Classifications of Payment System Settlement System. But if not the case, there is a possibility that the payment order may have to wait in the queue possibly for hours. or foreign exchange transactions as well as many commercial transactions. Hence, payments processed in a Large-value payment system include important payment or- ders both for financial institutions and financial markets as just described, and are usually regarded as a "Systemically Important Payment System 11 " (SIPS). To give actual examples, the Fedwire and CHIPS in the US, TARGET2 and EURO1 in EU, CHAPS in the UK, and BOJ-NET in Japan fall within this category. PAYMENT VALUE Payment systems can be classified into the "Large- Value Payment System" and the "Retail Payment System" on the basis of payment value. The for- mer system is mainly for large-value payments, of which a typical example is an interbank fund transfer. The latter system is mainly for small-value payments, which are made up of the payments of individuals and corporations. Retail Payment System "Retail Payment System" is a payment system mainly for small-value payments, which are primarily made by individuals and corporations. Payments for the mail-orders, internet shopping, Large-Value Payment System "Large-Value Payment System" (LVPS) is a pay- ment system mainly for the large-value payments.