What is a payment system?
What is a payment system? I am reminded of lengthy debates around the office on just this question - and the heated and, at times, passionate discussion that ensued. My antagonist, who is also my partner, took one view and I took the other. The thrust and parry of the dialogue ebbed and flowed Â… long into the night over innumerable cups of coffee.
The Bank for International Settlements (BIS) definition of a payment system states; Â"A payment system consists of a set of instruments, banking procedures and, typically, interbank funds transfer systems that ensure the circulation of moneyÂ". (From Â"A glossary of terms used in payments and settlement systemsÂ", Committee on Payment & Settlement Systems. BI...
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