When crisis began, the frangibility of bank endangered the normal operation of the payment and clearing system, which resulted in credit and confidence collapse.

危机发生后，银行脆弱性直接危害了整个支付与清算系统正常运转，造成连锁反应式的信用恐慌与崩溃。

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But the plumbing between bank payment systems and clearing houses remains fragmented.

但是，银行支付系统与票据交换所之间的沟通渠道仍然不畅。

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Simpay provides services for payment authorization, and for clearing and settling funds that flow between the mobile operators and mobile merchant acquirers. 3.

Simpay为支付认证，结算并解决手持电话操作者与手持电话商业要求者之间的资金流，提供服务。

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Gemma Smith of the Association of Payment and Clearing Services (Apacs) told the programme that the clearing service technology is not date sensitive.

BBC: NEWS | Programmes | Moneybox | Post-dated cheques: A popular myth?

Visa earns revenues by charging fees for its transaction processing service, which involves routing payment information to facilitate the authorization, clearing and settlement of transactions.

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It checks a user's identity, looks up his rights, contacts a financial clearing-house to arrange payment and, if everything is in order, decrypts the digital work.

ECONOMIST: Digital rights and wrongs