Payments System

Payments System

Collective term for mechanisms (both paper-backed and electronic) for moving funds, payments and money among financial institutions throughout the nation. The Federal Reserve plays a major role in the nation's payments system through distribution of currency and coin, processing of checks, electronic transfer of funds and the operation of automated clearinghouses that transfer funds electronically among depository intitutions; various private organizations also perform payments system functions.
References in periodicals archive ?
The Governor of the Bank of Canada has designated, effective 2 May 2016, the Automated Clearing and Settlement System (ACSS) for oversight under the Payment Clearing and Settlement Act (PCSA) as a clearing and settlement system that has the potential to pose payments system risk.
These reforms, together with the introduction of laws to facilitate electronic processing of cheque clearance in the mid-1990s, have also helped to promote greater reliability and efficiency in the payments system.
Federal Reserve staff, for the Payments System Development Committee Federal Reserve System
Thinking of setting up an electronic payments system for your overseas business activities?
The ACI Wholesale Payments System is a multi-bank and multi-currency global payments processing and risk management system that provides continuous processing capabilities.
vice chairman of the Federal Reserve Board, "and we believe the results clearly paint a picture of a payments system in migration.
Bettge will oversee the division's Payments System Risk, FR Bank Financial Accounting, FR Bank Planning and Control, Oversight Coordination, and Audit Review Programs.
I welcome this opportunity to discuss the payments system and the Federal Reserve's role in it.
LAS VEGAS -- BAI Transpay Conference: IBM and Viewpointe, the nation's leading provider of check image storage and exchange services, announced today that they are building architecture to support a National On Demand Payments System that will enable financial services companies to store and access billions of images and payment data for the purposes of payment processing, customer service and information delivery.
But no bank has turned in its charter in order to operate without the cost of banking regulation, which would require that it operate also without deposit insurance or access to the discount window or payments System.
The ACI gateway offers any existing bulk or high value payments system the functionality necessary to support the Faster Payments initiative.