Faster Payment System definition

Faster Payment System means the Faster Payment System and related facilities and services provided, managed and operated by HKICL from time to time for (i) processing direct debits and credits, funds transfers and other payment transactions and (ii) exchanging and processing instructions relating to eDDA Service and Addressing Service;

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Faster Payment System or “FPS” means the financial infrastructure launched by the Hong Kong Monetary Authority and operated by the Hong Kong Interbank Clearing Limited to facilitate payment services and other related services amongst FPS Participants;

Faster Payment System means either the Real Time Payments or FedNow payment system that is accessed through the Faster Payment Services.

Examples of Faster Payment System in a sentence

The Bank provides the FPS Services to customers to facilitate payment and funds transfer using the Faster Payment System and the Addressing Service, eDDA Service and any other services and facilities provided by HKICL in connection with the Faster Payment System from time to time.
The FPS Services are therefore subject to the rules, guidelines and procedures imposed by HKICL in relation to the Faster Payment System from time to time.
The FPS Bank Services are therefore subject to the rules, guidelines and procedures imposed by HKICL in relation to the Faster Payment System from time to time.
Capitalised terms used in this Clause 2.28 apply to the Bank's services relating to funds transfer, including the services the Bank provides in relation to the Faster Payment System shall have the meanings set out below.
Capitalised terms used in this Clause 2.28 apply to the Bank’s services relating to funds transfer, including the services the Bank provides in relation to the Faster Payment System shall have the meanings set out below.
The Bank may provide the FPS Bank Services to customers to facilitate payment and funds transfer using the Faster Payment System and the Addressing Service, the eDDA Service and any other services and facilities provided by HKICL in connection with the Faster Payment System from time to time.
The Bank may provide the FPS Bank Services to customers to facilitate payments and funds transfers using the Faster Payment System.

Faster Payment System means a system in which the transmission of the payment message and the availability of funds to the payee occur in real- time or near-real time on a 24/7 basis.

Faster Payment System means the Faster Payment System and related facilities and services

Faster Payment System means the system provided and operated by the Hong Kong Interbank Clearing Limited and its successors and assigns;

payment system means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions;
Cash Payment System means a payment system that generates any transfer of funds through a transaction originated by cash, check, or similar paper instrument. This includes electronic payments to a financial institution or clearing house that subsequently issues cash, check, or similar paper instrument to the designated payee.
settlement system means a system established and operated by the Bank to facilitate the transfer of funds for the discharge of payment and settlement obligations between system participants;
Adjustment system means the complete device by which the vehicle seat or its parts can be adjusted to suit the physique of the seat's adult occupant; this device may, in particular, permit longitudinal displacement, and/or vertical displacement, and/or angular displacement.
Displacement system means a device enabling the adult seat or one of its parts to be displaced angularly or longitudinally, without a fixed intermediate position, to facilitate the entry and exit of passengers and the loading and unloading of objects.