Payment system

payment networkpayment systemspayments systemelectronic paymentsMoney transferclearing systempaymentbilling systemcentral bank settlement systemsclearing
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.wikipedia
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TARGET2

TARGETSingle Shared platform
TARGET2 is a RTGS system that covers the European Union member states that use the euro, and is part of the Eurosystem, which comprises the European Central Bank and the national central banks of those countries that have adopted the euro.
TARGET2 is also an interbank RTGS payment system for the clearing of cross-border transfers in the eurozone.

Comparison of payment systems

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).

Foreign exchange market

foreign exchangeforexcurrency exchange
Specific forms of payment systems are also used to settle financial transactions for products in the equity markets, bond markets, currency markets, futures markets, derivatives markets, options markets, and to transfer funds between financial institutions both domestically using Automated clearing house and real-time gross settlement (RTGS) systems and internationally using the SWIFT network.
Money transfer companies/remittance companies perform high-volume low-value transfers generally by economic migrants back to their home country.

Cash

bag of stolen moneycash incomeCASH n.1
Payment systems are used in lieu of tendering cash in domestic and international transactions and consist of a major service provided by banks and other financial institutions.
Its remaining role is to provide a form of currency storage and payment for those who do not wish to take part in other systems, and make small payments conveniently and promptly, though this latter role is being replaced more and more frequently by electronic payment systems.

EBA Clearing

STEP2EBA Clearing § MyBankRT1
STEP2 is a Pan-European automated clearing house for the Single Euro Payments Area.
STEP2 was put into operation in 2003 with Italian payment system provider SIA S.p.A. It processes mass payments in euro.

Payment card

cash cardcardscard payment
Payment card
Payment cards are part of a payment system issued by financial institutions, such as a 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).

Real-time gross settlement

RTGSReal time Gross settlementReal Time Gross Settlement (RTGS)
Specific forms of payment systems are also used to settle financial transactions for products in the equity markets, bond markets, currency markets, futures markets, derivatives markets, options markets, and to transfer funds between financial institutions both domestically using Automated clearing house and real-time gross settlement (RTGS) systems and internationally using the SWIFT network.
However, most regular payments would not use a RTGS system, but instead would use a national payment system or automated clearing house that allows participants to batch and net payments.

Systemically important payment systems

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.

Automated clearing house

ACHDirect DepositACH payment
Specific forms of payment systems are also used to settle financial transactions for products in the equity markets, bond markets, currency markets, futures markets, derivatives markets, options markets, and to transfer funds between financial institutions both domestically using Automated clearing house and real-time gross settlement (RTGS) systems and internationally using the SWIFT network.
Payment system

Payments as a service

payment services
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.

Direct deposit

direct credit
These include debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking, and e-commerce payment systems.
For example, a US federal law of 1996 required the federal government to make electronic payments, such as direct deposit, available by 1999.

E-commerce credit card payment system

E-commerce credit card payment system
This payment system has been widely accepted by consumers and merchants throughout the world, and is by far the most popular method of payments especially in the retail markets.

Payment service provider

Payment Servicespayment providerPSP
Payment service provider
Typically, a PSP can connect to multiple acquiring banks, card, and payment networks.

Electronic bill payment

bill paymentBill Payments ServicesBills Payment
Electronic bill payment
These payments are typically executed electronically as a direct deposit through a national payment system, operated by the banks or in conjunction with the government.

Clearing (finance)

clearingclearing bankbankers' clearing house
Clearing
Payment system

Electronic funds transfer

money transferEFTelectronic check
Specific forms of payment systems are also used to settle financial transactions for products in the equity markets, bond markets, currency markets, futures markets, derivatives markets, options markets, and to transfer funds between financial institutions both domestically using Automated clearing house and real-time gross settlement (RTGS) systems and internationally using the SWIFT network. These include debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking, and e-commerce payment systems.
Payment system

Wire transfer

bank transfermoney transferInternational payments
Wire transfer
Payment system

System

systemssubsystemsubsystems
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.

Financial transaction

transactiontransactionsfinancial transactions
Specific forms of payment systems are also used to settle financial transactions for products in the equity markets, bond markets, currency markets, futures markets, derivatives markets, options markets, and to transfer funds between financial institutions both domestically using Automated clearing house and real-time gross settlement (RTGS) systems and internationally using the SWIFT network. 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.

Negotiable instrument

bills of exchangebill of exchangenegotiable instruments
What makes a payment system a system is the use of cash-substitutes; traditional payment systems are negotiable instruments such as drafts (e.g., cheques) and documentary credits such as letters of credit.

Bankers' acceptance

bankers' acceptance ratediscount ratedrafts
What makes a payment system a system is the use of cash-substitutes; traditional payment systems are negotiable instruments such as drafts (e.g., cheques) and documentary credits such as letters of credit.

Letter of credit

letters of creditdocumentary creditsletters of credit (L/Cs)
What makes a payment system a system is the use of cash-substitutes; traditional payment systems are negotiable instruments such as drafts (e.g., cheques) and documentary credits such as letters of credit.

Direct debit

debitdirect debitsdirect withdrawal
These include debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking, and e-commerce payment systems.

E-commerce payment system

electronic paymentonline paymentOnline payments
These include debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking, and e-commerce payment systems.

Credit card

credit cardscreditcredit-card
These include debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking, and e-commerce payment systems.