payment system



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.

Use payment system in a sentence

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z