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Payment System

   Also found in: Wikipedia 0.01 sec.
Payment System
Any system enabling the transfer of funds between parties. For example, when a bank processes a check, it uses a payment system to collect funds from the bank on which the check was drawn and then transfers the funds to the payee's account. Likewise, a clearing house uses a payment system for the settlement of security transactions. Most payment systems are electronic, and many involve the Federal Reserve in some way.


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The payment of charges to the Ministry of Interior will be done through Sadad Payment System all over Saudi Arabia, said a bank statement.
Parts 1 and 2 introduce the RBRVS payment system and describe its key components.
MANAMA: The latest strategies for linking payment systems within the GCC states were discussed at a key meeting yesterday.
 
 
 
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