A funds transfer system in which debit collection orders made or authorised by the payer move from (the bank of) the payee to (the bank of) the payer and result in a charge (debit) to the account of the payer; for example, cheque-based systems are typical debit transfer systems. Also called debit collection system.
DEBIT TRANSFER SYSTEM
Meaning of DEBIT TRANSFER SYSTEM in English
European Central Bank English Glossary. Английский глоссарий Европейского Центрального Банка. 2012