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ACH (Automated Clearing House) is a payment processing network that’s used to send money electronically between banks in the United States.

RTP (Real-Time Payments) is a payment processing network used to send money electronically between banks in the United States.

A wire transfer is an electronic payment made through a global network, allowing for fast, irreversible, foreign or domestic electronic money transfers.

SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a network that enables a standardized, secure method (known as SWIFT codes) for sending and receiving international wire transfer instructions.

FedNow is a payment service, designed by the Federal Reserve, that will enable real-time payments (RTP) for financial institutions of any size, in any community—365 days of the year.

The Bulk Electronic Clearing System (BECS) is a streamlined electronic payment method used to process low-value, bulk transactions in Australia and New Zealand.

The Single Euro Payments Area (SEPA) is a system of payment schemas that standardizes cashless transactions in euros.

Originally known as Bankers’ Automated Clearing System (BACS), BACS Payment Schemes Limited clears and settles direct debit, BACS direct credit, and current account switch service in the United Kingdom.

Unified Payments Interface (UPI) is a real-time payments system for mobile applications designed and launched by the National Payments Corporation of India.

The Faster Payments Service (FPS) is a banking service in the United Kingdom. The FPS was instituted in order to reduce payment times between accounts held by different customers from 3+ days to just a few seconds.

TARGET Instant Payment Settlement (TIPS) was launched by the Eurosystem in November 2018 as a market infrastructure service that settles instant payments.

Pix is Brazil’s instant payment platform that launched on November 16, 2020. Created and managed by the Central Bank of Brazil, Pix enables fast payments and transfers at any time, year-round.

Payment Industry Bodies are the organizations and institutions that own, operate, or govern certain core payment infrastructures.

File Standards are the payment reporting formats used by banks and payment industry bodies.

Core Banking Systems are codes that ensure accuracy of transactions.

Bank accounts are monetary repositories maintained by a financial institution

These are the broader payment concepts that underpin payment operations.

A ledger is a record-keeping system for a company's financial transaction data.

Economics is the production, distribution, and consumption of goods and services.

Compliance refers to the regulations, laws, and guidelines governing businesses and financial institutions.