1. What are payment transactions?

Payment transactions

1. Payment transactions are all types of payments between different entities based on mutual legal arrangement. One of the basic functions of payment transactions is to enable the efficient use of money (currency), which is a means of payment. If it takes place through banks, then in question are payment transactions via a bank. Depending on whether it is performed using cash or not, payment transactions are divided into cash payment transactions and non-cash payment transactions. Cash payment transactions include all cash payments through the bank's cash desk. This form of payment transactions includes all cash payments, too. Non-cash payment transactions, as the name suggests, are characterized by the absence of the use of cash. This form of payment is a transfer of funds from the account of the ordering party to the account of the recipient. Modern electronic and optical means additionally facilitate and accelerate this form of payment operations.

Taking into account whether payments are made in the country or to / from abroad, payment transactions are divided into domestic payment transactions and international (foreign) payment transactions.

Payment operations include formal arrangements based on contracts and legislation, with defined rules. In Bosnia and Herzegovina, legislation is the responsibility of the Entities.

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