Payment systems in Germany potx

Payment systems in

Germany

Germany

CPSS - Red Book - 2003 147

Table of contents

List of abbreviations............................................................................................................................. 149

1. Institutional aspects................................................................................................................... 151

1.1 The general institutional framework ................................................................................ 151

1.1.1 Legal requirements and public bodies .................................................................. 151

1.1.2 Credit Transfer Act and other specific regulations relating to payment services 151

1.2 The role of the central bank ............................................................................................ 152

1.2.1 Oversight of payment systems ............................................................................. 152

1.2.2 Payment systems of the Deutsche Bundesbank .................................................. 152

1.2.3 Settlement............................................................................................................. 153

1.2.4 Pricing policy......................................................................................................... 154

1.3 The role of other private and public institutions .............................................................. 154

2. Payment media used by non-banks.......................................................................................... 155

2.1 Cash payments ............................................................................................................... 155

2.2 Non-cash payments ........................................................................................................ 155

2.2.1 Credit transfers ..................................................................................................... 156

2.2.2 Cheques................................................................................................................ 156

2.2.3 Direct debits .......................................................................................................... 156

2.2.4 Card payments...................................................................................................... 157

2.2.5 Post office services ............................................................................................... 159

3. Interbank exchange and settlement systems............................................................................ 160

3.1 General overview ............................................................................................................ 160

Giro network of commercial banks.................................................................................. 160

Giro network of savings banks........................................................................................ 160

Giro network of credit cooperatives................................................................................. 160

3.2 RTGSplus .......................................................................................................................... 162

3.2.1 General overview .................................................................................................. 162

3.2.2 Participants ........................................................................................................... 163

3.2.3 Types of transaction handled................................................................................ 163

3.2.4 Transaction processing environment and liquidity control parameters ................ 164

3.2.5 Operation of the transfer system .......................................................................... 165

3.2.6 Credit and liquidity risk.......................................................................................... 165

3.2.7 Pricing ................................................................................................................... 165

3.3 The retail payment system RPS...................................................................................... 166

3.3.1 General overview .................................................................................................. 166

3.3.2 Participants ........................................................................................................... 166

3.3.3 Types of transaction.............................................................................................. 166

3.3.4 Processing environment ....................................................................................... 167