Regulations Concerning the Licensing and Operations of Electronic Payment Services in Liberia Interoperability means any situation in which payment instruments belonging to a given electronic payment channel or system may be used in another electronic payment channel or system installed by another Institution; Interconnectivity means ability for reciprocal exchange transactions/messages between two or more switching networks; of NEPS – National Electronic Payment Switch Non-bank financial institution means any person or institution whose activities and transactions are in the form of non-bank financial services rendered without accepting from the general public deposits payable upon demand or after a fixed period; Non-repudiation involves creating proof of the origin or delivery of electronic information to protect the sender against false denial by the recipient that the data has been received or to protect the recipient against false denial by the sender that the data has been sent; Payment Gateway the term refers to the platform or system that is responsible for ensuring security of the interchange data related to the payment instrument possessed from an acquiring network to an issuing network. Settlement means the act of discharging obligations by transferring funds or securities between two or more parties. Switching Companies means companies that put in place infrastructures to capture electronic financial transactions from touchpoints, apply rules, determine destinations, deliver the transactions and give appropriate feedback. 6