payment system

(redirected from Payment Systems)

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 ?
Digital Payment Systems Comprehensive Study by Type (Mobile Wallets, Internet Banking, Mobile Banking, PoS (Point of Sale), Others), Application (Banking Sector, Transportation, Telecommunications, Retail, Others), Deployment Type (On-premise, Cloud), Solution Type (Payment Wallet, Payment Gateway, Payment Security, Payment Processing), Service Type (Professional Services, Managed Services) Players and Region - Global Market Outlook to 2024
In addition to Shinhan Card, retailers and financial companies here have made efforts to commercialize their facial recognition-based payment systems amid growing customer demand for more convenient payment methods.
The Central Bank of Oman (CBO) announced that it has finalised the establishment of the legal and regulatory framework for the National Payment Systems.
The round table discussion participants made a decision on further development of normative legal acts taking into account the suggestions and minimization of risks of payment systems.
The Reserve Bank of India released a report on Benchmarking Indias Payment Systems which provides a comparative position of the payment system ecosystem in India relative to comparable payment systems and usage trends in other major countries.
This represents a significant step in the modernization of the payment systems of the CBBH, and the previous Giro Clearing system that was continuously operating for eighteen years and five months has been hereby replaced.
Zakhidov noted that it is necessary to fulfil the tasks of improving the regulatory issues and regulatory support of payment systems. In his words, another task is to create an interbank system of remote customer identification with the ability to integrate with an interdepartmental integration platform of e-government.
The Bangko Sentral ng Pilipinas (BSP) said on Wednesday that firms covered by the new National Payment Systems Act (NPSA)-whether financial institutions or nonbank entities, like merchants-would have 'streamlined' documentary requirements 'to promote efficiency and ease of doing business.'
THE Bangko Sentral ng Pilipinas (BSP) said on Wednesday it is releasing the first part of the implementing rules and regulations of Republic Act 11127, or the National Payment Systems Act (NPSA).
The Bangko Sentral ng Pilipinas (BSP) has drafted the first circular for the implementing rules and regulations (IRR) of the National Payment Systems Act (NPSA) for a "safe, efficient and reliable" payment systems in the country, and has sought industry comments.
BSP finalizing implementing rules and regulations for payment system !-- -- Lawrence Agcaoili (The Philippine Star) - April 10, 2019 - 12:00am MANILA, Philippines The Bangko Sentral ng Pilipinas (BSP) is finalizing the implementing rules and regulations (IRR) of a new law which provides safe, efficient, and reliable payment systems in the country.
MANAMA: The Central Bank of Bahrain (CBB) has decided to standardise merchant presented quick response code (QR code) specifications used by retail payment systems in Bahrain.