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

• I agree to be bound by the rules and regulations that govern any applicable funds transfer systems, including, but not limited to, the ACH Network, NACHA, Federal Reserve System and Clearing House Interbank Payment System (CHIPS).

• If the Solutions include CML’s Payment System or Payment Equipment, then this Section 3 shall apply.

• CHAPS Credit: the Clearing House Automated Payment System, a service enabling organisations to make same-day payments to an account within the UK, within the CHAPS operating days and times Customer Services: The contact centre for dealing with queries about Your Spendbase Card and Account.

• You covenant and agree not to enter into any other agreement, either directly or indirectly (e.g., through any of your Affiliates), that permits or authorizes any party (other than CML) to, directly or indirectly, provide any Payment System or Payment Equipment in, for, or with respect to any of the Taxis or any services provided therein or thereby.

• Sender understands that the Recipient’s account must be a deposit (checking) or pre-paid account, under the name of an individual, who shall be the Recipient, and that the Recipient’s account must be held by a financial institution, an institution authorized to operate by the Brazilian Central Bank, or a payment institution that is part of the Brazilian Payment System due to its enrollment with PIX.

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;