金融>Payment System & Clearing (finance)

Payment System

the payment system is an operational network - governed by laws, rules and standards - that links bank accounts and provides the functionality for monetray exchange using bank deposits. the payment system is the infrastructure established to effect the transfer of monetary value between parties discharging nutual obligations. Its technical efficiency determines the efficiency with which transaction money is used in the economy, and risk associated with its use.

Clearing (finance)

In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. Clearing of payments is necessary to turn the promise of payment int oactual movement of money from one bank to another.
In trading, clearing is necessary because the speed of trades is much faster than cycle time for completing the underlying transaction. it involves the management of post-trading, pre-settlement credit exposures to ensure that trdes are settled in accordance with market rules, even if a buyer or seller should become insolvent prior to settlement. processes included in clearing are reporting/monitoring, risk managining, netting of trades to sigle positions, tax handling, and failure handling.
Systemically Important Payment System (SIPS) are payment system which have the characteristic that a failure of these systems could potentially endanger the operation of the whole economy. In general, these are the major payment clearing or Real TIme Gross Settlement systems of individual countries, but in the case of Europe, there are certain pan-European payment syste. TARGET2 is a pan-European SIPS dealing with magor inter-bank payments STEP2, operated by the Euro Banking Association is a major pan-European clearing system for retail payments which has the potential to become a SIPS. The Federal Reserve System is a SIPS.


ref:
en.wikipedia.org
2014-06-08 21:21 : 金融 : コメント : 0 : トラックバック : 0 :
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