The payment system, therefore, represents the interaction between transactions in the real economy, such as purchase of goods and services, including financial instruments and financial transactions, and this interaction gives rise to payment and settlement obligations. Banking institutions play a role of payment intermediaries because they hold the settlement accounts of those engaged in economic activity.
Amongst the banks there should be an interbank transfer system, representing the clearing and settlement process. The central bank is responsible for final settlement and payment transfers that take place across the accounts which banks hold at central banks.