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A payment system is the set of instruments, procedures and transfer systems which facilitate the end-to-end, including when relevant from individual debtor to individual creditor, circulation of money in a country or currency area. Through generally a combination of legislation and market rules payment systems enable the implementation of monetary policy, investment and movement of assets, and daily life in the markets for goods and services.
The worldwide march towards payment dematerialization – the migration from cash and paper to electronic payments – delivers societal value and creates both opportunities and challenges for the savings and retail banking community and its customers.
With over 25 years of actual experience in every major international payment project at either legal, business, technological and/or standardization level, the WSBI-ESBG payments practice is well placed to accompany members on the path to greater payments dematerialization.