(1) In this Part "payment system" means a system which is operated by one or more persons in the course of business for the purpose of enabling persons to make transfers of funds, and includes a system which is designed to facilitate the transfer of funds using another payment system.

(2) But "payment system" does not include -

(a) any arrangements for the physical movement of cash;

(b) a system which does not make any provision for the transfer of funds by payers, or to recipients, in the United Kingdom;

(c) a securities settlement system operated by a recognised CSD;

(d) a system operated by a recognised clearing house or a recognised CSD;

(e) any other system whose primary purpose is not that of enabling persons to transfer funds.

(2A) In this Part -