payment system definition

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;
payment system means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them.

Examples of payment system in a sentence

  • Within a non-extendible period of five (5) calendar days from receipt by the Bidder of the notice from the BAC that it submitted the Lowest Calculated Bid, the Bidder shall submit its latest income and business tax returns filed and paid through the BIR Electronic Filing and Payment System (eFPS) and other appropriate licenses and permits required by law and stated in the BDS.

  • Within a non-extendible period of five (5) calendar days from receipt by the Bidder of the notice from the BAC that it submitted the Lowest Calculated Bid, the Bidder shall submit its latest income and business tax returns filed and paid through the BIR Electronic Filing and Payment System (eFPS), and other appropriate licenses and permits required by law and stated in the BDS.

  • Furthermore, the National Payment System Act, 1998 (Act No. 78 of 1998) (the NPS Act) provides for the management, administration, operation, regulation and supervision of payment, clearing and settlement systems in the Republic of South Africa, and for connected matters.

  • The Directive for Conduct within the National Payment System No. 2 of 2006 published in the Government Gazette No. 28867, General Notice 680 of 2006 (Directive No. 2 of 2006) regulated the Early Debit Order (EDO) systems since 2006.

  • The goal of this project is to perform attendance certification for the Child Development and Care (CDC) Provider Payment System to correct discrepancies in payments to providers.


More Definitions of payment system

payment system means a system of instruments, procedures and rules for the transfer of funds among system participants;
payment system means a formal arrangement between three or more participants, not counting possible settle­ ment banks, central counterparties, clearing houses or indirect participants, with common rules and standardised arrangements for the execution of transfer orders between the participants;
payment system means any international card payment organisation whose logos and marks appear on a Card. “Personal Information” means:
payment system means any system or arrangement for the transfer, clearing or settlement of funds or securities;
payment system means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them, but does not include a stock exchange;