Part 5Inter-Bank Payment Systems
Introduction
I1182Interpretation: “inter-bank payment system”
1
In this Part “inter-bank payment system” means arrangements designed to facilitate or control the transfer of money between financial institutions who participate in the arrangements.
2
The fact that persons other than financial institutions can participate does not prevent arrangements from being an inter-bank payment system.
3
In subsection (1) “financial institutions” means—
a
banks, and
b
building societies.
4
In subsection (1) “money” includes credit.
5
A system is an inter-bank payment system for the purposes of this Part whether or not it operates wholly or partly in relation to persons or places outside the United Kingdom.