A third party payment network is any agreement or arrangement:
- Which involves the establishment of accounts with a central organizationby a substantial number of persons who—
- Which provides for standards and mechanisms for settling such transactions, and
- Which guarantees persons providing goods or services pursuant to such agreement or arrangement that such persons will be paid for providing such goods or services.
A third party payment network does not include any agreement or arrangement which provides for the issuance of payment cards. Citation IRC § 6050W. Returns relating to payments made in settlement of payment card and third-party network transactions