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Payment system

Index Payment system

A payment system is any system used to settle financial transactions through the transfer of monetary value, and includes the institutions, instruments, people, rules, procedures, standards, and technologies that make such an exchange possible. [1]

46 relations: ATMIA, Automated teller machine, Bankers' acceptance, Bond market, Cash, Cheque, Clearing (finance), Clearing house (finance), Comparison of payment systems, Credit card, Debit card, Derivatives market, Direct debit, Direct deposit, E-commerce, E-commerce credit card payment system, E-commerce payment system, EFTPOS, Electronic bill payment, Electronic funds transfer, Euro, European Central Bank, Eurosystem, Financial institution, Financial transaction, Foreign exchange market, Futures exchange, Giro, Interbank network, Internet, Letter of credit, List of online payment service providers, Member state of the European Union, Negotiable instrument, Online banking, Option (finance), Payment card, Payment service provider, Payments as a service, Real-time gross settlement, Society for Worldwide Interbank Financial Telecommunication, Stock market, System, Systemically important payment systems, TARGET2, Wire transfer.

ATMIA

The ATM Industry Association or ATMIA (originally the ATM Owners Association) was established in 1997 in the USA as a global nonprofit trade association to service an industry that built around the global growth of the ATM.

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Automated teller machine

An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without the need for direct interaction with bank staff.

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Bankers' acceptance

A banker's acceptance, is a promised future payment, or time draft, which is accepted and guaranteed by a bank and drawn on a deposit at the bank.

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Bond market

The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market.

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Cash

In economics, cash is money in the physical form of currency, such as banknotes and coins.

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Cheque

A cheque, or check (American English; see spelling differences), is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.

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Clearing (finance)

In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled.

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Clearing house (finance)

A clearing house is a financial institution formed to facilitate the exchange (i.e., clearance) of payments, securities, or derivatives transactions.

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Comparison of payment systems

Comparison of payment systems (also known as comparison of payment processing services, comparison of payment processors, or comparison of merchant services) is a list displaying comparative information and fee rates on various payment systems (also payment processing services, payment processor, or merchant services).

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Credit card

A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus the other agreed charges.

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Debit card

A debit card (also known as a bank card, plastic card or check card) is a plastic payment card that can be used instead of cash when making purchases.

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Derivatives market

The derivatives market is the financial market for derivatives, financial instruments like futures contracts or options, which are derived from other forms of assets.

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Direct debit

A direct debit or direct withdrawal is a financial transaction in which one person withdraws funds from another person's bank account.

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Direct deposit

In banking, a direct deposit (or direct credit) is a deposit of money by a payer directly into a payee's bank account.

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E-commerce

E-commerce is the activity of buying or selling of products on online services or over the Internet.

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E-commerce credit card payment system

Electronic commerce, commonly known as e-commerce or eCommerce, or e-business consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks.

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E-commerce payment system

An e-commerce payment system facilitates the acceptance of electronic payment for online transactions.

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EFTPOS

Electronic funds transfer at point of sale (EFTPOS) is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale.

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Electronic bill payment

Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account.

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Electronic funds transfer

Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.

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Euro

The euro (sign: €; code: EUR) is the official currency of the European Union.

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European Central Bank

The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the euro area, which consists of 19 EU member states and is one of the largest currency areas in the world.

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Eurosystem

The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency.

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Financial institution

Financial institutions, otherwise known as banking institutions, are corporations which provide services as intermediaries of financial markets.

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Financial transaction

A financial transaction is an agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment.

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Foreign exchange market

The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies.

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Futures exchange

A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts; that is, a contract to buy specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future.

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Giro

A giro, or giro transfer, is a payment transfer from one bank account to another bank account and instigated by the payer, not the payee.

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Interbank network

An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network.

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Internet

The Internet is the global system of interconnected computer networks that use the Internet protocol suite (TCP/IP) to link devices worldwide.

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Letter of credit

A letter of credit (LC), also known as a documentary credit, bankers commercial credit, is a payment mechanism used in international trade to perform the same economic function as a guarantee, by allocating risk undertaken by contracting parties.

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List of online payment service providers

The following is a list of notable online payment service providers and payment gateway providing companies, their platform base and the countries they offer services in:-.

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Member state of the European Union

The European Union (EU) consists of 28 member states.

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Negotiable instrument

A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, with the payer usually named on the document.

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Online banking

Online banking, also known as internet banking, it is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.

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Option (finance)

In finance, an option is a contract which gives the buyer (the owner or holder of the option) the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price on a specified date, depending on the form of the option.

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Payment card

Payment cards are part of a payment system issued by financial institutions, such as bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic funds transfer and access automated teller machines (ATMs).

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Payment service provider

A payment service provider (PSP) offers shops online services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking.

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Payments as a service

Payments as a service (PaaS) is a marketing phrase used to describe a software as a service to connect a group of international payment systems.

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Real-time gross settlement

Real-time gross settlement systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to another on a "real time" and on a "gross" basis.

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Society for Worldwide Interbank Financial Telecommunication

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.

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Stock market

A stock market, equity market or share market is the aggregation of buyers and sellers (a loose network of economic transactions, not a physical facility or discrete entity) of stocks (also called shares), which represent ownership claims on businesses; these may include securities listed on a public stock exchange as well as those only traded privately.

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System

A system is a regularly interacting or interdependent group of items forming an integrated whole.

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Systemically important payment systems

Systemically important payment systems (SIPS) are payment systems which have the characteristic that a failure of these systems could potentially endanger the operation of the whole economy.

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TARGET2

TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) is the real-time gross settlement (RTGS) system for the Eurozone, and is available to non-Eurozone countries.

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Wire transfer

Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another.

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Clearing system, Cross-Border Payments, Payment Systems, Payment network, Payment systems, Payments network, Payments system.

References

[1] https://en.wikipedia.org/wiki/Payment_system

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