For paragraph 765A(1)(y) of the Act, a non-cash payment facility is not a financial product if:
(a) the issuer is:
(i) a body corporate that is an ADI (within the meaning of the Banking Act 1959 ); or
(ii) an operator of a payment system; and
(b) under the facility, as instructed by the client, the issuer makes money available (or causes it to be made available) to a person nominated by the client:
(i) within 2 business days of receiving the client's instruction; or
(ii) within the time reasonably required to complete the transaction subject to any constraints imposed by law; and
(c) under the facility the funds are transferred by electronic means for collection by, or for the credit of, the payer or another person; and
(d) the issuer and the payer do not have a standing arrangement to transfer funds in this manner.
Example: Telegraphic transfers and international money transfers offered by banks and remittance dealers.