(1) The payment system established under subsection (1) of section 3, comprises the—
(a) large value electronic funds transfer system; and
(b) retail funds transfer system.
(2) The large value electronic funds transfer system comprises the—
(a) interbank funds transfer system operated and administered by the Eastern Caribbean Central Bank; and
(b) securities settlement system.
(3) The retail funds transfer system comprises the—
(a) cheque clearing system operated and administered by the Eastern Caribbean Central Bank;
(b) debit transfer system;
(c) credit transfer system; and
(d) any other funds transfer system designated by the Central Bank.
(4) The retail funds transfer system handles the following types of transactions—
(a) business to business;
(b) business to person;
(c) person to person;
(d) person to business.
(5) Only the Central Bank and financial institutions which satisfy the eligibility criteria and comply with other requirements laid down in the rules of a funds transfer system issued under section 33 may be members of the funds transfer system.