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120(a) (in accordance with section 41 of FSBRA), a system which is operated by one or more persons in the course of business for the purpose of enabling persons to make transfers of funds, and includes a system which is designed to facilitate the transfer of funds using another payment system;
(b) but "payment system" does not include:
(i) any arrangements for the physical movement of cash;
(ii) a system which does not make any provision for the transfer of funds by payers, or to recipients, in the United Kingdom;
(iii) a securities settlement system operated by a person approved under regulations made under section 785 of the Companies Act 2006 (provisions enabling procedures for evidencing the transferring title);
