Payment System
/ˈpeɪmənt ˈsɪstəm/
Definitions
- (n.) A legally regulated infrastructure or mechanism that facilitates the transfer of monetary value between parties electronically or otherwise, often under banking or financial law.
The central bank oversees the payment system to ensure secure and efficient fund transfers.
Forms
- payment system
- payment systems
Related terms
See also
Commentary
Use this term to denote the legally recognized frameworks and rules governing monetary transfers, which is crucial in drafting financial regulations and compliance documents.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.