Agile Information Business by Natalia Kryvinska & Michal Gregus

Author:Natalia Kryvinska & Michal Gregus
Language: eng
Format: epub
Publisher: Springer Singapore, Singapore

Clearing systems

Correspondent banking arrangements” (Payment Systems—Oesterreichische Nationalbank (OeNB) 2016).

The handling of retail payments counts in the category of clearing systems. “Consumers or companies initiate such retail payments, and banks send files (compilations of payments) to the clearing house, which collects the transactions and, at particular cutoff times, compiles each bank’s net settlement position” (Payment Systems—Oesterreichische Nationalbank (OeNB) 2016). “In any event, settlement must be performed by a bank or central bank across whose books the transfers between the participants take place (settlement agent)” (ibid). “In contrast to banks, payment institutions (like VeroPay and paybox) do not have direct access to clearing and settlement systems and are obliged to use the services of a bank to settle payments” (European Commission 2012, p. 10).

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