The Payment System At A Glance
The Payment System At A Glance
What Is The Payment System?
The payment system is a system encompassing regulations, institutions and the mechanisms used to transfer funds in order to settle the obligations that arise from economic activity. The payment system was conceived at the same time as the concept of money as a medium of exchange or intermediary in the transactions of goods, services and finance. In principle, the payment system has three processing stages, namely authorisation, clearing and settlement.
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