7AMeaning of payment system and participant

#### 7A Meaning of payment system and participant (1) A payment system: (a) is a system under which, or pursuant to which, one or both of the following occur: (i) the making of payments or the transfer of funds; (ii) the transmission or receipt of messages that effect, enable, facilitate or sequence the making of payments or the transfer of funds (whether or not those payments are made, or those funds are transferred, under or pursuant to the system); and (b) includes any instruments or procedures that relate to that system. (2) A participant in a payment system is a constitutional corporation that: (a) operates, administers or participates in the payment system; or (b) provides services that enable or facilitate one or more of the following: (i) the operation or administration of, or participation in, the payment system; (ii) the making of payments, or the transfer of funds, under or pursuant to the payment system; (iii) the transmission or receipt of messages under or pursuant to the payment system, being messages that effect, enable, facilitate or sequence the making of payments or the transfer of funds (whether or not those payments are made, or those funds are transferred, under or pursuant to the payment system). (3) For the purposes of subsections (1) and (2), a payment may be made, or funds may be transferred, under or pursuant to a system (the target system) even if the making of the payment, or the transfer of the funds, is effected by a system other than the target system. (4) In this section: > system means an arrangement or series of arrangements.