Refers to how effectively the processes are carried out to meet end-users’ needs, and an efficient allocation of resources.


Electronic Funds Transfers includes CPA AFT (debits and credits), electronic remittances, and EDI transactions.

Electronic (EDI) remittances

Bill payments to businesses that include data related to that business' Corporate Creditor Identification Number (CCIN) for credit to a corporation. Includes bill payments initiated via telephone and Internet banking and may include some paper-based bill payment remittances converted to EDI format by financial institutions.


Those who use, or are likely to use, services provided by payment systems (e.g. consumers, businesses, government)


A signature made by a holder of an item on the back of the Item when transferring (negotiating) it to another person.


Expedited Retail Payment Systems are retail payment systems that are integrated into core payment systems, which have direct central bank involvement (in clearing or settlement processes), and are designed with a purpose to exchange, clear, and provide funds access to payees in a timely basis.


The delivery and receipt of payment instructions, which would result in a debit and credit being posted to the accounts of the Payor and Payee


Financial Institution

Finality of payment

Payment cannot be revoked/reversed by any party involved


Faster Payment System, the ERPS established in the UK

Funds transfer pre-authorized debit (PAD)

Where the payor and the payee are the same, a PAD drawn on the account of a payor to transfer funds from their account at one member financial institution to their account at another member financial institution. Examples include registered savings plan, mutual funds, segregated funds, annuities, deposit accounts, cash accounts, and investment accounts.

Good funds

Funds are delivered with finality to payee when the payee FI has certainty of credit from the payor