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There are three systemically important payment systems in Taiwan. They are the CBC Interbank Funds Transfer System (CIFS), the Interbank Remittance System (IRS), and the Taiwan Clearing House System. The CIFS handles large-value payments and is a real-time gross settlement system. The IRS enables businesses and the public to perform direct remittance as well as government agencies and financial institutions to conduct treasury remittance and trade remittance. The Taiwan Clearing House System handles most ordinary payments, such as paper checks, and automated clearing house transactions.
