The Retail Payment System (RPS) is a payment transaction platform operated by the Deutsche Bundesbank for the cost-effective settlement of non-urgent payments. The RPS complements the payment transaction platforms of private-sector financial networks. It comprises both the SEPA-Clearer for the processing of euro-denominated national and cross-border transfers, direct debits and card payments, and the cheque clearing service for the processing of euro-denominated cheque payments between credit institutions domiciled in Germany.