Section 41(2)

But “payment system” does not include— any arrangements for the physical movement of cash; a system which does not make any provision for the transfer of funds by payers, or to recipients, in the United Kingdom; a securities settlement system operated by a recognised CSD; a system operated by a recognised clearing house or a recognised CSD; any other system whose primary purpose is not that of enabling persons to transfer funds.

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Source: legislation.gov.uk · retrieved 2026-09-04