The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

PAYMENT SYSTEM Definition & Legal Meaning

Definition & Citations:

A system developed to provide ease in transferring funds from the suppliers to the borrowers, or from payers to payees. An exchange of credits and debits take place between the financial institutions involved.


This article contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.