In this Part -

"existing payment system" means a payment system operating at the time of the commencement of this section;

"payment system" means a system established in the State, or proposed to be established in the State, by any person, in which credit institutions or financial institutions participate and which provides for - (a) all or any of the following, namely, the processing, handling, clearance and settlement of any means of payment or of any securities, or (b) the payment of any moneys by that means of payment, by or as between the members of the system or third parties, whether or not the processing, handling, clearance, settlement or payment of any of the moneys takes place in part or in whole within the State or outside the State;

"rules", in relation to a payment system or a proposed payment system, means the rules governing or proposed to govern the membership and operation of the payment system.