Procedural Principles of Payment Systems

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Saeid Rahmatzadeh Poshtiri et al.


The development of modern banking has provided various payment means and methods followed by several payment systems accordingly. Utility and efficiency of these systems and consideration of each system by the operators including the banks, business owners and consumers depend on observance of legal and procedural rules and principles by the designers and executives of the said systems.

In this paper, the procedural rules and principles of various payment systems, especially e-payment systems, are reviewed. The results of this research which was conducted through descriptive and analytic methods using library resources and experiences of financial systems reveal that efficiency, security and reliability, optimal settlement, risk reduction, constant supervision, and enjoying a legal foundation are among the most significant procedural principles that provide the requirements and features of an optimal and secure payment system. Experiences of financial systems indicate that the more the designers and executives of payment systems provide the required hardware and software facilities for complete and precise implementation and observance of the said principles, the more will the success and utility of a payment system increase.

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