Page 355 - The Digital Financial Services (DFS) Ecosystem

ITU-T Focus Group Digital Financial Services

Ecosystem

or end users, in a closed-loop system).
Definition The private operating rules of a payments scheme, which bind the direct participants (either providers, in an open-loop system, Payments made in a multiple-participant system or scheme, where the payer's provider is the same entity as the payee's Payments made in a multiple-participant system or scheme,

exchanged for goods or services. guise use of funds criminally obtained.

provider . provider . back by the payer . ing a transaction). other way.

Alternative and Related T erms Related to risks in the digital financial services ecosystem Agent Liability , Issuer Liability , Acquirer Liability Fraud Management, Fraud Detection, Fraud Prevention AML; also "Combating the Financing of T errorism", or CFT

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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