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… A disruption to the payments ecosystem that has a material impact on ecosystem …
… The minimum conditions that an entity would need to satisfy in order to participate directly (or indirectly) in a payment system. Access criteria may differ depending on what … perform as a participant in the system (e.g. exchange of payment messages, clearing or settlement with the central …
… Those who use, or are likely to use, services provided by payment systems (e.g. consumers, businesses, government) … End-user …
… 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 …
… 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 payment orders prior to settlement, possibly including the … For the purposes of ACSS, it means the reconciliation of payment items that were exchanged and the calculation of net …
… The delivery and receipt of payment instructions, which would result in a debit and credit being posted to the accounts of the …