A funds transfer system (FTS) is the institutional framework through which participants discharge monetary obligations to one another. Its rules govern the exchange and processing of payment instructions and may provide for clearing, netting or final settlement. Participation is established either by agreement among the parties or under a statutory framework. Users follow common operating procedures that define how payment obligations are handled within the system.
Passende Formel
Source: European Central Bank (ECB) (source). This glossary entry is an independently worded adaptation of the cited information.