Settlement Before Exchange systems use arrangements where participants must settle file batch totals before the files themselves may be exchanged
An item dated more than six (6) months prior to presentment for payment.
Straight-Through-Processing – the process of transmitting and reconciling a payment in an automated fashion, such that no human intervention is required.
An entity that controls the functioning of a system including its operating rules, policies and infrastructure. The entity may perform some or all of the functions or rely on a third party to perform some functions.
An entity that has the authority to assert certain rights and responsibilities in relation to a system, such as the right to develop, modify, operate and maintain the system or to introduce, modify, or discontinue a particular service or function.
A disruption to the payments ecosystem that has a material impact on ecosystem service providers or end users as a group.
A disruption to the payments ecosystem large enough to have a noticeable impact on GDP.
The failure of the payments ecosystem to ultimately settle on the books of the central bank.
Payment structures where a shock, disruption or failure could have serious and widespread impacts on the financial system and the economy.