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 ?
Another aspect of the role of the central bank in the payment system is, I believe, becoming increasingly important, if not essential.
Combined with CareGain's technology, UMB's white label, fully integrated product provides a payment system solution that enables a direct to provider payment option.
A key objective for the new task force, however, is to analyze the specific downstream implications of each payment system for stakeholders.
CyBux has created an integrated online payment system across Canada involving most of the major banks and credit unions.
Third, the Board was concerned that the more rapid increase in fees originally planned could cause a substantial volume of large-value payments to be shifted to less secure payment systems and thereby increase payment system risk.
The MX870 is the only large screen PCI PED compliant payment system and has won the vast majority of national contracts for multi-lane payment systems over the past year.
Should participant defaults impair-or merely create doubts about-the organization's financial condition, the consequences for the organization's participants, the participants' customers and banks, and the financial and payment system could be severe.
The document also contains information that is useful to forums defining technology that may form a basis for implementation of a mobile proximity payment system.
Efforts to reduce the gap of time between payment and settlement, or to ensure ultimate settlement of the payment, contribute to the integrity of the payment system and the efficiency of a market economy.
Thus, over the years we have been committed to higher capital standards, to the reduction of risk in the payment system, to finality criteria for clearing-houses and payment systems, and to improved international cooperation in the areas of payment systems and banking supervision.
SAN FRANCISCO -- Visa USA, the world's leading payment brand and largest payment system, today announced the most significant milestones for the 2006 holiday shopping season following a slight shift in consumers' spending habits this past holiday season.
MICROS will resell VeriFone's customer-facing electronic payment solutions, including the new Vx 670 mobile payment system fully integrated with MICROS RES 4.