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… The end-user (person or organization) who receives funds when a payment item is credited to their account … Payee …

… Straight-Through-Processing – the process of transmitting and reconciling a payment in an automated fashion, such that no human intervention is required. … …

… A disruption to the payments ecosystem that has a material impact on ecosystem service providers or end users …

… The minimum conditions that an entity would need to satisfy in order to participate … may differ depending on what role the entity will perform as a participant in the system (e.g. exchange of payment messages, clearing or settlement with the central …

… Payments are exchanged, cleared and settled through a single central system, where they are routed and validated by a central institution … Centralized systems …

… The financial institution to which a debit payment item is addressed and which is directed to pay the specified amount of money. … Drawee …

… Those who use, or are likely to use, services provided by payment systems (e.g. consumers, businesses, government) … …

… The end-user (person or organization) who authorizes their financial institution to debit their account for the amount of a payment item … Payor …

… Commonly understood to mean the process of transmitting, reconciling and, in some cases, confirming … of instructions and the establishment of final positions for settlement. For the purposes of ACSS, it means the reconciliation of payment items that were exchanged and the …

… Payments are exchanged, cleared and settled through multiple … point-to-point systems, where they are routed and validated by the participants … Decentralized systems …