Citi Payments Perspectives
26 Treasury and Trade Solutions Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) Glossary ACH Automated Clearing House An electronic funds-transfer system that facilitates payments local low value payments. API Application Programming Interface API is a set of definitions and protocols for building and integrating application software. ARPCSO Arab Regional Clearing and Settlement Organization The Arab Regional Payments Clearing and Settlement Organization, is a centralized cross-border payment system owned by the Arab Monetary Fund. AWS Amazon Web Services AWS is a subsidiary of Amazon providing on-demand cloud computing platforms and APIs to individuals, companies, and governments, on a metered pay-as-you-go basis. BIC Bank Identifier Code A BIC is an 8 to 11-character code that identifies banks globally. BIS Bank for International Settlements The Bank for International Settlements is an international financial institution owned by central banks that “fosters international monetary and financial cooperation and serves as a bank for central banks”. CBDC Central Bank Digital Currency A CBDC is a digital form of central bank money that is widely available to the general public. CHIPS Clearing House Interbank Payments System CHIPS is a private sector USD clearing system, which provides clearing and settlement services for high-value payments, through its patented algorithm matches and nets payments. CLS Continuous Linked Settlement CLS is a global settlement infrastructure that reduces systemic risk and provides standardization. CPMI Committee on Payments and Market Infrastructures The Committee on Payments and Market Infrastructures is an international standard setter that promotes, monitors, and makes recommendations about the safety and efficiency of payment, clearing, settlement and related arrangements, thereby supporting financial stability and the wider economy. CSM Clearing and Settlement Mechanism A clearing and settlement mechanism used to transfer funds between banks. DDA Demand Deposit Account A demand deposit account is a bank account from which deposited funds can be withdrawn at any time, without advance notice. DLT Distributed Ledger Technology Distributed ledgers use independent computers (referred to as nodes) to record, share and synchronize transactions in their respective electronic ledgers (instead of keeping data centralized as in a traditional ledger). ECB European Central Bank The European Central Bank is the prime component of the Eurosystem and the European System of Central Banks as well as one of seven institutions of the European Union. EPN Electronic Payments Network TCH’s ACH system that handles U.S. commercial ACH transactions. Continued � Global Initiatives Financial Stability Board (FSB) Enhancing Cross-Border Payments Roadmap Emerging Payments and Digital Assets Payments Infrastructure Developments ISO 20022 SWIFT Transformation Instant Payments Financial Market Infrastructure (FMI) Interlinkage Initiatives Regional Developments (North America) Immediate Cross-Border Payments (IXB) TCH Request for Pay (RFP) Bill Pay Latest on Fed/CHIPS ISO Timelines Lynx — Canadian High-Value Payment System Glossary
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