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Payment system. A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible. [1] [2] A payment system is an operational network which ...
Electronic billing. Electronic billing or electronic bill payment and presentment, is when a seller such as company, organization, or group sends its bills or invoices over the internet, and customers pay the bills electronically. [1] This replaces the traditional method where invoices are sent in paper form and payments are done by manual ...
A Collections Management System ( CMS ), sometimes called a Collections Information System, is software used by the collections staff of a collecting institution or by individual private collectors and collecting hobbyists or enthusiasts. Collecting institutions are primarily museums and archives and cover a very broad range from huge ...
In 1996, the National Institute of Standards and Technology defined electronic data interchange as "the computer-to-computer interchange of a standardized format for data exchange. EDI implies a sequence of messages between two parties, either of whom may serve as originator or recipient. The formatted data representing the documents may be ...
The Interim Student and Exchange Authentication System (ISEAS), an interim program by the U.S. Department of State, comes into force. This is a temporary system put in place until SEVIS goes live. September 25, 2002: Interim final rule: Requiring certification of all service-approved schools for SEVIS enrollment: December 11, 2002: Interim ...
A computerized maintenance management system ( CMMS) is any software package that maintains a computer database of information about an organization's maintenance operations. [2] This information is intended to help maintenance workers do their jobs more effectively (for example, determining which machines require maintenance and which ...
t. e. Electronic funds transfer ( EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer -based systems, without the direct intervention of bank staff. According to the United States Electronic Fund Transfer Act of 1978 it is "a funds ...
Tuition payments, usually known as tuition in American English [1] and as tuition fees in Commonwealth English, [citation needed] are fees charged by education institutions for instruction or other services. Besides public spending (by governments and other public bodies), private spending via tuition payments are the largest revenue sources ...