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Payment and settlement system means the financial infrastructure that carries out payment and settlement between banks and other institutions. Since banks are the medium through which payments are made, the payment and settlement system manage the interbank transactions and settles them.

Fund Transfer: The actual transfer of funds occurs based on the settlement instruction. The cardholder's issuing bank debits the cardholder's account for the transaction amount, and the acquiring bank credits the merchant's account with the corresponding funds.

Payment settlement refers to the process of the issuing bank transferring funds from the cardholder's account, via a payment gateway, to the acquiring bank - the financial institution that accepts card payments on behalf of the merchant.

The first part is the clearing process in which payment information is conveyed from the payor to the payee, probably through intermediary banks. The second part is settlement in which the actual transfer of value associated with the payment order is made, generally not with cash but with a claim on a bank.

Payment is a dollar amount paid on any debt or allowance. A settlement is a payment or payments that will conclude the financial obligation in full, thus finishing the agreed term and amount in total.

As between the two financial institutions and their respective customers, they will typically settle by debiting and crediting their respective customers' accounts they maintain.

Payment settlement involves collecting the funds for the amount recorded for an order. For example, when using credit cards, the settlement process specifically involves contacting the payment system and collecting the required amount of funds against the credit card.

Settlement is when the funds from customer transactions are actually transferred from the cardholder's issuing bank to the business's acquiring bank. Think of it like this: Payment authorization is when the issuer says, “Yes, those funds are available and approved to be used for this purchase.”

Settlement involves exchanging funds between the two banks, while clearing can end without any interbank money movement. In the clearing process, funds move between the recipient's or sender's bank account and their bank's reserves.

Considering this definition, payment systems transactions in India would comprise of transactions processed and settled through (a) Paper Clearing [Magnetic Ink Character Recognition (MICR), Non-MICR, Cheque Truncation System (CTS), Express Cheque Clearing System (ECCS)]; (b) Bulk electronic transaction processing ...

Types of settlement methods. There are two types of settlement methods for e-commerce sites, "automatic settlement" and "designated settlement," which differ in the timing that sales are confirmed.

SETTLEMENT PROCESS OVERVIEW In the financial industry, settlement is generally the term applied to the exchange of payment to the seller and the transfer of securities to the buyer of a trade. It's the final step in the lifecycle of a securities transaction.

Payment settlement involves collecting the funds for the amount recorded for an order. For example, when using credit cards, the settlement process specifically involves contacting the payment system and collecting the required amount of funds against the credit card.

Payment settlement involves collecting the funds for the amount recorded for an order. For example, when using credit cards, the settlement process specifically involves contacting the payment system and collecting the required amount of funds against the credit card.