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 ?
5000, or An Act Providing for the Regulation and Supervision of Payment Systems, recognizes the payment system as an important component of the countrys financial infrastructure and mandates the government, through the Bangko Sentral ng Pilipinas (BSP), to promote its high-quality operation in order to control systemic risk and provide an environment conducive to the sustainable growth of the economy.
While a number of mobile payment schemes have made an appearance in the Japanese market, the Mobile Payment Promotion Council believes that a standardized payment infrastructure is an indispensable foundation for efficient payment system operations and that an integrated environment is the key to providing the most convenience to consumers and merchants.
2 Background--Payment system risks, legal uncertainty and the adoption of payment system designation
The online payment system has a 2:1 usage ratio over the voice system (yes, it's still in place)--a situation that was just the opposite a few years ago.
In keeping with the increased focus on risk in the payment system, both nationally and internationally, Norges Bank's work on payment system issues has also changed.
American consumers and businesses make 80 billion retail payments annually, nearly 50 billion by check and 30 billion by electronic instruments, such as credit cards, debit cards, and the automated clearinghouse (ACH), according to the first comprehensive studies of the retail payment system by the Federal Reserve System in more than twenty years.
In recent months, the Health Care Financing Administration (HCFA) (now known as the Centers for Medicare and Medicaid Services [CMS]) has reaffirmed its commitment to the RUG-III payment system, to the MDS 2.
IT NOW APPEARS THAT THE SKILLED NURSING facility PPS will continue to be modified continuously as HGFA tries to improve the accuracy of the SNF payment system.
They contain the data requirements, procedures and implementation conventions for each participating national payment system, as determined by the system's representatives to the Cross-Border Council.
The focus of new services, hospital expansion, and equipment purchases also is being manipulated by the payment system, often with the loss of valuable medical services in communities.
A disruption or failure of a Prominent Payment System could cause a significant adverse effect on economic activity in Canada, potentially leading to a general loss of confidence in the overall Canadian payments system.
Advance Payment System allows students, parents, and alumni to schedule payments up to a year in advance, and stores the transaction data until the payment date.