End-of-day gross settlement system
From ACT Wiki
Jump to navigationJump to search
Funds transfer.
Funds transfer systems in which payment orders are received one by one by the settlement agent during the business day, but in which the final settlement takes place at the end of the day on a one by one or aggregate gross basis.
This definition also applies to gross settlement systems in which payments are settled in real time but remain revocable until the end of the day.
