Payment Services System

A broad term for the infrastructure and mechanisms that move funds between parties.

It covers:

• Card networks such as Visa and Mastercard.
• Banking rails such as SEPA, SWIFT and ACH.
• Instant payment schemes such as SEPA Instant and Faster Payments.

These systems are overseen by central banks and regulators. In Switzerland, SIX Interbank Clearing operates the domestic system on behalf of the Swiss National Bank.