retail payment system definition
retail payment system means a payment system that is not a large-value payment system and the main purpose of which is to process, clear or settle SEPA credit transfers, or SEPA direct debits, that are generally bundled together for transmission and are primarily of small amount and low priority;
retail payment system means a payment system the main purpose of which is to process, clear or settle credit transfers or direct debits which are primarily of small amount, and that is not a large-value payment system;’;
retail payment system means “a system for the transfer, clearing or settlement of payment obligations which are related to retail activities involving purchases or payments, principally by individuals, and includes any instrument and procedures that relate to the system”.
More Definitions of retail payment system
retail payment system means a payment system whose main purpose is to process, clear and/or settle payment transactions, which are generally bundled together for transmission and are primarily of small amount and low priority, and that is not a large value payment system;
retail payment system means a funds transfer system that handles a large volume of low-value EFT payment transactions.
retail payment system means a payment system that is not a large value payment system
retail payment system means a formal arrangement between the participants, with common rules and standardized procedures for the exchange, clearing and/or settlement of payment transactions on behalf of customers, performed instantly or on a deferred basis, generally for low value and in high volume;
retail payment system means a system – with formal and standardized mechanisms of operation and governed by common rules – for the exchange, clearing and/or settlement of payment transactions for an amount of €500,000 or less, generally of low priority and transmitted in aggregate form;
retail payment system means a funds transfer system that handles a large volume of low-value electronic funds transfer payment transactions.