Page 354 - The Digital Financial Services (DFS) Ecosystem

Ecosystem
providers. Some scheme rules transfer liabilities for a transaction
A transaction that cannot be "called back" by the payer; an irre-
national law , payment scheme rules, or specific agreements by
vocable payment, once received by a payee, cannot be taken
A legal obligation of one party to another; required by either
A token that entitles the holder to a discount or that may be
from one provider to another under certain conditions.
exchanged for goods or services.
back by the payer .
provider .
Related to risks in the digital financial services ecosystem
Alternative and Related T erms Definition The private operating rules of a payments scheme, which bind the direct participants (either providers, in an open-loop system, or end users, in a closed-loop system). Payments made in a multiple-participant system or scheme, where the payer's provider is the same entity as
Agent Liability , Issuer Liability , Acquirer Liability
On-net Payments Off-net Payments Non-Repudiation

T erm

(continued) Rules On-Us Payments Off-Us Payments Voucher Risk Management Liability Irrevocable Recourse Fraud Anti-Money Laundering Combatting T errorist Financing

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