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Considering the weaknesses in the electronic interbank transactions infrastructures, the National Payment System project has been defined, designed and prepared for bidding process since 2001. It is predicted that by implementing
the major subsystems of the NPT, the real reform of the Payment System in Iran will find a very suitable ground to develop value added services in accordance with the international best practices.
Financial system supporting transfer of funds from suppliers (savers) to the users (borrowers) and from payers to the payees, usually through exchange of debits and credits among financial institutions. It consists of a paper-based mechanism for handling checks and drafts, and a paperless mechanism (such as electronics funds transfer) for handling electronic commerce transactions, Also called payment mechanism.
Good online payment systems share key characteristics: ease of use; robustness and reliability; proper authentication (to combat fraud); efficient integration with the vendor's own internal systems; and security and assurance procedures which check that the seller gets the money and the buyer gets the goods.
The easiest way to start an e-commerce site is to start by using the PayPal payment system. Offering PayPal has its ups and downs. Many people have PayPal accounts or are willing to make charges on their credit cards through PayPal. However, many are not. So the first thing is the possibility of losing customers by not offering an alternative payment system.
PayPal offers an "all in one" way to accept payments over the Internet and charges a relatively low fee for doing so. They provide a secure gateway, merchant account (theirs) and also have the ability to verify buyers.
PayPal does turn off some buyers, either because they have heard negative feedback about PayPal or have had previous negative experiences. In addition, when a consumer purchases through PayPal with their credit card, they may lose many of the "charge back" rights they would normally have.
Although I have been a credit card merchant for many years, I've recently found that if you want to process credit card orders automatically today, you need to start with finding a bank that already has customers who are using e-commerce. Until a few months ago, I processed credit card orders by taking the information over the phone and manually filling out a credit card ticket which I then delivered to the bank. About three months ago, I casually asked a second bank if they supported merchant credit card services for companies involved with e-commerce on the Internet. To make a long story much shorter, the answer was that I could cut my processing fees in half by changing, but they were still waiting for the credit card processing service to implement automated processing of Internet credit card orders. I'm now entering the credit card information into a touch tone phone instead of taking the tickets to the bank. And I'm not paying nearly as much for the service.
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PAYMENT SYSTEM
A payment system are the procedures and associated computer networks used to settle financial transactions in bond markets, currency markets, and futures, derivatives and options markets, and to transfer funds between financial institutions. Due to the backing of modern fiat currencies with government bonds, payment systems are a core part of modern currency systems.
Regarding the definition of Payment System as the mechanism to transfer fund from an account in bank A to another account in bank B, it can be exampled as the money vessels whose function is to conduct the smooth financial transactions among businesses. In such position, Payment Systems have gained a considerable Central Banking attention around the globe to ensure safe and sound monetary transactions.
The Central Bank of the Islamic Republic of Iran has stressed the urgent necessity of reform in Payment and Settlement Systems in Iranian banking system to provide quality services for customers exploiting the latest ICT related technologies. In pursuing such an ambition CBI had restructured the so called Interbank Information Exchange Department to form a new organizational unit of the Payment Systems Department. The new structure preserves the basic functions of clearing and settlement of the legacy structure; and it established a specialized center for regulating the Payment System and setting industry-wide standards. It also formed a forum for the whole banking system to share the ideas, agree upon the methods and minimum services and also coordinate in operations and technologies so the benefits of Cooperation and Competition are best sensed by the whole banks as well as their customers and the public.
A set of instructions and procedures used for the transfer of ownership and settlement of obligations arising from the exchange of goods and services.
Generally any system for processing payment instruments and settling consequential debts among parties to the system. Examples are Euro pay International, MasterCard International and Visa International. The term is now often used specifically to refer to the computer networks and software systems used by the financial institutions involved.
Any mechanism for fund transfer from customer to merchant or business to business via the Internet. There are many payment options available, including credit card payment, credit transfer, electronic checks, direct debit, smart cards, prepaid plans, loyalty plan points-based approaches, person-to-person payments, and cell phone plans.
Getting the online payment system right is critical to the success of e-commerce. Currently, the most common form of online consumer payment is by credit card (90% in the United States; 70% in Europe). The most common business-to-business payments, however, are still offline probably because such transactions often involve large sums of money.
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