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payment system

  1. 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;
  2. (b) but "payment system" does not include:
    1. (i) any arrangements for the physical movement of cash;
    2. (ii) a system which does not make any provision for the transfer of funds by payers, or to recipients, in the United Kingdom;
    3. (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);
    4. (iv) a system operated by a recognised clearing house;
    5. (v) any other system whose primary purpose is not that of enabling persons to transfer funds.