{ "generatedFrom": "Payments Signal canonical architecture registry", "reviewDate": "2026-07-23", "blueprint": { "id": "architecture-clearing-settlement", "slug": "clearing-settlement-liquidity", "title": "Clearing, RTGS, deferred-net settlement, liquidity, queues, and finality architecture", "shortTitle": "Clearing & settlement", "family": "settlement", "summary": "Separates payment admission, clearing, queueing, liquidity, settlement-asset posting, finality, participant posting, and reconciliation across gross and net models.", "audience": "Payment architects, treasury and liquidity teams, operations, risk, and infrastructure participants", "reviewDate": "2026-07-23", "versionLabel": "Payments Signal reference architecture v1", "status": "current", "nodes": [ { "id": "clear-participant-a", "title": "Sending participant and payment queue", "kind": "application", "summary": "Validates, prioritises, funds, and submits payments from the sending institution.", "responsibilities": [ "Release only eligible payments", "Maintain priority and liquidity intent", "Correlate every submission" ], "owner": "Participant payment operations and treasury", "inputs": [ "Approved payment", "Priority", "Cut-off", "Liquidity position" ], "outputs": [ "Funded settlement instruction" ], "interfaceContracts": [ "Scheme submission profile", "Participant queue and release policy" ], "controls": [ "Eligibility", "Duplicate detection", "Priority", "Available-liquidity check" ], "failureModes": [ "Insufficient participant liquidity", "Missed cut-off", "Duplicate release" ], "recovery": [ "Keep the instruction queued", "Fund or reprioritise under policy", "Submit once with stable identifiers" ], "lenses": [ "business", "applications", "ledger", "controls", "operations" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 3, 4, 7, 8 and 13", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "messageIds": [ "pacs-008", "pacs-009" ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "clear-access", "title": "Infrastructure access gateway", "kind": "gateway", "summary": "Authenticates the participant, validates the service envelope, and protects the settlement boundary.", "responsibilities": [ "Authenticate participant and service", "Apply technical and message-profile checks" ], "owner": "Financial market infrastructure operator", "inputs": [ "Signed or authenticated settlement instruction" ], "outputs": [ "Admitted instruction or precise rejection" ], "interfaceContracts": [ "Participant connectivity and message profile" ], "controls": [ "Identity", "Integrity", "Replay prevention", "Rate and size limits" ], "failureModes": [ "Invalid signature or certificate", "Malformed message", "Unavailable access channel" ], "recovery": [ "Reject before admission", "Use a tested alternative access path only under scheme rules" ], "lenses": [ "interfaces", "data", "controls", "resilience" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 17 and 22", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "clear-rule-engine", "title": "Clearing and eligibility engine", "kind": "control", "summary": "Applies participant, message, timing, limit, and service rules before settlement.", "responsibilities": [ "Confirm participant and transaction eligibility", "Calculate or maintain bilateral/multilateral obligations where applicable" ], "owner": "Financial market infrastructure operator", "inputs": [ "Admitted instruction", "Participant status", "Service calendar and limits" ], "outputs": [ "Eligible item, clearing obligation, or rejection" ], "interfaceContracts": [ "Current scheme and operating rules" ], "controls": [ "Participant status", "Message validation", "Limits", "Cut-off and business-day control" ], "failureModes": [ "Ineligible participant", "Rule violation", "Invalid clearing cycle" ], "recovery": [ "Reject or defer according to the rulebook", "Preserve the original reason and state" ], "lenses": [ "business", "data", "controls", "ownership", "operations" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 13, 18 and 21", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "clear-queue", "title": "Central queue and liquidity-saving logic", "kind": "service", "summary": "Orders unsettled instructions and may offset or release them under documented liquidity-saving rules.", "responsibilities": [ "Maintain queue order and priority", "Apply gridlock-resolution or offset logic without changing the legal obligation" ], "owner": "Settlement service operator", "inputs": [ "Eligible instruction", "Participant balance", "Priority and limit" ], "outputs": [ "Released, queued, offset, or expired instruction" ], "interfaceContracts": [ "Queue, priority, and liquidity-saving rules" ], "controls": [ "Deterministic ordering", "Participant controls", "No hidden overdraft" ], "failureModes": [ "Gridlock", "Starvation of lower priority", "Queue-state loss" ], "recovery": [ "Restore the durable queue", "Apply documented gridlock procedures", "Notify participants of expiry or rejection" ], "lenses": [ "applications", "ledger", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principle 7 liquidity risk and Principle 17 operational risk", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "clear-settlement-ledger", "title": "Central-bank or settlement-asset ledger", "shortTitle": "Settlement ledger", "kind": "ledger", "summary": "Makes the final debit and credit in the settlement asset under the infrastructure’s legal and operational rules.", "responsibilities": [ "Check available settlement asset", "Post atomic debit and credit", "Record finality evidence" ], "owner": "Central bank or designated settlement institution", "inputs": [ "Released settlement instruction or net obligation" ], "outputs": [ "Final debit/credit and settlement confirmation" ], "interfaceContracts": [ "Settlement account, finality, and operating rules" ], "controls": [ "No unapproved overdraft", "Atomic balanced posting", "Finality timestamp" ], "failureModes": [ "Insufficient funds", "Ledger unavailable", "Posting uncertainty" ], "recovery": [ "Queue or reject under the rules", "Recover the ledger from the last consistent checkpoint", "Reconcile before reopening" ], "lenses": [ "ledger", "controls", "ownership", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 8, 9 and 10", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "clear-net-cycle", "title": "Deferred-net clearing cycle", "shortTitle": "Net cycle", "kind": "service", "summary": "Calculates participant obligations for a defined cycle before those obligations settle.", "responsibilities": [ "Accumulate eligible items", "Calculate transparent net obligations", "Handle default or unwind rules" ], "owner": "Clearing-system operator", "inputs": [ "Cleared bilateral items" ], "outputs": [ "Net debit and credit obligations" ], "interfaceContracts": [ "Cycle, netting, default, and settlement rules" ], "controls": [ "Reconciliation to source items", "Cycle cut-off", "Limit and risk controls" ], "failureModes": [ "Unbalanced cycle", "Participant default", "Late or duplicate file" ], "recovery": [ "Stop the cycle", "Recalculate from immutable inputs", "Apply the documented default process" ], "lenses": [ "data", "ledger", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 4, 7, 8 and 13", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "clear-participant-b", "title": "Receiving participant and beneficiary posting", "kind": "application", "summary": "Receives confirmed outcome, updates internal books, and makes funds available under the service rules.", "responsibilities": [ "Correlate the settled instruction", "Post the customer or bank account once", "Report the outcome" ], "owner": "Receiving participant payment operations", "inputs": [ "Settlement confirmation", "Payment details" ], "outputs": [ "Beneficiary posting and status/reporting" ], "interfaceContracts": [ "Participant receiving and posting contract" ], "controls": [ "Settlement-state check", "Account validation", "Posting idempotency" ], "failureModes": [ "Settlement confirmed but customer posting delayed", "Invalid beneficiary account", "Duplicate posting" ], "recovery": [ "Repair the customer posting without reversing settlement", "Return through the applicable process when required" ], "lenses": [ "business", "applications", "ledger", "operations" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principle 8 settlement finality", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Participant customer posting", "label": "simplified-educational-illustration", "simplifications": "The customer-credit sequence is governed by the rail and participant policy, not PFMI alone." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "messageIds": [ "pacs-002", "pacs-004", "camt-054" ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "clear-operations", "title": "Liquidity, settlement, and reconciliation operations", "shortTitle": "Settlement operations", "kind": "operations", "summary": "Monitors queues, balances, cycles, settlement evidence, and participant incidents.", "responsibilities": [ "Monitor liquidity and queue risk", "Reconcile instructions, obligations, settlement, and reports", "Coordinate continuity" ], "owner": "Infrastructure and participant operations", "inputs": [ "Queue state", "Balances", "Settlement reports", "Participant incidents" ], "outputs": [ "Liquidity action", "Resolved break", "Controlled recovery" ], "interfaceContracts": [ "Operational dashboard, incident, and reconciliation runbooks" ], "controls": [ "Four-eyes liquidity action", "Evidence-based replay", "Incident command" ], "failureModes": [ "Unowned queue", "Unmatched settlement", "Premature customer reversal" ], "recovery": [ "Identify the last confirmed settlement state", "Separate participant posting from settlement", "Close every ledger break" ], "lenses": [ "ownership", "operations", "resilience", "controls", "ledger" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 17, 21 and 23", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] } ], "interfaces": [ { "id": "clear-e1", "from": "clear-participant-a", "to": "clear-access", "title": "Settlement submission", "kind": "message", "mode": "asynchronous", "purpose": "Carry an authenticated, profile-valid settlement instruction into the infrastructure.", "messageIds": [ "pacs-008", "pacs-009" ], "failureBehaviour": "An ambiguous technical outcome is reconciled before replay.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 17 and 22", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ] }, { "id": "clear-e2", "from": "clear-access", "to": "clear-rule-engine", "title": "Admitted instruction", "kind": "control", "mode": "synchronous", "purpose": "Pass only authenticated and technically valid content to scheme eligibility.", "failureBehaviour": "Technical rejection remains distinct from business or liquidity rejection.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 18, 21 and 22", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ] }, { "id": "clear-e3", "from": "clear-rule-engine", "to": "clear-queue", "title": "Eligible gross instruction", "kind": "settlement", "mode": "asynchronous", "purpose": "Queue an RTGS-eligible instruction with priority and participant controls.", "failureBehaviour": "Ineligible items do not enter the settlement queue.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 7 and 8", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ] }, { "id": "clear-e4", "from": "clear-queue", "to": "clear-settlement-ledger", "title": "Funded RTGS release", "kind": "settlement", "mode": "synchronous", "purpose": "Post the debit and credit once required settlement asset is available.", "failureBehaviour": "Insufficient liquidity keeps the item queued or causes the rule-defined outcome.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 7, 8 and 9", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ] }, { "id": "clear-e5", "from": "clear-rule-engine", "to": "clear-net-cycle", "title": "Cleared cycle item", "kind": "file", "mode": "batch", "purpose": "Add an eligible item to a defined deferred-net cycle.", "failureBehaviour": "Late, duplicate, or unbalanced inputs stop or defer the cycle.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 4, 7 and 13", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ] }, { "id": "clear-e6", "from": "clear-net-cycle", "to": "clear-settlement-ledger", "title": "Net settlement obligation", "kind": "settlement", "mode": "batch", "purpose": "Settle calculated participant obligations in the designated asset.", "failureBehaviour": "A participant funding failure follows the documented default and settlement process.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 4, 7, 8 and 13", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ] }, { "id": "clear-e7", "from": "clear-settlement-ledger", "to": "clear-participant-b", "title": "Settlement confirmation", "kind": "event", "mode": "asynchronous", "purpose": "Provide finality evidence for participant posting and reporting.", "messageIds": [ "pacs-002", "camt-054" ], "failureBehaviour": "A delayed confirmation is reconciled against the settlement ledger before customer action.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principle 8", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ] }, { "id": "clear-e8", "from": "clear-queue", "to": "clear-operations", "title": "Queue and liquidity telemetry", "kind": "operator", "mode": "asynchronous", "purpose": "Make queued value, priority, age, and liquidity need visible.", "failureBehaviour": "Telemetry loss raises an incident; it does not alter queue order or settlement state.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 7, 17 and 23", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ] }, { "id": "clear-e9", "from": "clear-settlement-ledger", "to": "clear-operations", "title": "Ledger and finality evidence", "kind": "operator", "mode": "asynchronous", "purpose": "Reconcile submitted, settled, rejected, and reported positions.", "failureBehaviour": "A break remains open until instruction and ledger evidence agree.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 17 and 23", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ] } ], "views": [ { "id": "context", "label": "Context", "plainPurpose": "Who depends on the architecture, which external service it reaches, and where value ultimately moves.", "nodeIds": [ "clear-participant-a", "clear-settlement-ledger", "clear-participant-b" ], "interfaceIds": [ "clear-e7" ], "placements": { "clear-participant-a": { "x": 80, "y": 100, "width": 244, "height": 126 }, "clear-settlement-ledger": { "x": 444, "y": 100, "width": 244, "height": 126 }, "clear-participant-b": { "x": 808, "y": 100, "width": 244, "height": 126 } }, "boundaries": [ { "id": "context-bank-boundary", "label": "Institution-controlled boundary", "nodeIds": [ "clear-participant-a", "clear-settlement-ledger", "clear-participant-b" ], "kind": "ownership" } ] }, { "id": "container", "label": "Container", "plainPurpose": "The major applications, stores, gateways, controls, and operational ownership boundaries.", "nodeIds": [ "clear-participant-a", "clear-access", "clear-rule-engine", "clear-settlement-ledger", "clear-participant-b", "clear-operations" ], "interfaceIds": [ "clear-e1", "clear-e2", "clear-e7", "clear-e9" ], "placements": { "clear-participant-a": { "x": 80, "y": 100, "width": 244, "height": 126 }, "clear-access": { "x": 444, "y": 100, "width": 244, "height": 126 }, "clear-rule-engine": { "x": 808, "y": 100, "width": 244, "height": 126 }, "clear-settlement-ledger": { "x": 80, "y": 326, "width": 244, "height": 126 }, "clear-participant-b": { "x": 444, "y": 326, "width": 244, "height": 126 }, "clear-operations": { "x": 808, "y": 326, "width": 244, "height": 126 } }, "boundaries": [ { "id": "container-bank-boundary", "label": "Institution-controlled boundary", "nodeIds": [ "clear-participant-a", "clear-access", "clear-rule-engine", "clear-settlement-ledger", "clear-participant-b", "clear-operations" ], "kind": "ownership" } ] }, { "id": "component", "label": "Component", "plainPurpose": "The processing responsibilities and interface contracts that must cooperate for one payment.", "nodeIds": [ "clear-participant-a", "clear-access", "clear-rule-engine", "clear-queue", "clear-settlement-ledger", "clear-net-cycle", "clear-participant-b", "clear-operations" ], "interfaceIds": [ "clear-e1", "clear-e2", "clear-e3", "clear-e4", "clear-e5", "clear-e6", "clear-e7", "clear-e8", "clear-e9" ], "placements": { "clear-participant-a": { "x": 80, "y": 100, "width": 196, "height": 126 }, "clear-access": { "x": 376, "y": 100, "width": 196, "height": 126 }, "clear-rule-engine": { "x": 672, "y": 100, "width": 196, "height": 126 }, "clear-queue": { "x": 968, "y": 100, "width": 196, "height": 126 }, "clear-settlement-ledger": { "x": 80, "y": 326, "width": 196, "height": 126 }, "clear-net-cycle": { "x": 376, "y": 326, "width": 196, "height": 126 }, "clear-participant-b": { "x": 672, "y": 326, "width": 196, "height": 126 }, "clear-operations": { "x": 968, "y": 326, "width": 196, "height": 126 } }, "boundaries": [ { "id": "component-bank-boundary", "label": "Institution-controlled boundary", "nodeIds": [ "clear-participant-a", "clear-access", "clear-rule-engine", "clear-queue", "clear-settlement-ledger", "clear-net-cycle", "clear-participant-b", "clear-operations" ], "kind": "ownership" } ] }, { "id": "deployment", "label": "Deployment", "plainPurpose": "The trust zones, runtime dependencies, external connections, and recovery boundaries.", "nodeIds": [ "clear-participant-a", "clear-access", "clear-settlement-ledger", "clear-participant-b" ], "interfaceIds": [ "clear-e1", "clear-e7" ], "placements": { "clear-participant-a": { "x": 80, "y": 100, "width": 244, "height": 126 }, "clear-access": { "x": 444, "y": 100, "width": 244, "height": 126 }, "clear-settlement-ledger": { "x": 808, "y": 100, "width": 244, "height": 126 }, "clear-participant-b": { "x": 80, "y": 326, "width": 244, "height": 126 } }, "boundaries": [ { "id": "deployment-bank-boundary", "label": "Institution-controlled boundary", "nodeIds": [ "clear-participant-a", "clear-access", "clear-settlement-ledger", "clear-participant-b" ], "kind": "ownership" } ] } ], "traces": [ { "id": "clearing-rtgs-trace", "label": "One funded RTGS payment", "summary": "Follow an eligible high-value payment from participant release through queue control, central-bank settlement, beneficiary posting, and reconciliation.", "viewId": "component", "steps": [ { "id": "clearing-rtgs-trace-step-1", "title": "Participant releases a funded payment", "nodeId": "clear-participant-a", "plainExplanation": "The sending bank confirms eligibility, priority, cut-off, and available-liquidity intent.", "businessState": "Participant released", "messageIds": [ "pacs-008" ] }, { "id": "clearing-rtgs-trace-step-2", "title": "Infrastructure authenticates the submission", "nodeId": "clear-access", "interfaceId": "clear-e1", "plainExplanation": "Identity, integrity, duplicate, envelope, and message-profile checks pass.", "businessState": "Technically admitted" }, { "id": "clearing-rtgs-trace-step-3", "title": "Scheme eligibility passes", "nodeId": "clear-rule-engine", "interfaceId": "clear-e2", "plainExplanation": "Participant status, service, limits, timing, and transaction rules permit settlement.", "businessState": "Eligible for settlement" }, { "id": "clearing-rtgs-trace-step-4", "title": "Queue releases against liquidity", "nodeId": "clear-queue", "interfaceId": "clear-e3", "plainExplanation": "The payment has sufficient settlement asset or qualifies under the documented liquidity-saving mechanism.", "businessState": "Funded and released" }, { "id": "clearing-rtgs-trace-step-5", "title": "Settlement books debit and credit", "nodeId": "clear-settlement-ledger", "interfaceId": "clear-e4", "plainExplanation": "The designated settlement ledger posts the atomic participant debit and credit.", "businessState": "Settled final", "ledgerEffect": "Settlement account A debit; settlement account B credit" }, { "id": "clearing-rtgs-trace-step-6", "title": "Receiver posts the beneficiary", "nodeId": "clear-participant-b", "interfaceId": "clear-e7", "plainExplanation": "The receiving bank acts on confirmed settlement and applies account controls.", "businessState": "Beneficiary posted", "messageIds": [ "camt-054" ] }, { "id": "clearing-rtgs-trace-step-7", "title": "Positions reconcile", "nodeId": "clear-operations", "interfaceId": "clear-e9", "plainExplanation": "Submission, queue, finality, participant posting, and reporting evidence agree.", "businessState": "Reconciled" } ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 7, 8, 9, 17 and 23", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ] } ], "stressCases": [ { "id": "clear-stress-liquidity", "label": "Insufficient settlement liquidity", "trigger": "The sending participant lacks sufficient available settlement asset when the instruction reaches the queue.", "divergesAfterStepId": "clearing-rtgs-trace-step-3", "traceId": "clearing-rtgs-trace", "affectedNodeIds": [ "clear-participant-a", "clear-queue", "clear-operations" ], "affectedInterfaceIds": [ "clear-e3", "clear-e4", "clear-e8" ], "lastConfirmedState": "Eligible and queued; not settled.", "settlementState": "No final settlement has occurred.", "fundsState": "The participant's customer and internal reservation follow its own pre-settlement policy; the receiving participant has no settled funds.", "owner": "Participant treasury and settlement operations", "safeAction": "Keep the payment queued, fund or reprioritise under the applicable rules, and do not report settlement early.", "requiredEvidence": [ "Queue position", "Priority", "Participant balance", "Cut-off", "Liquidity action" ], "recoverySteps": [ "Add eligible liquidity or wait for incoming funds", "Release once rules permit", "Expire or reject at the applicable cut-off" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principle 7", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ] }, { "id": "clear-stress-ledger", "label": "Settlement ledger unavailable", "trigger": "The queue is ready to release but the settlement ledger becomes unavailable.", "divergesAfterStepId": "clearing-rtgs-trace-step-4", "traceId": "clearing-rtgs-trace", "affectedNodeIds": [ "clear-queue", "clear-settlement-ledger", "clear-operations" ], "affectedInterfaceIds": [ "clear-e4", "clear-e9" ], "lastConfirmedState": "Funded and ready; final posting is not confirmed.", "settlementState": "Unknown or not settled until the ledger's authoritative state is recovered.", "fundsState": "Participant funds must not be double-debited and receiving participants must not infer finality.", "owner": "Settlement service incident command", "safeAction": "Stop further release, recover the authoritative ledger state, and reconcile every in-flight instruction before reopening.", "requiredEvidence": [ "Last consistent checkpoint", "Transaction journal", "Queue snapshot", "Participant confirmations" ], "recoverySteps": [ "Recover ledger", "Reconcile in-flight instructions", "Resume under the continuity decision" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principle 17", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ] }, { "id": "clear-stress-posting", "label": "Final settlement, delayed beneficiary posting", "trigger": "Settlement is final but the receiving participant's core ledger is unavailable.", "divergesAfterStepId": "clearing-rtgs-trace-step-5", "traceId": "clearing-rtgs-trace", "affectedNodeIds": [ "clear-settlement-ledger", "clear-participant-b", "clear-operations" ], "affectedInterfaceIds": [ "clear-e7", "clear-e9" ], "lastConfirmedState": "Settlement final; beneficiary posting pending.", "settlementState": "Final settlement has occurred and must not be casually reversed.", "fundsState": "Receiving participant holds the settled position; beneficiary funds await internal posting.", "owner": "Receiving participant payment and core-banking operations", "safeAction": "Repair the customer posting idempotently from final settlement evidence; do not resend the interbank payment.", "requiredEvidence": [ "Finality reference", "Receiving account", "Posting journal", "Duplicate check" ], "recoverySteps": [ "Restore posting service", "Post once", "Report delayed availability and reconcile" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 8 and 17", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Post-settlement participant recovery", "label": "simplified-educational-illustration", "simplifications": "Customer-posting procedures are participant-specific." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ] } ], "overlays": [ { "id": "clear-overlay-t2", "label": "T2 RTGS", "summary": "Maps participant payment processing to T2 RTGS, central liquidity management context, euro central-bank settlement, and TARGET reporting.", "nodeIds": [ "clear-participant-a", "clear-access", "clear-rule-engine", "clear-queue", "clear-settlement-ledger", "clear-participant-b", "clear-operations" ], "interfaceIds": [ "clear-e1", "clear-e2", "clear-e3", "clear-e4", "clear-e7", "clear-e8", "clear-e9" ], "relatedFlowIds": [ "flow-t2-rtgs" ], "evidence": [ { "ref": { "sourceId": "ecb-target-services", "locator": "TARGET services and shared-component context", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Eurosystem TARGET public material" }, { "ref": { "sourceId": "ecb-t2-professional-documents", "locator": "T2 professional-use documentation", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current T2 release documentation" } ] }, { "id": "clear-overlay-chaps", "label": "CHAPS over RTGS", "summary": "Maps CHAPS ISO 20022 payment processing to the Bank of England RTGS settlement service.", "nodeIds": [ "clear-participant-a", "clear-access", "clear-rule-engine", "clear-queue", "clear-settlement-ledger", "clear-participant-b", "clear-operations" ], "interfaceIds": [ "clear-e1", "clear-e2", "clear-e3", "clear-e4", "clear-e7", "clear-e8", "clear-e9" ], "relatedFlowIds": [ "flow-chaps-rtgs" ], "evidence": [ { "ref": { "sourceId": "boe-chaps", "locator": "CHAPS service", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Bank of England CHAPS public material" }, { "ref": { "sourceId": "boe-chaps-iso-handbook", "locator": "CHAPS ISO 20022 handbook", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Bank of England ISO 20022 handbook" } ] }, { "id": "clear-overlay-fedwire", "label": "Fedwire Funds Service", "summary": "Maps an ISO 20022 wire to Federal Reserve account settlement and participant advice.", "nodeIds": [ "clear-participant-a", "clear-access", "clear-rule-engine", "clear-queue", "clear-settlement-ledger", "clear-participant-b", "clear-operations" ], "interfaceIds": [ "clear-e1", "clear-e2", "clear-e3", "clear-e4", "clear-e7", "clear-e8", "clear-e9" ], "relatedFlowIds": [ "flow-fedwire-funds" ], "evidence": [ { "ref": { "sourceId": "frb-payment-systems", "locator": "Fedwire Funds Service overview", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Federal Reserve Financial Services material" }, { "ref": { "sourceId": "frb-fedwire-iso-documents", "locator": "Fedwire ISO 20022 access guidance", "label": "official-requirement", "simplifications": "Field-level proprietary schemas require authorised MyStandards access and are not reproduced." }, "verifiedDate": "2026-07-23", "versionContext": "Current Fedwire ISO 20022 documentation" } ] }, { "id": "clear-overlay-chips", "label": "CHIPS clearing and settlement", "summary": "Highlights clearing, liquidity-efficiency logic, participant obligations, and settlement evidence; exact CHIPS algorithms and rules remain in official material.", "nodeIds": [ "clear-participant-a", "clear-access", "clear-rule-engine", "clear-queue", "clear-net-cycle", "clear-settlement-ledger", "clear-participant-b", "clear-operations" ], "interfaceIds": [ "clear-e1", "clear-e2", "clear-e3", "clear-e5", "clear-e6", "clear-e7", "clear-e8", "clear-e9" ], "relatedFlowIds": [ "flow-chips-netting" ], "evidence": [ { "ref": { "sourceId": "tch-chips", "locator": "CHIPS public service overview", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current The Clearing House CHIPS material" }, { "ref": { "sourceId": "tch-chips-resources", "locator": "CHIPS official resource library", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current CHIPS resources" } ] }, { "id": "clear-overlay-global-rtgs", "label": "Global RTGS systems", "summary": "Specialises the participant, queue, central-bank-money settlement, finality, beneficiary-posting, and reconciliation pattern for public domestic RTGS material.", "nodeIds": [ "clear-participant-a", "clear-access", "clear-rule-engine", "clear-queue", "clear-settlement-ledger", "clear-participant-b", "clear-operations" ], "interfaceIds": [ "clear-e1", "clear-e2", "clear-e3", "clear-e4", "clear-e7", "clear-e8", "clear-e9" ], "relatedFlowIds": [ "flow-in-rtgs", "flow-au-rits", "flow-sg-meps", "flow-hk-chats", "flow-jp-bojnet", "flow-ch-sic", "flow-br-str", "flow-mx-spei", "flow-ca-lynx" ], "evidence": [ { "ref": { "sourceId": "rbi-payment-systems", "locator": "RTGS public description", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Reserve Bank of India public material" }, { "ref": { "sourceId": "rba-payment-systems", "locator": "RITS public description", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Reserve Bank of Australia public material" }, { "ref": { "sourceId": "mas-meps-plus", "locator": "MEPS+ public description", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Monetary Authority of Singapore public material" }, { "ref": { "sourceId": "hkma-payment-systems", "locator": "CHATS public description", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Hong Kong Monetary Authority public material" }, { "ref": { "sourceId": "boj-payment-systems", "locator": "BOJ-NET public description", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Bank of Japan public material" }, { "ref": { "sourceId": "snb-six-sic", "locator": "SIC public description", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Swiss National Bank public material" }, { "ref": { "sourceId": "bcb-payment-systems", "locator": "STR public description", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Banco Central do Brasil public material" }, { "ref": { "sourceId": "banxico-spei", "locator": "SPEI public description", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Banco de México public material" }, { "ref": { "sourceId": "payments-canada-lynx", "locator": "Lynx public description", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "Current Payments Canada public material" } ], "coverageGap": "Participant interfaces, message profiles, operating schedules, queue algorithms, liquidity tools, and legal finality require each infrastructure's current implementation and operating documentation." } ], "decisions": [ { "id": "clear-decision-model", "question": "Should the service settle each instruction gross or settle net obligations?", "options": [ { "label": "RTGS", "consequence": "Immediate transaction-by-transaction finality with higher intraday liquidity demand." }, { "label": "Deferred net", "consequence": "Lower liquidity need through offsetting, with cycle, default, and delayed-finality risk." }, { "label": "Hybrid or liquidity-saving", "consequence": "Combines gross legal treatment with queueing or offset logic; operational rules become more complex." } ], "guidance": "Choose from legal finality, risk appetite, time budget, liquidity, volume, and failure treatment—not from message format alone.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 4, 7 and 8", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ] }, { "id": "clear-decision-posting", "question": "When should participant customer books be posted?", "options": [ { "label": "Before settlement under controlled risk", "consequence": "Can improve customer speed but creates participant credit and reversal exposure." }, { "label": "After settlement confirmation", "consequence": "Aligns posting to proven funds but depends on timely finality evidence." } ], "guidance": "Document the exact evidence and exception treatment. Clearing acceptance, settlement, and beneficiary posting are distinct states.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principle 8", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Participant posting policy", "label": "simplified-educational-illustration", "simplifications": "PFMI does not prescribe each bank's customer-book timing." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ] } ], "targets": [ { "type": "flow", "id": "flow-t2-rtgs" }, { "type": "flow", "id": "flow-chaps-rtgs" }, { "type": "flow", "id": "flow-fedwire-funds" }, { "type": "flow", "id": "flow-chips-netting" }, { "type": "flow", "id": "flow-in-rtgs" }, { "type": "flow", "id": "flow-au-rits" }, { "type": "flow", "id": "flow-sg-meps" }, { "type": "flow", "id": "flow-hk-chats" }, { "type": "flow", "id": "flow-jp-bojnet" }, { "type": "flow", "id": "flow-ch-sic" }, { "type": "flow", "id": "flow-br-str" }, { "type": "flow", "id": "flow-mx-spei" }, { "type": "flow", "id": "flow-ca-lynx" }, { "type": "message", "id": "pacs-008" }, { "type": "message", "id": "pacs-009" }, { "type": "message", "id": "pacs-002" }, { "type": "message", "id": "pacs-004" }, { "type": "message", "id": "camt-052" }, { "type": "message", "id": "camt-053" }, { "type": "message", "id": "camt-054" }, { "type": "resource", "id": "hvps-plus-market-practice" }, { "type": "resource", "id": "ecb-t2-technical-documents" }, { "type": "resource", "id": "boe-chaps-iso-guidance" }, { "type": "resource", "id": "fedwire-iso20022-documents" }, { "type": "resource", "id": "chips-iso20022-resources" }, { "type": "resource", "id": "implementation-pack-high-value" }, { "type": "resource", "id": "implementation-pack-t2" }, { "type": "resource", "id": "implementation-pack-chaps" }, { "type": "resource", "id": "implementation-pack-fedwire" }, { "type": "resource", "id": "implementation-pack-chips" } ], "glossaryTermIds": [ "clearing", "settlement", "rtgs", "deferred-net-settlement", "liquidity", "settlement-finality", "central-bank-money" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 4, 7, 8, 9, 13, 17, 18, 21, 22 and 23", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" } ], "simplifies": "This blueprint contrasts logical settlement models. It does not reproduce a scheme's queue algorithm, liquidity-saving mechanism, legal finality rule, participant contract, or operating schedule. The selected rail overlay and current official documentation determine those details." }, "sources": [ { "id": "bis-cpmi-pfmi", "publisher": "CPMI and IOSCO (Bank for International Settlements)", "title": "Principles for financial market infrastructures", "sourceType": "industry-paper", "publicationDate": "2012-04-16", "accessedDate": "2026-07-12", "url": "https://www.bis.org/cpmi/publ/d101.htm", "applicability": "International risk-management standards for systemically important payment systems and other financial market infrastructures.", "notes": "Published by the CPSS (now CPMI) and IOSCO; contains 24 principles plus responsibilities for authorities. This site uses it only for high-level concepts such as settlement finality." }, { "id": "payments-signal-editorial", "publisher": "Payments Signal", "title": "Payments Signal editorial teaching models", "sourceType": "educational-simplification", "accessedDate": "2026-07-12", "applicability": "This site's own simplified teaching models.", "notes": "Used wherever diagrams, scenarios, figures, or example values are didactic constructions rather than sourced facts; every such use carries a simplifications disclosure. All people, companies, banks, and list entries in examples are fictional." } ], "relatedContent": [ { "type": "article", "label": "ACK, NACK, and the Payment Status Report (pacs.002)", "href": "/2026/07/13/ack-nack-and-payment-status-report", "coverage": "derived" }, { "type": "article", "label": "Australia's NPP and Distributed Clearing", "href": "/2026/07/13/australia-npp-and-distributed-clearing", "coverage": "derived" }, { "type": "article", "label": "BIC versus LEI: payment reference data", "href": "/2026/07/13/bic-vs-lei-reference-data", "coverage": "derived" }, { "type": "article", "label": "Brazil's Pix and STR", "href": "/2026/07/13/brazil-pix-and-str", "coverage": "derived" }, { "type": "article", "label": "Canada's Lynx RTGS", "href": "/2026/07/13/canada-lynx-rtgs", "coverage": "derived" }, { "type": "article", "label": "CBPR+: ISO 20022 for cross-border payments", "href": "/2026/07/13/cbpr-plus-cross-border-iso20022", "coverage": "derived" }, { "type": "article", "label": "CGI-MP: Common ISO 20022 Practice for Corporates", "href": "/2026/07/13/cgi-mp-corporate-iso20022", "coverage": "derived" }, { "type": "article", "label": "China's CIPS and CDFCPS", "href": "/2026/07/13/china-cips-and-cdfcps", "coverage": "derived" }, { "type": "article", "label": "CHIPS: clearing and netting", "href": "/2026/07/13/chips-clearing-and-netting", "coverage": "derived" }, { "type": "article", "label": "CLS and payment-versus-payment settlement", "href": "/2026/07/18/cls-and-payment-versus-payment-settlement", "coverage": "derived" }, { "type": "article", "label": "Confirmation of Payee (UK)", "href": "/2026/07/13/confirmation-of-payee-uk", "coverage": "derived" }, { "type": "article", "label": "Confirmation of Payee and APP fraud", "href": "/2026/07/18/confirmation-of-payee-and-app-fraud", "coverage": "derived" }, { "type": "article", "label": "Domestic Payment Schemes in the UK – Part 2", "href": "/2026/07/13/domestic-payment-schemes-in-the-uk-part-2", "coverage": "derived" }, { "type": "article", "label": "Domestic Payment Schemes in the UK – Part 3", "href": "/2026/07/13/domestic-payment-schemes-in-the-uk-part-3", "coverage": "derived" }, { "type": "article", "label": "EURO1 and large-value net settlement", "href": "/2026/07/18/euro1-and-large-value-net-settlement", "coverage": "derived" }, { "type": "article", "label": "FedNow: instant settlement at the Federal Reserve", "href": "/2026/07/13/fednow-instant-payments", "coverage": "derived" }, { "type": "article", "label": "FINplus and Browse", "href": "/2026/07/13/finplus-and-browse", "coverage": "derived" }, { "type": "article", "label": "Herstatt risk, and why payment-versus-payment exists", "href": "/2026/07/18/herstatt-risk-and-why-pvp-exists", "coverage": "derived" }, { "type": "article", "label": "High-value payments and HVPS+", "href": "/2026/07/13/high-value-payments-and-hvps-plus", "coverage": "derived" }, { "type": "article", "label": "High-value, netting, and instant settlement systems compared", "href": "/2026/07/13/high-value-vs-instant-settlement-systems", "coverage": "derived" }, { "type": "article", "label": "Hong Kong's CHATS: A Multi-Currency RTGS", "href": "/2026/07/13/hong-kong-chats", "coverage": "derived" }, { "type": "article", "label": "India's RTGS, NEFT and NACH", "href": "/2026/07/13/india-rtgs-neft-nach", "coverage": "derived" }, { "type": "article", "label": "India's UPI and IMPS: An Overlay on Instant Rails", "href": "/2026/07/13/india-upi-and-imps", "coverage": "derived" }, { "type": "article", "label": "Instant payments around the world", "href": "/2026/07/13/instant-payments-around-the-world", "coverage": "derived" }, { "type": "article", "label": "Introduction to SEPA", "href": "/2026/07/13/introduction-to-sepa", "coverage": "derived" }, { "type": "article", "label": "Japan's BOJ-NET and the Zengin System", "href": "/2026/07/13/japan-bojnet-and-zengin", "coverage": "derived" }, { "type": "article", "label": "Liquidity and settlement risk in payment systems", "href": "/2026/07/13/payment-liquidity-and-settlement-risk", "coverage": "derived" }, { "type": "article", "label": "Liquidity saving and gridlock resolution", "href": "/2026/07/13/liquidity-saving-and-gridlock-resolution", "coverage": "derived" }, { "type": "article", "label": "Mexico's SPEI", "href": "/2026/07/13/mexico-spei", "coverage": "derived" }, { "type": "article", "label": "MT202 COV: cover payments explained", "href": "/2026/07/13/mt202-cov-cover-payments", "coverage": "derived" }, { "type": "article", "label": "One corporate payment: the full MX lifecycle and its MT migration path", "href": "/2026/07/18/corporate-payment-full-message-lifecycle", "coverage": "derived" }, { "type": "article", "label": "Other Payment Message Standards Beyond SWIFT", "href": "/2026/07/13/other-payment-message-standards", "coverage": "derived" }, { "type": "article", "label": "Payment exceptions and investigations", "href": "/2026/07/13/payment-exceptions-and-investigations", "coverage": "derived" }, { "type": "article", "label": "Payment market infrastructures", "href": "/2026/07/13/payment-market-infrastructures", "coverage": "derived" }, { "type": "article", "label": "Payment transparency and wire stripping", "href": "/2026/07/13/payment-transparency-and-wire-stripping", "coverage": "derived" }, { "type": "article", "label": "Proxy and alias addressing", "href": "/2026/07/13/proxy-and-alias-addressing", "coverage": "derived" }, { "type": "article", "label": "Purpose codes in payments", "href": "/2026/07/13/purpose-codes-in-payments", "coverage": "derived" }, { "type": "article", "label": "Request to Pay and e-mandates", "href": "/2026/07/13/request-to-pay-and-e-mandates", "coverage": "derived" }, { "type": "article", "label": "Request to Pay versus SEPA Direct Debit", "href": "/2026/07/18/request-to-pay-vs-direct-debit", "coverage": "derived" }, { "type": "article", "label": "Request to Pay, explained", "href": "/2026/07/18/request-to-pay-explained", "coverage": "derived" }, { "type": "article", "label": "Reversals, returns, recalls, and cancellations", "href": "/2026/07/13/reversals-returns-and-cancellations", "coverage": "derived" }, { "type": "article", "label": "Risks in Payment Systems", "href": "/2026/07/13/risks-in-payment-systems", "coverage": "derived" }, { "type": "article", "label": "Sanctions evasion typologies", "href": "/2026/07/13/sanctions-evasion-typologies", "coverage": "derived" }, { "type": "article", "label": "Screening the payment message", "href": "/2026/07/13/screening-the-payment-message", "coverage": "derived" }, { "type": "article", "label": "SEPA Clearing and Settlement", "href": "/2026/07/13/sepa-clearing-and-settlement", "coverage": "derived" }, { "type": "article", "label": "SEPA credit transfer – Four Corner model", "href": "/2026/07/13/sct-four-corner-model", "coverage": "derived" }, { "type": "article", "label": "Sepa Credit Transfer – 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"/2026/07/13/sepa-direct-debit-b2b-vs-core", "coverage": "derived" }, { "type": "article", "label": "SEPA Instant – Happy Path Flow", "href": "/2026/07/13/sepa-instant-happy-path-flow", "coverage": "derived" }, { "type": "article", "label": "SEPA Instant – Introduction", "href": "/2026/07/13/sepa-instant-introduction", "coverage": "derived" }, { "type": "article", "label": "SEPA Instant R-Message flows", "href": "/2026/07/13/sepa-instant-r-message-flows", "coverage": "derived" }, { "type": "article", "label": "SEPA Payment Messages", "href": "/2026/07/13/sepa-payment-messages", "coverage": "derived" }, { "type": "article", "label": "SEPA Payments Schemes", "href": "/2026/07/13/sepa-payments-schemes", "coverage": "derived" }, { "type": "article", "label": "SEPA stakeholders", "href": "/2026/07/13/sepa-stakeholders", "coverage": "derived" }, { "type": "article", "label": "Serial and cover in ISO 20022: pacs.008 and pacs.009 COV", "href": "/2026/07/13/iso-20022-serial-and-cover", "coverage": "derived" }, { "type": "article", "label": "Settlement risk and CLS", "href": "/2026/07/13/settlement-risk-and-cls", "coverage": "derived" }, { "type": "article", "label": "Settlement through central banks", "href": "/2026/07/13/settlement-through-central-banks", "coverage": "derived" }, { "type": "article", "label": "Singapore's payment systems: MEPS+, FAST and PayNow", "href": "/2026/07/13/singapore-payment-systems", "coverage": "derived" }, { "type": "article", "label": "STEP2: the pan-European ACH", "href": "/2026/07/13/step2-pan-european-ach", "coverage": "derived" }, { "type": "article", "label": "Structured and hybrid addresses in ISO 20022", "href": "/2026/07/13/structured-and-hybrid-addresses-iso20022", "coverage": "derived" }, { "type": "article", "label": "Structured remittance information", "href": "/2026/07/13/structured-remittance-information", "coverage": "derived" }, { "type": "article", "label": "SWIFT Cancellations and Investigation Messages", "href": "/2026/07/13/swift-cancellations-and-investigation-messages", "coverage": "derived" }, { "type": "article", "label": "SWIFT financial-institution funds transfers", "href": "/2026/07/13/swift-financial-institution-funds-transfers", "coverage": "derived" }, { "type": "article", "label": "SWIFT investigation and exception messages", "href": "/2026/07/13/swift-investigation-and-exception-messages", "coverage": "derived" }, { "type": "article", "label": "SWIFT MT – Serial and Cover Method", "href": "/2026/07/13/swift-mt-serial-and-cover-method", "coverage": "derived" }, { "type": "article", "label": "SWIFT MT2xx Financial Institution Messages", "href": "/2026/07/13/swift-mt2xx-financial-institution-messages", "coverage": "derived" }, { "type": "article", "label": "Swiss Interbank Clearing: SIC and euroSIC", "href": "/2026/07/13/swiss-interbank-clearing-sic-eurosic", "coverage": "derived" }, { "type": "article", "label": "T2 and Central Liquidity Management", "href": "/2026/07/13/target2-and-central-liquidity-management", "coverage": "derived" }, { "type": "article", "label": "TARGET2-Securities: DvP Settlement in Central-Bank Money", "href": "/2026/07/13/target2-securities-t2s", "coverage": "derived" }, { "type": "article", "label": "The Business Application Header (BAH)", "href": "/2026/07/13/the-business-application-header", "coverage": "derived" }, { "type": "article", "label": "The camt family: cash management and reporting", "href": "/2026/07/13/camt-cash-management-messages", "coverage": "derived" }, { "type": "article", "label": "The Fedwire Funds Service", "href": "/2026/07/13/fedwire-funds-service", "coverage": "derived" }, { "type": "article", "label": "The ISO 20022 message model", "href": "/2026/07/13/iso-20022-message-model", "coverage": "derived" }, { "type": "article", "label": "TIPS: instant settlement in central-bank money", "href": "/2026/07/13/tips-instant-settlement", "coverage": "derived" }, { "type": "article", "label": "Trade-Based Money Laundering: Value Hidden in Trade", "href": "/2026/07/13/trade-based-money-laundering", "coverage": "derived" }, { "type": "article", "label": "Translating MT to MX", "href": "/2026/07/13/mt-to-mx-translation", "coverage": "derived" }, { "type": "article", "label": "US ACH and National Settlement", "href": "/2026/07/13/us-ach-and-national-settlement", "coverage": "derived" }, { "type": "article", "label": "US Real-Time Payments (RTP)", "href": "/2026/07/13/us-real-time-payments-rtp", "coverage": "derived" }, { "type": "article", "label": "Verification of Payee", "href": "/2026/07/13/sepa-verification-of-payee", "coverage": "derived" }, { "type": "article", "label": "What a payment declares about itself — and who carries it", "href": "/2026/07/16/iso-20022-payment-codes-and-agents", "coverage": "derived" }, { "type": "flow", "label": "A BOJ-NET funds transfer (Japan RTGS)", "href": "/explore/jp-bojnet", "coverage": "direct" }, { "type": "flow", "label": "A Brazil STR reserve transfer (BR RTGS)", "href": "/explore/br-str", "coverage": "direct" }, { "type": "flow", "label": "A CHAPS payment (UK sterling RTGS)", "href": "/explore/chaps-rtgs", "coverage": "direct" }, { "type": "flow", "label": "A CHIPS payment (netting then settlement)", "href": "/explore/chips-netting", "coverage": "direct" }, { "type": "flow", "label": "A Fedwire funds transfer (US RTGS)", "href": "/explore/fedwire-funds", "coverage": "direct" }, { "type": "flow", "label": "A Hong Kong CHATS payment (HKD RTGS)", "href": "/explore/hk-chats", "coverage": "direct" }, { "type": "flow", "label": "A Lynx wire payment (Canada's RTGS)", "href": "/explore/ca-lynx", "coverage": "direct" }, { "type": "flow", "label": "A MEPS+ transfer (Singapore RTGS)", "href": "/explore/sg-meps", "coverage": "direct" }, { "type": "flow", "label": "A RITS settlement (Australia RTGS)", "href": "/explore/au-rits", "coverage": "direct" }, { "type": "flow", "label": "A SIC payment (Swiss RTGS)", "href": "/explore/ch-sic", "coverage": "direct" }, { "type": "flow", "label": "A TARGET2 (T2) settlement (euro RTGS)", "href": "/explore/t2-rtgs", "coverage": "direct" }, { "type": "flow", "label": "An India RTGS transfer (Reserve Bank of India)", "href": "/explore/in-rtgs", "coverage": "direct" }, { "type": "flow", "label": "Mexico SPEI — Banco de Mexico's interbank system", "href": "/explore/mx-spei", "coverage": "direct" }, { "type": "glossary", "label": "Account information service provider (AISP)", "href": "/glossary#aisp", "coverage": "derived" }, { "type": "glossary", "label": "Account servicing payment service provider (ASPSP)", "href": "/glossary#aspsp", "coverage": "derived" }, { "type": "glossary", "label": "ACH (Automated Clearing House)", "href": "/glossary#ach", "coverage": "derived" }, { "type": "glossary", "label": "ANSI X12 (X12/820)", "href": "/glossary#ansi-x12", "coverage": "derived" }, { "type": "glossary", "label": "BACS Standard 18", "href": "/glossary#bacs-standard-18", "coverage": "derived" }, { "type": "glossary", "label": "Business Application Header", "href": "/glossary#business-application-header", "coverage": "derived" }, { "type": "glossary", "label": "camt family", "href": "/glossary#camt", "coverage": "derived" }, { "type": "glossary", "label": "camt.029", "href": "/glossary#camt-029", "coverage": "derived" }, { "type": "glossary", "label": "camt.056", "href": "/glossary#camt-056", "coverage": "derived" }, { "type": "glossary", "label": "CBPR+", "href": "/glossary#cbpr-plus", "coverage": "derived" }, { "type": "glossary", "label": "CDFCPS", "href": "/glossary#cdfcps", "coverage": "derived" }, { "type": "glossary", "label": "Central bank money", "href": "/glossary#central-bank-money", "coverage": "derived" }, { "type": "glossary", "label": "Central Liquidity Management (CLM)", "href": "/glossary#central-liquidity-management", "coverage": "derived" }, { "type": "glossary", "label": "CGI-MP (Common Global Implementation – Market Practice)", "href": "/glossary#cgi-mp", "coverage": "derived" }, { "type": "glossary", "label": "CHAPS", "href": "/glossary#chaps", "coverage": "derived" }, { "type": "glossary", "label": "CHATS (Clearing House Automated Transfer System)", "href": "/glossary#chats", "coverage": "derived" }, { "type": "glossary", "label": "CHIPS", "href": "/glossary#chips", "coverage": "derived" }, { "type": "glossary", "label": "CIPS (Cross-border Interbank Payment System)", "href": "/glossary#cips", "coverage": "derived" }, { "type": "glossary", "label": "Clearing", "href": "/glossary#clearing", "coverage": "derived" }, { "type": "glossary", "label": "Clearing house", "href": "/glossary#clearing-house", "coverage": "derived" }, { "type": "glossary", "label": "CLS", "href": "/glossary#cls", "coverage": "derived" }, { "type": "glossary", "label": "CLS settlement", "href": "/glossary#cls-settlement", "coverage": "derived" }, { "type": "glossary", "label": "Collection request", "href": "/glossary#collection-request", "coverage": "derived" }, { "type": "glossary", "label": "Commercial bank money", "href": "/glossary#commercial-bank-money", "coverage": "derived" }, { "type": "glossary", "label": "Cover payment", "href": "/glossary#cover-payment", "coverage": "derived" }, { "type": "glossary", "label": "CSM", "href": "/glossary#csm", "coverage": "derived" }, { "type": "glossary", "label": "Decoupled authentication", "href": "/glossary#decoupled-sca", "coverage": "derived" }, { "type": "glossary", "label": "Deferred net settlement", "href": "/glossary#deferred-net-settlement", "coverage": "derived" }, { "type": "glossary", "label": "Deferred net settlement cycle", "href": "/glossary#deferred-net-settlement-cycle", "coverage": "derived" }, { "type": "glossary", "label": "Direct participant", "href": "/glossary#direct-participant", "coverage": "derived" }, { "type": "glossary", "label": "Distributed clearing", "href": "/glossary#distributed-clearing", "coverage": "derived" }, { "type": "glossary", "label": "EPC", "href": "/glossary#epc", "coverage": "derived" }, { "type": "glossary", "label": "ESMIG (Eurosystem Single Market Infrastructure Gateway)", "href": "/glossary#esmig", "coverage": "derived" }, { "type": "glossary", "label": "EURO1", "href": "/glossary#euro1", "coverage": "derived" }, { "type": "glossary", "label": "euroSIC", "href": "/glossary#eurosic", "coverage": "derived" }, { "type": "glossary", "label": "FedNow Service", "href": "/glossary#fednow", "coverage": "derived" }, { "type": "glossary", "label": "Fedwire Funds Service", "href": "/glossary#fedwire", "coverage": "derived" }, { "type": "glossary", "label": "FX settlement instruction", "href": "/glossary#fx-settlement-instruction", "coverage": "derived" }, { "type": "glossary", "label": "Herstatt risk", "href": "/glossary#herstatt-risk", "coverage": "derived" }, { "type": "glossary", "label": "HVPS+", "href": "/glossary#hvps-plus", "coverage": "derived" }, { "type": "glossary", "label": "IBAN", "href": "/glossary#iban", "coverage": "derived" }, { "type": "glossary", "label": "IMPS (Immediate Payment Service)", "href": "/glossary#imps", "coverage": "derived" }, { "type": "glossary", "label": "Indirect participant", "href": "/glossary#indirect-participant", "coverage": "derived" }, { "type": "glossary", "label": "Input credit file", "href": "/glossary#input-credit-file", "coverage": "derived" }, { "type": "glossary", "label": "Instant payment", "href": "/glossary#instant-payment", "coverage": "derived" }, { "type": "glossary", "label": "Intraday liquidity", "href": "/glossary#intraday-liquidity", "coverage": "derived" }, { "type": "glossary", "label": "ISO 20022", "href": "/glossary#iso-20022", "coverage": "derived" }, { "type": "glossary", "label": "ISO 8583", "href": "/glossary#iso-8583", "coverage": "derived" }, { "type": "glossary", "label": "Large-value payment system", "href": "/glossary#large-value-payment-system", "coverage": "derived" }, { "type": "glossary", "label": "LEI", "href": "/glossary#lei", "coverage": "derived" }, { "type": "glossary", "label": "Lynx", "href": "/glossary#lynx", "coverage": "derived" }, { "type": "glossary", "label": "Mandate", "href": "/glossary#mandate", "coverage": "derived" }, { "type": "glossary", "label": "MT202", "href": "/glossary#mt202", "coverage": "derived" }, { "type": "glossary", "label": "MT202 COV", "href": "/glossary#mt202-cov", "coverage": "derived" }, { "type": "glossary", "label": "MT205", "href": "/glossary#mt205", "coverage": "derived" }, { "type": "glossary", "label": "MT210", "href": "/glossary#mt210", "coverage": "derived" }, { "type": "glossary", "label": "MT300 Foreign Exchange Confirmation", "href": "/glossary#mt300", "coverage": "derived" }, { "type": "glossary", "label": "MX message", "href": "/glossary#mx-message", "coverage": "derived" }, { "type": "glossary", "label": "Nacha", "href": "/glossary#nacha", "coverage": "derived" }, { "type": "glossary", "label": "National Settlement Service (NSS)", "href": "/glossary#national-settlement-service", "coverage": "derived" }, { "type": "glossary", "label": "NPP (New Payments Platform)", "href": "/glossary#npp", "coverage": "derived" }, { "type": "glossary", "label": "pacs family", "href": "/glossary#pacs", "coverage": "derived" }, { "type": "glossary", "label": "pacs.002", "href": "/glossary#pacs-002", "coverage": "derived" }, { "type": "glossary", "label": "pacs.004", "href": "/glossary#pacs-004", "coverage": "derived" }, { "type": "glossary", "label": "pacs.008", "href": "/glossary#pacs-008", "coverage": "derived" }, { "type": "glossary", "label": "pacs.009", "href": "/glossary#pacs-009", "coverage": "derived" }, { "type": "glossary", "label": "pain.001", "href": "/glossary#pain-001", "coverage": "derived" }, { "type": "glossary", "label": "Pay-in schedule", "href": "/glossary#pay-in-schedule", "coverage": "derived" }, { "type": "glossary", "label": "Payment initiation service (PIS)", "href": "/glossary#payment-initiation-service", "coverage": "derived" }, { "type": "glossary", "label": "Payment initiation service provider (PISP)", "href": "/glossary#pisp", "coverage": "derived" }, { "type": "glossary", "label": "Payment market infrastructure", "href": "/glossary#market-infrastructure", "coverage": "derived" }, { "type": "glossary", "label": "Payment request", "href": "/glossary#payment-request", "coverage": "derived" }, { "type": "glossary", "label": "Payment versus payment (PvP)", "href": "/glossary#payment-versus-payment", "coverage": "derived" }, { "type": "glossary", "label": "PvP-linked settlement", "href": "/glossary#pvp-linked-settlement", "coverage": "derived" }, { "type": "glossary", "label": "R-transaction", "href": "/glossary#r-transaction", "coverage": "derived" }, { "type": "glossary", "label": "Real-time payments", "href": "/glossary#real-time-payments", "coverage": "derived" }, { "type": "glossary", "label": "Recall", "href": "/glossary#recall", "coverage": "derived" }, { "type": "glossary", "label": "Redirect authentication", "href": "/glossary#redirect-sca", "coverage": "derived" }, { "type": "glossary", "label": "Reject", "href": "/glossary#reject", "coverage": "derived" }, { "type": "glossary", "label": "Return", "href": "/glossary#return", "coverage": "derived" }, { "type": "glossary", "label": "RTGS", "href": "/glossary#rtgs", "coverage": "derived" }, { "type": "glossary", "label": "SCT", "href": "/glossary#sct", "coverage": "derived" }, { "type": "glossary", "label": "SCT Inst", "href": "/glossary#sct-inst", "coverage": "derived" }, { "type": "glossary", "label": "SDD", "href": "/glossary#sdd", "coverage": "derived" }, { "type": "glossary", "label": "SEPA", "href": "/glossary#sepa", "coverage": "derived" }, { "type": "glossary", "label": "SEPA Request-to-Pay (SRTP)", "href": "/glossary#srtp", "coverage": "derived" }, { "type": "glossary", "label": "Serial payment", "href": "/glossary#serial-payment", "coverage": "derived" }, { "type": "glossary", "label": "Settlement", "href": "/glossary#settlement", "coverage": "derived" }, { "type": "glossary", "label": "Settlement finality", "href": "/glossary#settlement-finality", "coverage": "derived" }, { "type": "glossary", "label": "SIC (Swiss Interbank Clearing)", "href": "/glossary#sic", "coverage": "derived" }, { "type": "glossary", "label": "T2S (TARGET2-Securities)", "href": "/glossary#t2s", "coverage": "derived" }, { "type": "glossary", "label": "TARGET2 / T2", "href": "/glossary#target2", "coverage": "derived" }, { "type": "glossary", "label": "Third-party provider (TPP)", "href": "/glossary#third-party-provider", "coverage": "derived" }, { "type": "glossary", "label": "TIPS (TARGET Instant Payment Settlement)", "href": "/glossary#tips", "coverage": "derived" }, { "type": "glossary", "label": "UN/EDIFACT", "href": "/glossary#edifact", "coverage": "derived" }, { "type": "glossary", "label": "Verification of Payee", "href": "/glossary#verification-of-payee", "coverage": "derived" }, { "type": "mapping", "label": "MT103 /REJT/ convention → pacs.002", "href": "/messages/mappings/mt103-reject-to-pacs-002", "coverage": "direct" }, { "type": "mapping", "label": "MT103 /RETN/ convention → pacs.004", "href": "/messages/mappings/mt103-return-to-pacs-004", "coverage": "direct" }, { "type": "mapping", "label": "MT103 → pacs.008", "href": "/messages/mappings/mt103-to-pacs-008", "coverage": "direct" }, { "type": "mapping", "label": "MT202 → pacs.009", "href": "/messages/mappings/mt202-to-pacs-009", "coverage": "direct" }, { "type": "mapping", "label": "MT202 COV → pacs.009 COV", "href": "/messages/mappings/mt202cov-to-pacs-009cov", "coverage": "direct" }, { "type": "mapping", "label": "MT292 → camt.056", "href": "/messages/mappings/mt292-to-camt-056", "coverage": "derived" }, { "type": "mapping", "label": "MT295 → camt.110", "href": "/messages/mappings/mt295-to-camt-110", "coverage": "derived" }, { "type": "mapping", "label": "MT296 cancellation answer → camt.029", "href": "/messages/mappings/mt296-to-camt-029", "coverage": "derived" }, { "type": "mapping", "label": "MT296 query answer → camt.111", "href": "/messages/mappings/mt296-to-camt-111", "coverage": "derived" }, { "type": "mapping", "label": "MT299 answer → camt.111", "href": "/messages/mappings/mt299-to-camt-111", "coverage": "derived" }, { "type": "mapping", "label": "MT299 query → camt.110", "href": "/messages/mappings/mt299-to-camt-110", "coverage": "derived" }, { "type": "mapping", "label": "MT900 → camt.054", "href": "/messages/mappings/mt900-to-camt-054", "coverage": "direct" }, { "type": "mapping", "label": "MT910 → camt.054", "href": "/messages/mappings/mt910-to-camt-054", "coverage": "direct" }, { "type": "mapping", "label": "MT940 → camt.053", "href": "/messages/mappings/mt940-to-camt-053", "coverage": "direct" }, { "type": "mapping", "label": "MT941 → camt.052", "href": "/messages/mappings/mt941-to-camt-052", "coverage": "direct" }, { "type": "mapping", "label": "MT942 → camt.052", 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