payment system
Definition
Financial system supporting transfer of funds from suppliers (savers) to the users (borrowers), and from payers to the payees, usually through exchange of debits and credits among financial institutions. It consists of a paper-based mechanism for handling checks and drafts, and a paperless mechanism (such as electronics funds transfer) for handling electronic commerce transactions. Also called payment mechanism.
payment system is in the Accounting & Auditing, Banking, Commerce & Finance and E-Commerce subjects.
payment system appears in the definitions of the following terms: payment mechanism, risk and international monetary system
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