Page 358 - The Digital Financial Services (DFS) Ecosystem

Ecosystem
vider , a scheme, or a switch to manage end user accounts and to
counterparty , financial, or risk management responsibilities for
anisms, infrastructure, institutions, and users in a country or a
A term used to describe the software or service used by a pro-
A set of rules, practices, and standards necessary for the func-
Encompasses all payment-related activities, processes, mech-
based on the rules and procedures of the clearing house. In
institutions settle for items exchanged at a designated time
some cases, the clearing house may assume significant
broader region (e.g. a common economic area).
send and receive payment transactions.
tioning of payment services.
the clearing system.
Alternative and Related T erms Definition An electronic clearing system in which payment orders are exchanged among payment service providers, primarily via mag- netic media or telecommunications networks, and then cleared amongst the participants. All operations are handled by a data processing centre. An ACH typica
Payment Platform, Payment Platform Provider
Payment Network, Money Transfer System

T erm

(continued) Automated Clearing House (ACH) Clearing House Payment System Platform Scheme Settlement System Switch

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