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 ?
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.
As president of the New York Clearing House Association, Lee worked to form the Clearing House Interbank Payments System (CHIPS) in 1970.
The Federal Reserve Board announced on September 21, 2001, that it is extending the deadline for public comment on the potential longer-term direction of the Board's policy on payments system risk.
Bettge will oversee the division's Payments System Risk, FR Bank Financial Accounting, FR Bank Planning and Control, Oversight Coordination, and Audit Review Programs.
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.
I welcome this opportunity to discuss the payments system and the Federal Reserve's role in it.
The ACI gateway offers any existing bulk or high value payments system the functionality necessary to support the Faster Payments initiative.
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.
As banks in Europe prepare to transition to the Single Euro Payments Area (SEPA), ACI Wholesale Payments System offers these institutions high-throughput capabilities in support of SEPA and other global and cross-border ACH requirements, as confirmed by a benchmark study completed by ACI.