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;
payment system means a funds transfer system or other system that facilitates the circulation of money, and includes any instruments and procedures that relate to the system;
payment system means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them, but does not include a stock exchange;
More Definitions of payment system
payment system means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them.
payment system means a set of instruments, banking procedures and typically, inter-bank funds transfer systems that ensure the circulation of money (BIS Red Book);
payment system means the legal entities—the credit institutions and/or mobile telephone operators, as well as other entities taking part in the acceptance and transfer of Payments under the contracts concluded with the Licensee.
payment system means a funds transfer system with formal standardized arrangements and common rules for the processing, clearing and/or settlement of payment transactions.
payment system means a system that enables payments to be effected between a payer and a beneficiary;
payment system means a formal arrangement between three or more participants, not counting possible settlement banks, central counterparties, clearing houses or indirect participants, with common rules and standardised arrangements for the execution of transfer orders between the participants;
payment system means any system or arrangement for the transfer, clearing or settlement of funds or securities;