Systemically Important Payment System (SIPS) definition
Systemically Important Payment System (SIPS) means a payment system which has the potential to trigger or transmit systemic disruptions; this includes, among other things, systems that are the sole payment system in a jurisdiction or the principal system in terms of the aggregate value of payments, and systems that mainly handle time-critical, high-value payments or settle payments used to effect settlement in other systems
Systemically Important Payment System (SIPS) means a funds transfer system that typically handles large-value and high-priority payments. These are typically Wholesale or Large Value Payment System (LVPS). A failure of these systems could potentially endanger the operation of the whole economy. SIPS typically clear and settle high-value, time-sensitive wholesale payments (e.g. bank-to-bank transfers). A disruption or failure in a SIPS has the potential to pose the greatest risk to the financial stability and economic activity, safety and soundness of the national payment system.