The Bank for International Settlements definition of a payment system states; "A payment system consists of a set of instruments, banking procedures and, typically, interbank funds transfer systems that ensure the circulation of money" (From "A glossary of terms used in payments and settlement systems", Committee on Payment & Settlement Systems. BIS, Basel. March 2003). Despite this we often associate the word "system" with only the technology; the bits and bites, the hardware and the software. We tend to forget that there is a lot more that goes into making up a payment system.