the sequential mechanical processing of transactions or transfers from one end of the payment chain to the other, including the creation, confirmation, clearing and settlement of the instructions associated with a payment order (documentation). – See settlement systems, business continuity programs, cash management, Euroclear, clearing house, automated, remote access, capital transfer system, electronic, retail payments, electronic, check collection, image-based, trade assignment, remittance system, payment order. – Cf. ECB Annual Report 2003, pp. 93 ff. (p. 97: overview of the individual steps), pp. 130 ff.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
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