Instant Settlement
Instant settlement is settlement completed in or near real time after a qualifying transaction, without waiting for a later batch cycle. The…
Payment Infrastructure & Operations
Payment processing, operations, routing, fees and merchant infrastructure.
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Terms (702)
Intermediate Payment State
An intermediate payment state is a non-final lifecycle condition showing that a payment has progressed beyond creation but has not yet reached…
Internal Payment
An internal payment is a payment completed within one provider, platform, corporate group, or closed ledger without sending the primary transfer through…
Internal Payout
An internal payout credits a recipient account or balance within the same platform or provider that holds the sender's funds. It can…
Internal Settlement
Internal settlement discharges an obligation by updating balances within one institution, platform, or ledger rather than transferring the settlement asset through an…
International Bank Account Number (IBAN)
An International Bank Account Number is a standardized account identifier used to support cross-border and domestic payment processing in participating countries. It…
Interoperability
Interoperability is the ability of payment systems, financial institutions, ledgers, APIs, and operational tools to exchange information and process transactions with consistent…
Intraday Reconciliation
Intraday reconciliation compares payment and financial records repeatedly during the operating day instead of waiting for the daily close. Intraday reconciliation improves…
Invalid State Transition
An invalid state transition is an attempted change from one transaction, payment, dispute, refund, or accounting state to another that is not…
Invalid Transaction
An invalid transaction is a payment, transfer, or ledger instruction that fails required structural, authorization, security, balance, account, asset, network, business, or…
Invoice Reconciliation
Invoice reconciliation matches invoices and expected amounts with payment transactions, credits, refunds, fees, settlements, and accounting entries. It determines whether each obligation…
Invoice Refund
An invoice refund returns value associated with a payment applied to a specific invoice. It should preserve the original invoice, payment, refunded…
Invoice Settlement
Invoice settlement is the completion of the financial obligation represented by an invoice. It occurs when qualifying payments, credits, adjustments, or approved…
ISO 20022 Payment File
An ISO 20022 payment file contains one or more messages built from an ISO 20022 message definition and an applicable market or…
Large-Value Payment System (LVPS)
A large-value payment system is an infrastructure designed primarily for high-value or time-critical transfers, especially payments between financial institutions and settlement obligations…
Late Payment
A late payment is a payment made or received after the contractual due date, expected settlement date, or operational deadline. It can…
Latency-Based Payment Routing
Latency-based payment routing selects among eligible providers or rails using recent or predicted response time as an important decision factor. Latency is…
Ledger Reconciliation
Ledger reconciliation verifies that ledger accounts and postings agree with transaction systems, subledgers, bank accounts, wallets, processors, and settlement reports. It proves…
Ledger-to-Settlement Reconciliation
Ledger-to-settlement reconciliation verifies that amounts recognized in a payment ledger agree with the cash, digital asset, or account movements delivered through settlement.…
Liquidity-Saving Mechanism (LSM)
A liquidity-saving mechanism is a set of rules or algorithms in a payment system that reduces the amount of settlement liquidity participants…
Live Payment
A live payment is a real production payment involving actual customer or business value, as opposed to a sandbox, test, simulation, or…
Low-Value Payment
A low-value payment is a payment below a threshold defined by a scheme, provider, institution, or business policy. It can qualify for…
Manual Reconciliation
Manual reconciliation is the human review and matching of financial records when automation is unavailable, incomplete, or unable to resolve an exception.…
Manual Refund
A manual refund is a refund initiated or completed by an authorized operator rather than an automatic rule or customer self-service workflow.…