"Online": 1. In the context of payment and settlement systems, this term may refer to the transmission of transfer instructions by users through such electronic means as computer-to-computer interfaces or electronic terminals, which are entered into a transfer processing system by automated means. 2. The term may also refer to the storage of data by a transfer processing system on a computer database so that the user has direct access to the data (frequently in real time) through input/output devices such as terminals. 3. More generally, connected to another computer or electronic terminal. For example connected to the internet.
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