payment system

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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.

payment system

see PAY.
References in periodicals archive ?
OTC: MYEC) said it has entered into a MyECheck reseller agreement with Access Payment Systems, Inc.
Tokyo, Japan, Oct 26, 2005 - (JCN Newswire) - The Mobile Payment Promotion Council was established on October 25 with the mission of promoting standardized mobile contactless payment systems in Japan.
Intended to help promote safer and more efficient payment systems worldwide, the Core Principles outline specific policy recommendations for systematically important payment systems and describe the responsibilities of the central banks.
The Payment Systems Act of 1999, which gives Norges Bank responsibility for authorisation and supervision of interbank systems, is important for the central bank's work in this area.
The Board of Governors announced on October 2, 2000, the promotion of Paul Bettge from assistant director to associate director in the Division of Reserve Bank Operations and Payment Systems.
It also makes it possible to correctly evaluate margins and to manage patient treatment actively to both maintain financial viability under PPS and managed care payment systems as well as assure quality outcomes.
The payment systems of the participating countries are national in scope and open to qualified financial institutions of all sizes that meet the criteria in their rules and by-laws.
We expect continued demand for NTN Electronic Payment Systems in Supermarkets throughout 1993 and have positioned our resources to take advantage of the increased opportunities in this market segment.
These manipulations of the health care delivery system are the direct result of payment systems already implemented.
Capital Payments to be renamed Bluefin Payment Systems
The Board is aware that VISA is changing its rules to provide for recrediting within five business days, and this suggests that technological improvements in payment systems may permit these consumer claims to be investigated more quickly.
17 /PRNewswire/ -- Governor Gaston Caperton of West Virginia is one of two winners of the 1993 Payment Systems Excellence Award to recognize leaders who have improved the nation's payment system, officials at the National Automated Clearing House Association (NACHA) today announced.