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

… 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 settlement … Batch Total Entry Systems …

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

… Core payment systems that serve both an LVPS and a retail payment system functions. … Multi-Use Core System …

… could have serious and widespread impacts on the financial system and the economy. … Systemically important payments systems (SIPS) …