Direct participant in an IFTS

A participant in an interbank funds transfer system (IFTS) which is responsible to the settlement agent (or to all other direct participants) for the settlement of its own payments, those of its customers, and those of the indirect participants on whose behalf it is settling.

Direct participants hold reserves accounts for this purpose at the central bank.

See also

• Central bank
• Indirect participant in an IFTS
• Interbank Funds Transfer System
• Participant in an FTS
• Reserves account