKICL in relation to the Faster Payment System from time to time.

  • By instructing us to register any Proxy ID or any account for you in relation to the Faster Payment System, you confirm that you are the present genuine owner or authorised user of the relevant Proxy ID or account.

  • We provide the Bank Services to customers to facilitate payment and funds transfer using the Faster Payment System and the Addressing Service, eDDA Service and any other services and facilities provided by HKICL in connection with the Faster Payment System from time to time.

  • We provide the Bank Services (as defined under this Clause) to customers to facilitate payments and funds transfers using the Faster Payment System.

  • The Bank may provide the FPS Bank Services to customers to facilitate payments and funds transfers using the Faster Payment System.

  • We provide the Bank Services to customers to facilitate payments and funds transfers using the Faster Payment System.

  • Financial liabilities are measured at amortised cost using the effective interest method or at fair value through profit or loss.

  • Interbank funds transfers 20Payment through Real Time Gross Settlement (RTGS) Payment through Faster Payment System (FPS)C5.

  • The Bank provides the Bank Services to customers to facilitate payments and funds transfers using the Faster Payment System.


More Definitions of Faster Payment System

Faster Payment System means the system provided and operated by the Hong Kong Interbank Clearing Limited and its successors and assigns;
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Faster Payment System means the Faster Payment System and related facilities and services
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Related to Faster Payment System

  • payment system means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions;

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  • Unmanned aircraft system means an unmanned aircraft and associated elements, including communication links and components that control the unmanned aircraft that are required for the pilot in command to operate safely and efficiently in the national airspace system.

  • Quality Management System means a set of interrelated or interacting elements that organisations use to direct and control how quality policies are implemented and quality objectives are achieved;

  • Carrier Access Billing System (“CABS”) is the system which is defined in a document prepared under the direction of the Billing Committee of the OBF. The CABS document is published by Telcordia in Volumes 1, 1A, 2, 3, 3A, 4 and 5 as Special Reports SR-OPT-001868, SR-OPT-0011869, SR-OPT-001871, SR-OPT- 001872, SR-OPT-001873, SR-OPT-001874, and SR-OPT-001875, respectively, and contains the recommended guidelines for the billing of access and other connectivity services. Sprint’s carrier access billing system is its Carrier Access Support System (CASS). CASS mirrors the requirements of CABS.

  • Payment Network means a debit or credit network (such as the ACH Network or ACCEL / Exchange payment network) through which funds may be transferred.

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  • Retirement system means a retirement plan or system that is established by or pursuant to title 38.

  • Wastewater treatment system means any equipment, plants,

  • Data Collection System means software designed for collection, tracking and reporting 17 outcomes data for Resident enrolled in the FSP Programs.

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  • Attachment Facilities means the facilities necessary to physically connect a Customer Facility to the Transmission System or interconnected distribution facilities.

  • Centralized Message Distribution System (CMDS) means the industry-wide data collection system, which handles the daily exchange of message details between CMDS participating telephone companies (also known as CMDS Direct Participants). AT&T-21STATE is a CMDS Direct Participant.

  • Fraud Monitoring System means an off-line administration system that monitors suspected occurrences of ABT- related fraud.