The scope here refers to the vastness of the payment system of a particular country. Thus, local systems operate for individual regions and are mainly associated with servicing retail and small-scale wholesale transactions. International payment systems are created to process payments between countries. Such a system is the European System of Central Banks (TARGET) for settlements in euros between the countries of the European Union. Commercial banks in these countries have access to this system through central banks, you can also reach them out at https://moneygram.pissedconsumer.com/review.html.
When assessing the method of completing settlements, it is not so much the method of making settlements, which can be gross, that is, in full or on a net basis, taking into account counter claims and obligations, as the time to reach the final settlement is of fundamental importance. The calculation can be performed in discrete time mode, that is, one or more times during the day, and in real time.
The latter option provides for settlements throughout the day, while assuming high speed, flexibility and reliability, which is guaranteed by the direct involvement of the central bank. This procedure for completing settlements for large and urgent payments prevails in national and international payment systems.
