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Definition of "Payment System" |
The payment system is an operational network - governed by laws, rules and standards - that links bank accounts and provides the functionality for monetary exchange using bank deposits.The payment system is the infrastructure (consisting of institutions, instruments, rules, procedures, standards,and technical means) established to effect the transfer of monetary value between parties discharging mutual obligations. Its technical efficiency determines the efficiency with which transaction money is used in the economy, and risk associated with its use. |
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