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… 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 Payor and Payee … Exchange …
… Payments are exchanged, cleared and settled through multiple …
… In Real Time Gross Systems, each payment is settled individually as soon as the transfer …
… An act that discharges obligations in respect of funds between two or more parties. For ACSS, it means the payment of clearing balances. … Settlement …
… High Value Payment Systems; a set of instruments and procedures that facilitates typically …
… Payment systems characterized by bilateral exchanges made outside of a central system, and the separate entry of batch totals into a separate clearing system. … …
… Payment systems characterized by bilateral exchanges made outside of a central system, and the separate entry of batch totals into the clearing system to support …