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Payments System

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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.


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The law will assure participants in a designated payments system that the rules of such a payment system would be upheld in the DIFC Courts, even in the event of an insolvency.
In Table 1, we present the classification of payments systems, accompanied by a brief description of each of them.
This is one of the three changes in cheque handling announced yesterday by APACS, the bank payments system, that it calls 2-4-6.
 
 
 
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