the payments system in trinidad and tobago - Central Bank of ...

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38THE PAYMENTS SYSTEMIN TRINIDAD AND TOBAGOGLOSSARYPoint Of Sale(POS) Terminal:Device allowing the use of payment cardsat a physical (not virtual) point of sale.The payment information is capturedeither manually on paper vouchers or byelectronic means.Pre-paid Card:A card on which value is stored and forwhich the holder has paid the issuer inadvance.SettlementAccount:An account held at a central bank ora central securities depository or witha central counterparty or any otherinstitution acting as a settlement agent,which is used to settle transactionsbetween participants in a system.Settlement Agent:The institution across whose bookstransfers between participants take placein order to achieve settlement within asettlement system.
39THE PAYMENTS SYSTEMIN TRINIDAD AND TOBAGOGLOSSARYSwitchedTransactions:Switched transactions are transactionsthat are exchanged between financialinstitutions through a processing network.Wire transfer:A wire transfer is an electronic transfer offunds. The identities of the bank accountholders are confirmed and the funds areguaranteed, so the potential of fraud in awire transfer transaction is limited. A wiretransfer can also be called a bank transferor EFT (electronic funds transfer).Source: Association of Payment Clearing Services Glossary; Bank ofInternational Settlement; ACH Terms Glossary; European Central BankGlossary and relevant laws in Trinidad and Tobago.
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