Payment and settlement systems are the backbone of financial transactions,
facilitating the transfer of funds between parties in a secure and efficient manner. These systems encompass various methods such as cash, checks, electronic funds transfers (EFT), and digital
wallets. Central banks and financial institutions play a crucial role in overseeing and regulating these systems to ensure stability, security, and compliance with industry standards. With the advent
of emerging technologies like blockchain and real-time payment systems, payment and settlement systems continue to evolve, offering faster processing times and greater transparency in financial
transactions.