Payment System

System operated by the Banks and Payment Institutions which facilitates payment processing. 

How does Payment System work?

Payment System functions differently depending on the type of Transaction which is being processed. In the simplest Transfer where Customer purchases goods, the Payment System will facilitate it whilst sending information between all parties who are involved (such as: Acquirer, Card Network, Issuer, Bank, Payment Institution, Merchant , Clearing Systems and etc.).

Other articles