7. PAYMENT SYSTEM
PAYMENT SYSTEM
• Provided by banks and other financial institutions
• Enables cash and cashless payments
• Subjects: individuals and entities
• Internal (within a country) and external (related to
foreign countries)
• Cash – coins and notes:
– „from hand to hand“
– through bank or other financial institution
– Cheques
– Postal money orders
– Bank documents
• Cashless – bank transfers based on:
– Payment orders
– Bank direct debit
• Payment cards
• Coins and banknotes
• Realised through banks or other financial
institutions
– Cheques
– Postal money orders
– Bank documents
– Cash deposits
– Withdrawal receipts
• Bank transfers
– Payment orders (a client settles the order)
– Personally in a bank
– Through phone banking, GSM banking, internet banking
– Standing orders
– (a client instructs the bank to pay a set amount of money to a
named recipient at regular time intervals)
– Bank direct debit
– Customer authorises money recipient to claim payments from
his account
– Customer instructs their bank to allow the payment to be taken
– Instructions to pay a set
amount of money
– Named recipient
– Regular time intervals
– Specified time period
DIRECT DEBIT
- Specified recipient/beneficiary
- Amount limit
- Payment date