Payment and Clearing Systems

Incorporates payments/clearing infrastructures - RTGS (Real Time Gross Settled) such as CHAPS, TARGET, UK Faster Payments and CLS. End of Day net settled (BACS, STEP), speed, costs, internet payments. Cheque clearing arrangements, timescales and value dating. International financial messaging such as SWIFT. SEPA - the Single Euro Payment Area, the Payment Services Directive. Securities and equity clearing systems such as Euroclear, Cedel, CREST.