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(2008-03-07 11:03:44)


分类: 电子支付


paperless credit transfers: credit transfers that do not involve the exchange of paper documents between banks. Other credit transfers are referred to as being paper-based.


participant/member: a party who participates in a transfer system. This generic term refers to an institution which is identified by a transfer system (eg by a bank identification number) and is allowed to send payment orders directly to the system or which is directly bound by the rules governing the transfer system.


payment: the payer's transfer of a monetary claim on a party acceptable to the payee. Typically, claims take the form of banknotes or deposit balances held at a financial institution or at a central bank.


payment instrument: any instrument enabling the holder/user to transfer funds.


payment message/instruction: an order or message to transfer funds(in the form of a monetary claim on a party)to the order of the beneficiary. The order may relate either to a credit transfer or to a debit transfer. See also credit transfer, debit transfer system, payment.


payment system: a payment system consists of a set of instruments, banking procedures and, typically, interbank funds transfer systems that ensure the circulation of money.


payment versus payment: a mechanism in a foreign exchange settlement system which ensures that a final transfer of one currency occurs if and only if a final transfer of the other currency or currencies takes place.


personal identification number: a numeric code which the cardholder may need to quote for verification of identity. In electronic transactions, it is seen as the equivalent of a signature.


point of sale/POS: this term refers to the use of payment cards at a retail location(point of sale). The payment information is captured either by paper vouchers or by electronic terminals, which in some cases are designed also to transmit the information. Where this is so, the arrangement may be referred to as “electronic funds transfer at the point of sale” (EFTPOS).


position netting: the netting of instructions in respect of obligations between two or more parties which neither satisfies nor discharges those original individual obligations. Also referred to as payment netting, in the case of payment instructions, and advisory netting.


prepaid card: a card on which value is stored, and for which the holder has paid the issuer in advance.



queuing: a risk management arrangement whereby transfer orders are held pending by the originator/deliverer or by the system until sufficient cover is available in the originator’s/deliverer’s clearing account or under the limits set against the payer; in some cases, cover may include unused credit lines or available collateral.



real-time gross settlementRTGS: the continuous(real-time)settlement of funds or securities transfers individually on an order by order basis(without netting).


remote payment: payment carried out through the sending of payment orders or payment instruments(eg by mail). Contrast with face-to-face payment.


retail funds transfer system: a funds transfer system which handles a large volume of payments of relatively low value in such forms as cheques, credit transfers, direct debits, ATM and EFTPOS transactions.



settlement: an act that discharges obligations in respect of funds or securities transfers between two or more parties.

the completion of a transaction, wherein the seller transfers securities or financial instruments to the buyer and the buyer transfers money to the seller. A settlement may be final or provisional.



settlement lag: in an exchange-for-value process, the time lag between entering into a trade/bargain and its discharge by the final exchange of a financial asset for payment.


settlement risk: general term used to designate the risk that settlement in a transfer system will not take place as expected. This risk may comprise both credit and liquidity risk.


SWIFT: Society for Worldwide Interbank Financial Telecommunication: a cooperative organisation created and owned by banks that operates a network which facilitates the exchange of payment and other financial messages between financial institutions (including broker-dealers and securities companies) throughout the world. A SWIFT payment message is an instruction to transfer funds; the exchange of funds(settlement)subsequently takes place over a payment system or through correspondent banking relationships.


systemic risk: the risk that the failure of one participant in a transfer system, or in financial markets generally, to meet its required obligations will cause other participants or financial institutions to be unable to meet their obligations(including settlement obligations in a transfer system)when due. Such a failure may cause significant liquidity or credit problems and, as a result, might threaten the stability of financial markets.



TARGET: Trans-European Automated Real-time Gross settlement Express Transfer: the TARGET system is defined as a payment system composed of one RTGS system in each of the countries which participate in stage three of EMU and the European Central Bank(ECB)payment mechanism. RTGS systems of non-participating countries may also be connected, provided that they are able to process the euro alongside their national currency. The domestic RTGS systems and the ECB payment mechanism are interconnected according to common procedures (“interlinking”) to allow cross-border transfers throughout the European Union to move from one system to another system.


transfer: operationally, the sending(or movement)of funds or securities or of a right relating to funds or securities from one party to another party by(i)conveyance of physical instruments/money;(ii)accounting entries on the books of a financial intermediary; or(iii)accounting entries processed through a funds and/or securities transfer system. The act of transfer affects the legal rights of the transferor, transferee and possibly third parties in relation to the money balance, security or other financial instrument being transferred.


transfer system: a generic term covering interbank funds transfer systems and exchange-for-value systems.


travel and entertainment card: card issued by non-banks indicating that the holder has been granted a line of credit. It enables him to make purchases but does not offer extended credit, the full amount of the debt incurred having to be settled at the end of a specified period. The holder is usually charged an annual fee. Also called charge card.


truncation: a procedure in which the physical movement of paper payment instruments (eg paid cheques or credit transfers) within a bank, between banks or between a bank and its customer is curtailed or eliminated, being replaced, in whole or in part, by electronic records of their content for further processing and transmission.



unwinding: a procedure followed in certain clearing and settlement systems in which transfers of securities or funds are settled on a net basis, at the end of the processing cycle, with all transfers provisional until all participants have discharged their settlement obligations. If a participant fails to settle, some or all of the provisional transfers involving that participant are deleted from the system and the settlement obligations from the remaining transfers are then recalculated. Such a procedure has the effect of transferring liquidity pressures and possibly losses from the failure to settle to other participants, and may, in an extreme case, result in significant and unpredictable systemic risks. Also called settlement unwind.




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