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ITU-T Focus Group Digital Financial Services
Ecosystem
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 typically clears credit transfers and
the clearing system. send and receive payment transactions. tioning of payment services. settled one by one. inter-participant settlement.
Alternative and Related T erms Payment Network, Money Transfer System Payment Platform, Payment Platform Provider Net Settlement, Gross Settlement, RTGS
T erm
(continued) Automated Clearing House (ACH) Clearing House Payment System Platform Scheme Settlement System Switch
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