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… as electronic alternatives gain in popularity, but Canadians still use close to a billion cheques each year. … … (PADs) are a convenient way to pay bills and make other payments automatically. Instead of sending a payment, a company withdraws funds from your …
… around the world, the United Kingdom is in the midst of modernizing their national payments infrastructure. In the next three to four years, the country expects to replace two of their major payments systems, amongst other changes. For a deeper dive …
… A pre-authorized debit drawn on the account of a payor for the payment of goods or services related to a business or commercial activity of the payor. For example, payments between franchisees and franchisers, distributors …
… A payment item drawn by a bank against its own account … Bank …
… The financial Institution that holds the account of the payee (person receiving a payment). … Payee's financial institution (FI) …
… The financial institution that holds the account of the payor (person making a payment). … Payor's financial institution (FI) …
… The failure of the payments ecosystem to ultimately settle on the books of the central bank. … Systemic risk …