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Foreign-exchange transactions are settled via correspondent banks or via CLS, which is an international system for settlement of such transactions.

Clearing involves network operators routing messages and other information among financial institutions to facilitate payments between payers and payees. Interbank settlement is the discharge of obligations that arise in connection with faster payments either in real-time or on a deferred schedule.

Settlement in "real time" means payment transaction is not subjected to any waiting period. "Gross settlement" means the transaction is settled on one to one basis without bunching or netting with any other transaction. Once processed, payments are final and irrevocable.

Multi-currency payment processing occurs when your business can accept credit cards from customers in foreign currencies. If your business charges customers in more than one currency (for example in US dollars and Canadian dollars) you are doing multi-currency processing.

Settlement involves the delivery of securities or cash from one party to another following a trade. Payments are final and irrevocable once the settlement process is complete. Physically settled derivatives, such as some equity derivatives, require securities to be delivered to central securities depositories.

Settlement can be defined as the process of transferring of funds through a central agency, from payer to payee, through participation of their respective banks or custodians of funds.

'Settlement' is when authorised transactions are sent to the processor for payment to you (the merchant). This typically takes 3-5 working days. By comparison, 'Same Day Settlement' means you will receive your funds in just a few hours, hence 'Same Day'.