Abstract
A payment (or settlement) system can be seen as representing an example of a broad class of so-called ‘systems of flow’. A system of flow (payment system) is one in which a commodity (money) is transferred through one or more finite-capacity channels (the payment processing mechanism) in order to go from one point (payment system participant) to another. If the amount of payments and the time at which they arrive were exactly known and constant, the flow of payments would proceed in a predictable, reliable, smooth and trivial fashion provided that the mean capacity of the system, that is, the liquid funds available in the system, exceed the average payment flow requirement. Inevitably, real-world payment systems are stochastic as the amount and the arrival of payment orders are unpredictable.KeywordsArrival RatePayment SystemProcessing CycleInterarrival TimeUtilisation FactorThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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