( 3 ) the participants in the System through which any payment orders are sent or payments are received , or through which any rights or obligations under the System Documents are executed or performed , are licensed to provide funds transfer services , in all relevant jurisdictions ;
( 3 ) the participants in the System through which any payment orders are sent or payments are received , or through which any rights or obligations under the System Documents are executed or performed , are licensed to provide funds transfer services , in all relevant jurisdictions ;