Payments

  • pan-European automated clearing house (PE-ACH)

    A pan-European automated clearing house (PE-ACH) is an arrangement for handling euro payment instruments across European markets. Its operation is based on shared rules and procedures …

  • participant

    A participant in a transfer system has authority to initiate transfers and to accept instructions routed through that system. This status may be held by an …

  • payer

    A payer is the person or organisation that provides the funds for a payment and authorises its execution. The amount may be debited from the payer’s …

  • payment

    Payment denotes the settlement of a monetary obligation by moving funds from the debtor to the creditor. In banking and economic statistics, the term is sometimes …

  • debit card (card with a debit function)

    A debit card lets a customer spend money already available in a linked bank or payment account. It can typically be used at merchants, online, and …

  • default

    Default is a failure by a participant to perform a material duty under the applicable contract or operating rules, triggering any remedies provided for that situation. …

  • deferred net settlement system

    A deferred net settlement system groups payment instructions for periodic clearing and calculates a single payable or receivable position for each participant. Funds are transferred at …

  • delayed debit card (charge card)

    A charge card lets customers spend up to a limit set by the provider and, where permitted, obtain cash advances. Instead of drawing immediately on a …

  • designated system

    In the European settlement-finality regime, a designated system is an officially recognized arrangement for processing payments or transferring securities whose status has been reported by the …

  • digital payment token

    A digital payment token is an electronic instrument used to convey monetary value in euro-related transactions. Its value may derive from euro assets or claims, a …