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At present, if money needs to be settled into one account and then swept into another account (belonging to a different bank), it can take approximately three business days to reach its destination. This is because banks transfer money at certain times of the day and only during business hours.

I The sending and receiving institutions' Federal Reserve accounts are used to settle each individual wire transfer payment. The Fed debits the sending institution's account and credits the receiving institution's account, while sending a message to the receiving institution containing all the transaction's details.

Once a transaction has been approved, settlement is the second and final step. This is when the issuing bank transfers the funds from the cardholder's account to the payment processor, who then transfers the money to the acquiring bank.

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

Transaction settlement is the process of moving funds from the cardholder's account to the merchant's account following a credit or debit card purchase. The issuer will route funds to the acquirer via the card network. For debit card payments, the funds will be withdrawn directly from the cardholder's bank account.

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.

WePay is the integrated payments business of JPMorgan Chase We deliver payments you can bank on. Our APIs make flexible, integrated payments possible via referral, white label or payment facilitator models, so our customers can focus on their core strategy.