Clearing and Settlement Systems in Banking: Payment means the performance or performance of an obligation to pay, which may or may not involve a transfer of money. The payment is therefore a financial obligation regardless of which parties agreed on the formation of the payment. The Clearing and Settlement system could be understood as a payment market infrastructure that facilitates the movement of money to fulfill a financial obligation. The need for a payment system is an important part of business.
Use the payment system when you make purchases in the online store, transfer money from a bank or credit card, buy stocks or shares. The payment obligation can also be fulfilled without a financial intermediary (peer-to-peer). The payment transaction does not always have to be made in cash, it can be made as a guarantee, goods or another bond decided by the participants of the payment system.