Sipard

Sistema de Pago de la Republica Dominicana The SIPARD is a central component of the Dominican monetary system and can be viewed as the infrastructure that the sobriety provides the means to process retributions resulting from a variety of monetary trans transactionions. The SIPARD was created by the Dominican Central Bank to provide efficient mechanisms for communication resources between the parties of a transaction, to ensure nettity and irrevocability of payments and clearance, establishing a reasoned and adjective framework to regulate, standardize, to clarify and systematize SIPARD components and enable the management, decrement and containment of risks associated with SIPARD. The SIPARD consists of: payment instruments such as checks, debit cards, credit cards, prepaid cards, call debits and credits, money marks, wire transfers, communication networks, entities that provide and cash in ones chips the instruments and communication networks, and laws, market conventi ons, standards and procedures to facilitate transfers of funds. Payment systems include the sp ar-time exercise processes: * Initiation of payment: instruction by which a faker through a subsystem, assume or discharge a payment obligation. Authorization of payment: means by which the payer authorizes its bank to transfer funds.

Compensation: a process of transmitting, accommodating and in some cases, confirmation of orders or securities transfer earmark of instructions prior to settlement, possibly including netting of instructions and the administration of final positions for settlement. Clearing is the system where these actions take place. Settlement: an act th at canceled obligations with mention to fun! ds or securities transfers between two or more parties. Some of the benefits the SIPARD can offer are: are pecuniary services with greater added value, faster and secure greater slog of payment methods for new products and services, easier access to other markets and processes of alien frugal integration, operational...If you want to get a full essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay