Paymer check is a digital payment instrument having two attributes: a number and code of arbitrary length.

Paymer system is a hardware and software system that provides for the processing of Paymer e-checks.

Agent is a person or software keeping track of obligations and collateral received from issuers upon issuance of Paymer checks.

Issuer is a person that will issue Paymer checks (through an agent) backed by funds or obligations transferred by him to the agent.

Obligation is an obligation of an issuer to transfer funds that will be used as collateral to redeem Paymer checks within the redemption period specified during the issuance process.

Collateral (cover funds) is property (cash, stocks, real estate) or other goods equal to the face value of checks that have been transferred or are expected to be transferred to an agent and that shall be used to issue checks and redeem them afterwards.

A Paymer user is a sender, recipient or owner of a Paymer check.

Issuance is registration of the checks created by an issuer through the Paymer system.

Redemption is exchange of checks for collateral (cover funds).