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;

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payment system means a funds transfer system with formal and standardized arrangements and common rules for the processing, clearing 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, but does not include a stock exchange;

Examples of payment system in a sentence

The Company shall provide the Payment System in accordance with the provisions of this Agreement.
The General Agent shall bear the cost of all development, upgrades, operation, and management of the System and interoperation with the Payment System for the provision of the System.
If the General Agent determines that any actual or potential divulgence or fraudulent use of Access Credentials or other failure to ensure the security of Access Credentials has occurred, the General Agent shall immediately suspend use of the Payment System and notify the Company of the relevant facts.
The General Agent acknowledges that in such case, access to the Payment System will be restricted until the Company’s measures are completed.
The General Agent shall upgrade the System as necessary due to a change to the functions and specifications of the Payment System by the Company provided for in the preceding paragraph, by the date specified by the Company.

More Definitions of payment system

payment system means the legal entities—the credit institutions and/ or mobile telephone operators, as well as other entities taking part in the acceptance and transfer of Payments under the contracts concluded with the Licensee or its partners.

payment system means a funds transfer system or other system that facilitates the circulation of money, and includes any instruments and procedures that relate to the system;

payment system means a funds transfer system with formal standardized 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.

payment system means a formal arrangement between three or more participants, not counting possible settlement 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 a system of instruments, procedures and rules for the transfer of funds among system participants;

payment system means any system or arrangement for the transfer, clearing or settlement of funds or securities;