Closed-loop payment system definition

Closed-loop payment system means a payment system or payment activity that is not interoperable with other payment systems, and the payment service provider (PSP) is the same entity or part of the same group as the PSP of the payee, with transactions limited to a specific network or ecosystem.
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Related to Closed-loop payment system

  • payment system means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions;

  • Cash Payment System means a payment system that generates any transfer of funds through a transaction originated by cash, check, or similar paper instrument. This includes electronic payments to a financial institution or clearing house that subsequently issues cash, check, or similar paper instrument to the designated payee.

  • settlement system means a system established and operated by the Bank to facilitate the transfer of funds for the discharge of payment and settlement obligations between system participants;

  • Master Account Approval List means the list of Attendee reservations and Dates which the Judicial Council has authorized the Contractor to bill associated sleeping room charges and tax against the Judicial Council’s Master Account.

  • Earned value management system means an earned value management system that complies with the earned value management system guidelines in the ANSI/EIA-748.