Glossary

Indirect Participant/ Indirectly Participating Financial Institution

Is a Financial Institution which does not have a direct access to the financial infrastructure and uses Direct Participant. Indirect Participant normally pays to Direct Participant for having the possibility of using infrastructure in question.

How does Indirectly Participating Financial Institution work?

Indirectly Participating Financial Institution works by gaining the possibility of connecting to a financial infrastructure through a Directly Participating Financial Institution. With the help of Direct Participant, it can access all of the benefits of financial infrastructure and provide all services which are offered to the Direct Participant. Indirect participants are always sending payment Orders to and receiving from the system via a Direct Participant, with only the relevant Direct Participant having a legal relationship with the financial infrastructure in question.

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