Excise takes part of its meaning from the prefix ex-, out. A writer may excise long passages of a novel to reduce it to a reasonable length, or a film director may excise a scene that might give offense. A surgeon may excise a large cancerous tumor, or make a tiny excision to examine an organ's tissue. Excise is also a noun
A payment system is any system used to settle financial transactions through the transfer of monetary value, and includes the institutions, instruments, people, rules, procedures, standards, and technologies that make such an exchange possible. payment system is any system used to settle financial transactions through the transfer of monetary value, and includes the institutions, instruments, people, rules, procedures, standards, and technologies that make such an exchange possible.
Definition of PAYER, or PAYOR: One who pays, or who is to make a payment; particularly the person who is to make payment of a bill or note. Correlative to âpayee.â The Law Dictionary Featuring Black's Law Dictionary Free Online Legal Dictionary 2nd Ed.