See the payment move.
Each flow is a playable journey: watch the message travel, see clearing become an obligation and settlement become finality, and follow the debits and credits. Every diagram distinguishes the four kinds of movement:
CLEARING OBLIGATIONSETTLEMENTPOSTING
- 01DOMESTICA simple domestic transferOne person pays another at a different bank in the same country. The simplest complete journey: instruct, check, move the message, move the money, credit.
- 02SEPASEPA Credit TransferA euro credit transfer from one customer to another through a clearing and settlement mechanism, from initiation to the beneficiary's credit.
- 03SEPASEPA Instant Credit TransferA euro transfer that completes in seconds, around the clock. The beneficiary bank must answer before funds move, and settlement happens immediately from prefunded positions.
- 04SWIFTSWIFT serial payment (MT103)A cross-border customer transfer where the MT103 hops from bank to bank and money moves as book transfers across correspondent accounts.
- 05SWIFTSWIFT cover payment (MT103 + MT202 COV)The payment instruction travels directly to the beneficiary bank while the money takes the correspondent route as a cover transfer. The two must meet and match.
- 06CBPR+CBPR+ cross-border transfer (pacs.008)A cross-border customer credit transfer in ISO 20022 under CBPR+ usage guidelines, tracked end to end by its UETR.
- 07CBPR+ISO 20022 cover payment (pacs.008 + pacs.009 COV)The instruction reaches the creditor agent directly as a pacs.008 while the funds travel the correspondent route as a pacs.009 COV. The two must meet and match before the payee is paid.
- 08DOMESTICA Fedwire funds transfer (US RTGS)A high-value dollar payment settles one-for-one across the banks' accounts at the Federal Reserve, in real time and with finality — no netting, no waiting for a cycle.
- 09DOMESTICA CHIPS payment (netting then settlement)A dollar payment is released against running net positions during the day and is final once released. Only the leftover net balances settle across Fedwire at the close — far less cash than paying each one gross.
- 10SEPASEPA Credit Transfer through STEP2-TA euro credit transfer cleared through STEP2-T, EBA CLEARING's pan-European retail ACH, with the resulting positions settling in central bank money in TARGET2.
- 11SEPASEPA Direct Debit — CoreA biller pulls a euro invoice from a customer under a signed mandate: the collection instruction flows from the creditor's side while the money moves the opposite way, from debtor to creditor.
- 12SEPASEPA Direct Debit — B2BA business-to-business euro direct debit where the creditor pulls funds from a corporate debtor, and the debtor bank must verify the registered mandate before debiting.
- 13SEPAVerification of Payee, then instant transferBefore an instant euro transfer can settle, the payer's bank checks the payee's name against the account and warns the payer if it does not match — then, on a match, the payment settles in seconds.
- 14DOMESTICA TARGET2 (T2) settlement (euro RTGS)A high-value euro payment settles one-for-one across the banks' accounts in central-bank money, in real time and with finality — each accepted instruction settles on its own, without any prior netting.
- 15SEPATIPS — TARGET Instant Payment SettlementA euro instant payment settled individually in central bank money on TIPS, final and irrevocable in under ten seconds, any hour of any day.
- 16DOMESTICA CHAPS payment (UK sterling RTGS)A high-value sterling payment settles one-for-one across the banks' accounts at the Bank of England, in real time and with immediate finality — each payment settles on its own in central-bank money, with no netting and no waiting for a cycle.
- 17DOMESTICFaster Payments (FPS)A pound transfer that reaches the payee within seconds, around the clock — but the banks settle their net positions in central bank money later, on a deferred cycle. Instant for the customer, deferred-net for the banks.
- 18DOMESTICBacs Direct CreditA UK Bacs Direct Credit pushes a salary payment from employer to employee through a fixed three-working-day batch cycle, where nothing moves until entry day.
- 19DOMESTICBacs Direct DebitA biller pulls a bill from a customer's account over Bacs' three-working-day cycle under a Direct Debit Instruction, with unpaid items returned through the ARUDD cycle a day or two after settlement.
- 20DOMESTICA FedNow instant payment (US, 24/7/365)Riya sends USD 300.00 to Arjun on a holiday and he can spend it within seconds — the Federal Reserve settles the payment on its own, immediately and finally, in central-bank money.
- 21DOMESTICUS ACH Network — direct depositA US dollar ACH credit for payroll: a batch instruction that clears through an ACH operator and settles on a deferred, netted basis before the wage lands in the employee's account.
- 22DOMESTICThe RTP Network (instant, final, prefunded)Riya sends USD 250.00 to Arjun in the middle of the night and he can spend it at once. RTP, operated by The Clearing House, runs every day of the year, only pushes money, and is final the moment it settles — no one can recall it.
- 23DOMESTICAn India RTGS transfer (Reserve Bank of India)A high-value rupee payment settles one transaction at a time across the banks' accounts at the Reserve Bank of India, in real time and with finality — no netting, no waiting for a batch.
- 24DOMESTICIndia NEFTA rupee transfer from one customer to another over the Reserve Bank of India's NEFT system, which settles net in half-hourly batches rather than one payment at a time.
- 25DOMESTICIndia IMPS — Immediate Payment ServiceA rupee transfer that reaches the payee in seconds at any hour, addressed by mobile number, while the banks settle their net positions later in central bank money at the Reserve Bank of India.
- 26DOMESTICIndia UPI — Unified Payments InterfaceRiya pays Arjun INR 250 in seconds by entering his UPI ID, never sharing an account number; the money reaches Arjun instantly while the banks settle net later at the RBI.
- 27DOMESTICIndia NACH DebitA recurring loan EMI is pulled from a borrower's account by NACH Debit under a registered mandate, cleared in a batch at NPCI and settled net in central bank money.
- 28SWIFTIndia to USA: an outward remittance (MT103, INR to USD)A resident individual in India sends dollars to a friend's US account — Form A2, FEMA/LRS compliance, currency conversion, and a serial MT103 through one US correspondent.
- 29DOMESTICA RITS settlement (Australia RTGS)A high-value Australian dollar payment settles one-for-one across the banks' Exchange Settlement Accounts at the Reserve Bank of Australia, in real time and with finality.
- 30DOMESTICAustralia NPP — real-time settlement via the Fast Settlement ServiceAn Australian dollar payment sent day or night using a PayID instead of a BSB and account number, where the Fast Settlement Service settles each transaction one by one in real time across accounts at the Reserve Bank of Australia.
- 31DOMESTICA MEPS+ transfer (Singapore RTGS)A high-value Singapore-dollar payment settles one-for-one across the banks' RTGS accounts at the Monetary Authority of Singapore, instantaneously and irrevocably — provided the paying bank's account holds the funds.
- 32DOMESTICFAST (Fast And Secure Transfers)A Singapore dollar transfer that reaches the payee almost instantly, around the clock — but the banks settle their net positions in central bank money later, through MEPS+. Instant for the customer, deferred-net for the banks.
- 33DOMESTICSingapore PayNow (addressing overlay on FAST)PayNow lets Riya pay Arjun in Singapore dollars using his mobile number or a QR code instead of his account number — the payment itself runs on FAST underneath, and net positions settle later in MEPS+ at the central bank.
- 34DOMESTICA Hong Kong CHATS payment (HKD RTGS)A high-value Hong Kong dollar payment settles one-for-one across the banks' settlement accounts at the HKMA, individually and immediately — as long as the paying bank has the balance.
- 35DOMESTICHong Kong FPS — the Faster Payment SystemRiya sends HKD 600.00 to Arjun at night using only his mobile number. The Faster Payment System resolves that proxy to his account, moves the money almost immediately, and settles the interbank leg on the HKMA book.
- 36DOMESTICA BOJ-NET funds transfer (Japan RTGS)A large-value yen payment settles one-for-one across the banks' current accounts at the Bank of Japan, individually and immediately — not batched and netted like a retail payment through the Zengin System.
- 37DOMESTICJapan Zengin SystemA domestic yen credit transfer from one customer to another, netted by the Zengin Center and settled net across the banks' accounts at the Bank of Japan.
- 38DOMESTICA SIC payment (Swiss RTGS)A Swiss franc interbank payment settles one order at a time across the banks' sight deposit accounts at the Swiss National Bank, in real time and with finality — but only if cover is there.
- 39DOMESTICBrazil Pix — instant paymentRiya pays Arjun in seconds using only his Pix key. The DICT directory resolves the key to his account, and the SPI settles the payment individually in central bank money — final and irrevocable, around the clock, with no fees.
- 40DOMESTICA Brazil STR reserve transfer (BR RTGS)A high-value real payment settles one-for-one across the banks' reserve accounts at the Banco Central do Brasil, in real time and with finality — no netting, no waiting for a cycle.
- 41DOMESTICMexico SPEI — Banco de Mexico's interbank systemRiya sends pesos to Arjun by CLABE; SPEI, Banco de Mexico's real-time gross settlement system, settles the payment individually in central-bank money within seconds.
- 42DOMESTICA Lynx wire payment (Canada's RTGS)A high-value Canadian dollar wire clears and settles one payment at a time across Lynx — central-bank money moves at the Bank of Canada with real-time finality, and the payment is irrevocable.
- 43DOMESTICCanada Interac e-TransferRiya sends CAD 200.00 to Arjun by typing his email address in her bank's app — no account number shared — and he gets the money almost at once, while the two banks settle up between themselves separately and later.
- 44SWIFTSWIFT gpi (tracked correspondent payment)A cross-border correspondent payment that settles bank to bank as before, but carries a UETR in the MT103 and posts each hop's status to the gpi Tracker for end-to-end visibility.
- 45CBPR+CIPS cross-border RMB paymentAsha Traders pays a Chinese supplier in renminbi; the payment clears and settles onshore through CIPS, the PBoC-overseen cross-border RMB system.
- 46CBPR+PAPSS — Pan-African Payment and Settlement SystemAn intra-African trade payment where the buyer pays in their own local currency and the supplier is paid in theirs, routed local bank to central bank to PAPSS to central bank to local bank, then netted and settled daily.
- 47CBPR+A Buna cross-border payment (Arab region RTGS)A cross-border payment in one supported currency settles individually and in real time across two banks' Buna settlement accounts, with compliance screening run both before and after settlement.
Exception Lab
ALL 56 SCENARIOS →When payments fail, the interesting questions begin: where is the money, did settlement happen, and who must act? Each scenario answers all three.
Settlement visualiser
OPEN THE LAB →Run the same book of payments through RTGS and deferred net settlement: watch queues form and release, gross collapse to net, and risk concentrate on the net debtor.