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… Payments are exchanged, cleared and settled through multiple … point-to-point systems, where they are routed and validated by the participants … Decentralized systems …
… Payment systems characterized by bilateral exchanges made outside of a central system, and …
… Infrastructures – the global risk standards established by the CPSS/CPMI and IOSCO for regulating payment and …
… Payment systems characterized by bilateral exchanges made outside of a central system, and …