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href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=Payment+system" title="You are encouraged to create an account and log in; however, it is not mandatory" class=""><span>Create account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=Payment+system" title="You're encouraged to log in; however, it's not mandatory. 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[o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>Log in</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing"><span>learn more</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y"><span>Contributions</span></a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n"><span>Talk</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div 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<span>International</span> </div> </a> <ul id="toc-International-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> 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Available in 26 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-26" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">26 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%86%D8%B8%D8%A7%D9%85_%D8%AF%D9%81%D8%B9" title="نظام دفع – Arabic" lang="ar" hreflang="ar" data-title="نظام دفع" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D0%BB%D0%B0%D1%82%D0%B5%D0%B6%D0%BD%D0%B0_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0" title="Платежна система – Bulgarian" lang="bg" hreflang="bg" data-title="Платежна система" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Platebn%C3%AD_syst%C3%A9m" title="Platební systém – Czech" lang="cs" hreflang="cs" data-title="Platební systém" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Zahlungsverfahren" title="Zahlungsverfahren – German" lang="de" hreflang="de" data-title="Zahlungsverfahren" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Makses%C3%BCsteem" title="Maksesüsteem – Estonian" lang="et" hreflang="et" data-title="Maksesüsteem" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Sistema_de_pago" title="Sistema de pago – Spanish" lang="es" hreflang="es" data-title="Sistema de pago" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%86%D8%B8%D8%A7%D9%85_%D9%BE%D8%B1%D8%AF%D8%A7%D8%AE%D8%AA" title="نظام پرداخت – Persian" lang="fa" hreflang="fa" data-title="نظام پرداخت" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Syst%C3%A8me_de_paiement" title="Système de paiement – French" lang="fr" hreflang="fr" data-title="Système de paiement" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8E%D5%B3%D5%A1%D6%80%D5%A1%D5%B0%D5%A1%D5%B7%D5%BE%D5%A1%D6%80%D5%AF%D5%A1%D5%B5%D5%AB%D5%B6_%D5%B0%D5%A1%D5%B4%D5%A1%D5%AF%D5%A1%D6%80%D5%A3" title="Վճարահաշվարկային համակարգ – Armenian" lang="hy" hreflang="hy" data-title="Վճարահաշվարկային համակարգ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Platni_promet" title="Platni promet – Croatian" lang="hr" hreflang="hr" data-title="Platni promet" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Sistem_pembayaran" title="Sistem pembayaran – Indonesian" lang="id" hreflang="id" data-title="Sistem pembayaran" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Mok%C4%97jimo_sistema" title="Mokėjimo sistema – Lithuanian" lang="lt" hreflang="lt" data-title="Mokėjimo sistema" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9F%D0%BB%D0%B0%D1%82%D0%B5%D0%BD_%D0%BF%D1%80%D0%BE%D0%BC%D0%B5%D1%82" title="Платен промет – Macedonian" lang="mk" hreflang="mk" data-title="Платен промет" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Sistem_pembayaran" title="Sistem pembayaran – Malay" lang="ms" hreflang="ms" data-title="Sistem pembayaran" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Betalingssysteem" title="Betalingssysteem – Dutch" lang="nl" hreflang="nl" data-title="Betalingssysteem" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Betalingssystem" title="Betalingssystem – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Betalingssystem" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Betalingssystem" title="Betalingssystem – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Betalingssystem" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/To%CA%BBlov_tizimi" title="Toʻlov tizimi – Uzbek" lang="uz" hreflang="uz" data-title="Toʻlov tizimi" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/System_p%C5%82atno%C5%9Bci" title="System płatności – Polish" lang="pl" hreflang="pl" data-title="System płatności" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Sistem_de_pl%C4%83%C8%9Bi" title="Sistem de plăți – Romanian" lang="ro" hreflang="ro" data-title="Sistem de plăți" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9F%D0%BB%D0%B0%D1%82%D1%91%D0%B6%D0%BD%D0%B0%D1%8F_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0" title="Платёжная система – Russian" lang="ru" hreflang="ru" data-title="Платёжная система" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Betalsystem" title="Betalsystem – Swedish" lang="sv" hreflang="sv" data-title="Betalsystem" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%9D%D0%B8%D0%B7%D0%BE%D0%BC%D0%B8_%D0%BF%D0%B0%D1%80%D0%B4%D0%BE%D1%85%D1%82" title="Низоми пардохт – Tajik" lang="tg" hreflang="tg" data-title="Низоми пардохт" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target"><span>Тоҷикӣ</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9F%D0%BB%D0%B0%D1%82%D1%96%D0%B6%D0%BD%D0%B0_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0" title="Платіжна система – Ukrainian" lang="uk" hreflang="uk" data-title="Платіжна система" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/H%E1%BB%87_th%E1%BB%91ng_thanh_to%C3%A1n" title="Hệ thống thanh toán – Vietnamese" lang="vi" hreflang="vi" data-title="Hệ thống thanh toán" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%94%AF%E4%BB%98%E7%B3%BB%E7%B5%B1" title="支付系統 – Chinese" lang="zh" hreflang="zh" data-title="支付系統" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q986008#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Payment_system" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" 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class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="wb-otherproject-link wb-otherproject-commons mw-list-item"><a href="https://commons.wikimedia.org/wiki/Category:Payment_systems" hreflang="en"><span>Wikimedia Commons</span></a></li><li id="t-wikibase" class="wb-otherproject-link wb-otherproject-wikibase-dataitem mw-list-item"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q986008" title="Structured data on this page hosted by Wikidata [g]" accesskey="g"><span>Wikidata item</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div 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id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">System used to settle financial transactions through the transfer of monetary value</div> <p>A <b>payment system</b> is any system used to settle <a href="/wiki/Financial_transaction" title="Financial transaction">financial transactions</a> through the transfer of <a href="/wiki/Monetary_value" class="mw-redirect" title="Monetary value">monetary value</a>. This includes the <a href="/wiki/Financial_institution" title="Financial institution">institutions</a>, payment instruments such as <a href="/wiki/Payment_card_industry" title="Payment card industry">payment cards</a>, people, rules, procedures, standards, and <a href="/wiki/Financial_technology" class="mw-redirect" title="Financial technology">technologies</a> that make its exchange possible.<sup id="cite_ref-frbny_1-0" class="reference"><a href="#cite_note-frbny-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Pepi_2-0" class="reference"><a href="#cite_note-Pepi-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> A payment system is an operational network which links <a href="/wiki/Bank_account" title="Bank account">bank accounts</a> and provides for monetary exchange using <a href="/wiki/Bank_deposit" class="mw-redirect" title="Bank deposit">bank deposits</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Some payment systems also include <a href="/wiki/Credit" title="Credit">credit</a> mechanisms, which are essentially a different aspect of payment. </p><p>Payment systems are used in lieu of tendering <a href="/wiki/Cash" title="Cash">cash</a> in domestic and international transactions. This consists of a major service provided by banks and other financial institutions. Traditional payment systems include <a href="/wiki/Negotiable_instrument" title="Negotiable instrument">negotiable instruments</a> such as <a href="/wiki/Bankers%27_acceptance" class="mw-redirect" title="Bankers' acceptance">drafts</a> (e.g., cheques) and documentary credits such as <a href="/wiki/Letter_of_credit" title="Letter of credit">letters of credit</a>. With the advent of computers and electronic communications, many alternative electronic payment systems have emerged. The term <b>electronic payment</b> refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees. Narrowly defined electronic payment refers to <a href="/wiki/Electronic_commerce" class="mw-redirect" title="Electronic commerce">e-commerce</a>—a payment for buying and selling goods or services offered through the Internet, or broadly to any type of <a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer">electronic funds transfer</a>. </p><p>Modern payment systems use cash-substitutes as compared to traditional payment systems. This includes <a href="/wiki/Debit_cards" class="mw-redirect" title="Debit cards">debit cards</a>, credit cards, electronic funds transfers, <a href="https://en.wiktionary.org/wiki/direct_deposit" class="extiw" title="wiktionary:direct deposit">direct credits</a>, <a href="/wiki/Direct_debits" class="mw-redirect" title="Direct debits">direct debits</a>, <a href="/wiki/Internet_banking" class="mw-redirect" title="Internet banking">internet banking</a> and <a href="/wiki/E-commerce_payment_system" title="E-commerce payment system">e-commerce payment systems</a>. </p><p>Payment systems may be physical or electronic and each has its own procedures and protocols. Standardization has allowed some of these systems and networks to grow to a global scale, but there are still many country-specific and product-specific systems. Examples of payment systems that have become globally available are credit card and <a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">automated teller machine</a> (ATM) networks. Additionally, forms exist to transfer funds between financial institutions. Domestically this is accomplished by using <a href="/wiki/Automated_clearing_house" title="Automated clearing house">Automated clearing house</a> (ACH) and <a href="/wiki/Real-time_gross_settlement" title="Real-time gross settlement">real-time gross settlement</a> (RTGS) systems. Internationally this is accomplished by <a href="/wiki/Correspondent_banking" class="mw-redirect" title="Correspondent banking">correspondent banking</a> (possibly using the <a href="/wiki/SWIFT" title="SWIFT">SWIFT</a> network) or a more centralised system like the <a href="/wiki/CLS_Group#Operations" title="CLS Group">CLS settlement system</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Domestic">Domestic</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Payment_system&action=edit&section=1" title="Edit section: Domestic"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An efficient national payment system reduces the cost of exchanging goods, services, and assets. It is indispensable to the functioning of the interbank, money, and capital markets. A weak payment system may severely drag on the stability and developmental capacity of a national economy. Such failures can result in inefficient use of financial resources, inequitable risk-sharing among agents, actual losses for participants, and loss of confidence in the financial system and in the very use of money.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The technical efficiency of the payment system is important for the development of the economy. </p><p>An <a href="/wiki/Automated_clearing_house" title="Automated clearing house">automated clearing house</a> (ACH) system processes transactions in batches, storing, and transmitting them in groups. An ACH is considered a <a href="/wiki/Net_settlement" title="Net settlement">net settlement</a> system, which means settlement may be delayed. This poses what is known as <a href="/wiki/Settlement_risk" title="Settlement risk">settlement risk</a>. </p><p><a href="/wiki/Real-time_gross_settlement" title="Real-time gross settlement">Real-time gross settlement</a> systems (RTGS) are funds transfer systems where the transfer of money or securities takes place from one bank to another on a "real-time" and on "gross" basis. Settlement in "real time" means that payment transaction does not require any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching or netting with any other transaction. Once processed, payments are final and irrevocable. </p><p>Comparatively, ACHs are typically used for low-value, non-urgent transactions while RTGS systems are typically used for high-value, urgent transactions.<sup id="cite_ref-PCqualitative_5-0" class="reference"><a href="#cite_note-PCqualitative-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Countries and regions have also implemented <a href="/wiki/Instant_payment" title="Instant payment">real-time or instant (or faster) payment systems</a> which typically operate 24x7x365 and perform the transaction from debit of ordering customer's account to credit of beneficiary customer's account within a timeframe of 10–15 seconds.<sup id="cite_ref-definition_6-0" class="reference"><a href="#cite_note-definition-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="International">International</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Payment_system&action=edit&section=2" title="Edit section: International"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Globalization" title="Globalization">Globalization</a> is driving corporations to transact more frequently across borders. Consumers are also transacting more on a global basis—buying from foreign eCommerce sites as well as traveling, living, and working abroad. For the <a href="/w/index.php?title=Payments_industry&action=edit&redlink=1" class="new" title="Payments industry (page does not exist)">payments industry</a>, the result is higher volumes of payments—in terms of both currency value and number of transactions. This is also leading to a consequent shift downwards in the average value of these payments. </p><p>The ways these payments are made can be cumbersome, error prone, and expensive. Payments systems set up decades ago continue to be used sometimes <a href="/wiki/Retrofit" class="mw-redirect" title="Retrofit">retrofitted</a>, sometimes force-fitted—to meet the needs of modern corporations. And, frequently, the systems creak and groan as they bear the strain. Examples of such systems include <a href="/wiki/EBA_Clearing#STEP2" title="EBA Clearing">STEP2</a> (an upgrade from 2003), which processes only Euros, and <a href="/wiki/TARGET2" title="TARGET2">TARGET2</a> (an upgrade from 2007), which is closed on Saturdays and Sundays and some public holidays. </p><p>As of 2014, STEP2 is the only <a href="/wiki/Pan-European_automated_clearing_house" class="mw-redirect" title="Pan-European automated clearing house">Pan-European automated clearing house</a> (or PE-ACH system) in operation. This type of system is thought to become less relevant as banks will settle their transactions via multiple <a href="/wiki/Clearing_house_(finance)" title="Clearing house (finance)">clearing houses</a><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> rather than using one central clearing house. </p><p>TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) is a <a href="/wiki/Real-time_gross_settlement" title="Real-time gross settlement">RTGS</a> system that covers the <a href="/wiki/European_Union_member_states" class="mw-redirect" title="European Union member states">European Union member states</a> which use the <a href="/wiki/Euro" title="Euro">euro</a>. It is part of the <a href="/wiki/Eurosystem" title="Eurosystem">Eurosystem</a>, which comprises the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> and the national central banks of those countries that have adopted the euro. TARGET2 is used for the settlement of central bank operations, large-value Euro interbank transfers as well as other euro payments. TARGET 2 provides real-time financial transfers, debt settlement at central banks which is immediate and irreversible. </p><p>For users of these systems, on both the paying and receiving sides, it can be difficult and time-consuming to learn how to use <a href="/wiki/Cross-border" class="mw-redirect" title="Cross-border">cross-border</a> payments tools, and how to set up processes to make optimal use of them. Solution providers (both banks and non-banks) also face challenges cobbling together old systems to meet new demands. For these providers, cross-border payments are both lucrative (especially given <a href="/wiki/Foreign_exchange" class="mw-redirect" title="Foreign exchange">foreign exchange</a> conversion revenue) and rewarding, in terms of the overall financial relationship created with the end customer. </p><p>The challenges for global payments are not simply those resulting from volume increases. A number of economic, political, and technical factors are changing the types of cross-border transactions conducted. Such factors include: </p> <ul><li>Corporations are making more cross-border purchases of services (as opposed to goods), as well as more purchases of complex fabricated parts rather than simple, raw materials.</li> <li>Enterprises are purchasing from more countries, in more regions.</li> <li>Increased <a href="/wiki/Outsourcing" title="Outsourcing">outsourcing</a> is leading to new in-country and new cross-border intracompany transactions.</li> <li>More enterprises are participating in complex, automated <a href="/wiki/Supply_chain" title="Supply chain">supply chains</a>, which in some cases drive automatic ordering and fulfillment. Online purchasing continues to grow, both by large enterprises as part of an automated procurement systems and by smaller enterprises purchasing directly.</li> <li>There is continued growth in the use of <a href="/wiki/Commuter_worker" title="Commuter worker">Commuter worker</a>.</li> <li>Individuals are increasingly taking their investments abroad.</li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Payment_system&action=edit&section=3" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 30em;"> <ul><li><a href="/wiki/Aadhaar_Enabled_Payment_System" class="mw-redirect" title="Aadhaar Enabled Payment System">Aadhaar Enabled Payment System</a></li> <li><a href="/wiki/ATMIA" class="mw-redirect" title="ATMIA">ATM Industry Association (ATMIA)</a></li> <li><a href="/wiki/Automated_clearing_house" title="Automated clearing house">Automated clearing house</a></li> <li><a href="/wiki/BankAxept" title="BankAxept">BankAxept</a></li> <li><a href="/wiki/Bharat_Bill_Payment_System" class="mw-redirect" title="Bharat Bill Payment System">Bharat Bill Payment System</a></li> <li><a href="/wiki/BHIM" title="BHIM">BHIM</a></li> <li><a href="/wiki/Cheque_Truncation_System" title="Cheque Truncation System">Cheque Truncation System</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a></li> <li><a href="/wiki/Clearing_house_(finance)" title="Clearing house (finance)">Clearing house</a></li> <li><a href="/wiki/Credit_card" title="Credit card">Credit card</a></li> <li><a href="/wiki/Debit_card" title="Debit card">Debit card</a></li> <li><a href="/wiki/Direct_Deposit" class="mw-redirect" title="Direct Deposit">Direct Deposit</a></li> <li><a href="/wiki/Digital_currency" title="Digital currency">Digital currency</a></li> <li><a href="/wiki/E-commerce_credit_card_payment_system" title="E-commerce credit card payment system">E-commerce credit card payment system</a></li> <li><a href="/wiki/E-commerce_payment_system" title="E-commerce payment system">E-commerce payment system</a></li> <li><a href="/wiki/Electronic_bill_payment" title="Electronic bill payment">Electronic bill payment</a></li> <li><a href="/wiki/Digital_wallet" title="Digital wallet">Digital Wallet</a></li> <li><a href="/wiki/Electronic_commerce" class="mw-redirect" title="Electronic commerce">Electronic commerce</a></li> <li><a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer">Electronic funds transfer</a></li> <li><a href="/wiki/Giro_(banking)" title="Giro (banking)">Giro</a></li> <li><a href="/wiki/Immediate_Payment_Service" title="Immediate Payment Service">Immediate Payment Service</a></li> <li><a href="/wiki/Interbank_network" title="Interbank network">Interbank Network</a> (<a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">ATM</a> / <a href="/wiki/Electronic_Funds_Transfer" class="mw-redirect" title="Electronic Funds Transfer">EFT</a> / <a href="/wiki/EFTPOS" title="EFTPOS">EFTPOS</a> )</li> <li><a href="/wiki/List_of_on-line_payment_service_providers" class="mw-redirect" title="List of on-line payment service providers">List of on-line payment service providers</a></li> <li><a href="/wiki/National_Automated_Clearing_House" title="National Automated Clearing House">National Automated Clearing House</a></li> <li><a href="/wiki/National_Common_Mobility_Card" title="National Common Mobility Card">National Common Mobility Card</a></li> <li><a href="/wiki/National_Electronic_Funds_Transfer" title="National Electronic Funds Transfer">National Electronic Funds Transfer</a></li> <li><a href="/wiki/NUUP_Services" class="mw-redirect" title="NUUP Services">NUUP Services</a></li> <li><a href="/wiki/Online_banking" title="Online banking">Online banking</a></li> <li><a href="/wiki/Payment_card" title="Payment card">Payment card</a></li> <li><a href="/wiki/Payment_service_provider" title="Payment service provider">Payment service provider</a></li> <li><a href="/wiki/Payments_as_a_Service" class="mw-redirect" title="Payments as a Service">Payments as a Service</a></li> <li><a href="/wiki/Real_Time_Gross_Settlement" class="mw-redirect" title="Real Time Gross Settlement">Real Time Gross Settlement</a></li> <li><a href="/wiki/RuPay" title="RuPay">RuPay</a></li> <li><a href="/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication" class="mw-redirect" title="Society for Worldwide Interbank Financial Telecommunication">Society for Worldwide Interbank Financial Telecommunication</a></li> <li><a href="/wiki/Structured_Financial_Messaging_System" title="Structured Financial Messaging System">Structured Financial Messaging System</a></li> <li><a href="/wiki/Systemically_Important_Payment_Systems" class="mw-redirect" title="Systemically Important Payment Systems">Systemically Important Payment Systems</a></li> <li><a href="/wiki/Unified_Payments_Interface" title="Unified Payments Interface">Unified Payments Interface</a></li> <li><a href="/wiki/Wire_transfer" title="Wire transfer">Wire transfer</a></li> <li><a href="/wiki/Automated_Teller_Machine" class="mw-redirect" title="Automated Teller Machine">Automated Teller Machine</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Payment_system&action=edit&section=4" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-frbny-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-frbny_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20121021060104/http://app.ny.frb.org/CfCBSWEB/Payments_Presentation.pdf">"What is a Payment System?"</a> <span class="cs1-format">(PDF)</span>. Federal Reserve Bank of New York. October 13, 2000. Archived from <a rel="nofollow" class="external text" href="http://app.ny.frb.org/CfCBSWEB/Payments_Presentation.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 21 October 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">23 July</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=What+is+a+Payment+System%3F&rft.pub=Federal+Reserve+Bank+of+New+York&rft.date=2000-10-13&rft_id=http%3A%2F%2Fapp.ny.frb.org%2FCfCBSWEB%2FPayments_Presentation.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APayment+system" class="Z3988"></span></span> </li> <li id="cite_note-Pepi-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-Pepi_2-0">^</a></b></span> <span class="reference-text">Biago Bossone and Massimo Cirasino, "The Oversight of the Payment Systems: A Framework for the Development and Governance of Payment Systems in Emerging Economies"The World Bank, July 2001, p.7</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">"Payment Systems: Design, Governance and Oversight", edited by Bruce J. Summers, Central Banking Publications Ltd, London, 2012, p.3</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Biagio Bossone and Massimo Cirasino, Op.Cit, p.7</span> </li> <li id="cite_note-PCqualitative-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-PCqualitative_5-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMichael_Tompkins,_Payments_Canada_Research_Unit,_and_Ariel_Olivares,_Bank_of_Canada" class="citation web cs1">Michael Tompkins, Payments Canada Research Unit, and Ariel Olivares, Bank of Canada. <a rel="nofollow" class="external text" href="https://www.payments.ca/sites/default/files/2016-qualitative-analysis.pdf">"Clearing and Settlement Systems from Around the World: A Qualitative Analysis"</a> <span class="cs1-format">(PDF)</span>. <i>www.payments.ca</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181120221044/https://www.payments.ca/sites/default/files/2016-qualitative-analysis.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 20 November 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">19 November</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.payments.ca&rft.atitle=Clearing+and+Settlement+Systems+from+Around+the+World%3A+A+Qualitative+Analysis&rft.au=Michael+Tompkins%2C+Payments+Canada+Research+Unit%2C+and+Ariel+Olivares%2C+Bank+of+Canada&rft_id=https%3A%2F%2Fwww.payments.ca%2Fsites%2Fdefault%2Ffiles%2F2016-qualitative-analysis.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APayment+system" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: CS1 maint: multiple names: authors list (<a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">link</a>)</span></span> </li> <li id="cite_note-definition-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-definition_6-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ecb.europa.eu/paym/retpaym/instant/html/index.en.html">"Instant payments definition"</a>. <i>www.ecb.europa.eu</i>. European Central Bank. 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180909033729/https://www.ecb.europa.eu/paym/retpaym/instant/html/index.en.html">Archived</a> from the original on September 9, 2018<span class="reference-accessdate">. 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Equens. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131111011726/http://www.equens.com/knowledgeandresearch/downloads_knowledge_research.jsp">Archived</a> from the original on 11 November 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">15 October</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Equens+whitepaper&rft.atitle=European+Trend+Survey+%27Banks+%26+Future%27&rft.aulast=Syrbe&rft.aufirst=Benjamin&rft_id=http%3A%2F%2Fwww.equens.com%2Fknowledgeandresearch%2Fdownloads_knowledge_research.jsp&rfr_id=info%3Asid%2Fen.wikipedia.org%3APayment+system" class="Z3988"></span> <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability"><span title="This ref was deleted Special:Diff/895129996 by a bug in VisualEditor and later restored by a bot from the original cite located at Special:Permalink/895125391 cite #1 - verify the cite is accurate and delete this template. 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class="external text" href="http://www.investopedia.com/articles/economics/08/nps.asp">Inside National Payment Systems</a></li> <li><a rel="nofollow" class="external text" href="https://www.economist.com/news/special-report/21601624-and-no-end-new-ways-pay-your-bills-end-monopoly">The end of a monopoly</a> - New consumer payment systems.</li> <li><a rel="nofollow" class="external text" href="https://www.theatlantic.com/technology/archive/2014/05/future-payment-systems/370902/">The Future of Money-Like Things</a> - Past, present, and future overview of consumer payment systems.</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline 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