Payments System

Definition: [crh] Collective term for mechanisms (both paper-backed and electronic) for moving funds, payments and money among financial institutionDefinition: s throughout the nation. The Federal Reserve plays a major role in the nation's payments system through distribution of currency and coin, processing of checks, electronic transfer of funds and the operation of automated clearinghouses that transfer funds electronically among depository intitutions; variouDefinition: s private organizations also perform payments system functions.

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