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 ?
The process of assessment of the payment system requires two
Finance Minister, Senator Mohammad Ishaq Dar, witnessed agreement signing ceremony for a modern tax payment system at the Ministry of Finance.
The RBI governor, whose term is ending in September, elucidated what is desirable in a good payment system regime.
Claudia serves as a liaison to the cross-industry Secure Payments Task Force which is working to address fraud risk and advance the safety, security and resiliency of the payment system as part of the Federal Reserve Banks efforts to improve the U.S.
payment system as envisioned by the Federal Reserve Bank's Payment System Improvement Initiative, the banks said.
Leader Payment System, a Dubai-based innovative remittance and payment processing company, hosted the second annual forum on "Future of Payments: Emerging Trends: Payments & Money Transfers".
Muscat: The Central Bank of Oman (CBO) is working on a National Payment System Law to strengthen the current legal and regulatory framework of national payment.
TEHRAN (FNA)- The Central Bank of Russia (CBR) announced it is to establish the operator of Russia's national card payment system on June 16 in response to the western sanctions.
S2M, the regional leader in payment systems in Africa, will create a joint electronic payment system to integrate the services of three Ethiopian banks.
The Payment Association of Namibia (PAN), a payment system management body which is recognised and licensed by the Bank of Namibia, was officially launched on 6 March.
A4SADAD Bank is a unified solution for connecting systems, banks, and governmental and non-governmental organizations to SADAD payment system in Saudi Arabia, in addition to being the first system in the Kingdom to allow users to take advantage of the services provided by the Saudi Ministry of Interior through linking the ministry to the SADAD system as well.The new version of A4SADAD Bank provides an opportunity for individuals to inquire about their due bills, as well as pay channels, by using different banks for payment (such as Internet, ATM, etc.).
The study aims to quantify the impact of an operational incident on ReGIS payment system and to assess its ability to absorb a liquidity shock.