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Learn
Welcome to Learn, where we break down the complicated pieces of the payment industry into straightforward, easy-to-understand definitions so you can make the best possible decisions about your business’ payment operations.
Payment Rails

ACH
ACH (Automated Clearing House) is a payment processing network that’s used to send money electronically between banks in the United States.
- 1ACH API
- 2What is ACH?
- 3What is an ACH Prenote?
- 4ACH Reversals
- 5ACH Return Codes
- 6ACH Payment Returns
- 7SEC Codes
- 8What is Same-Day ACH?
- 9ACH Notification of Change (NOC)
- 10FedACH
- 11ACH Credit
- 12What is Request for Payment (RFP)?
- 13ACH Debit
- 14What is an International ACH Transfer?
- 15What is Electronic Funds Transfer (EFT)?
RTP
RTP (Real-Time Payments) is a payment processing network used to send money electronically between banks in the United States.
Wire Transfers
A wire transfer is an electronic payment made through a global network, allowing for fast, irreversible, foreign or domestic electronic money transfers.
SWIFT
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
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.
Bulk Electronic Clearing System (BECS)
The Bulk Electronic Clearing System (BECS) is a streamlined electronic payment method used to process low-value, bulk transactions in Australia and New Zealand.
Single Euro Payments Area (SEPA)
The Single Euro Payments Area (SEPA) is a system of payment schemas that standardizes cashless transactions in euros.
Bankers' Automated Clearing System
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)
Unified Payments Interface (UPI) is a real-time payments system for mobile applications designed and launched by the National Payments Corporation of India.
Faster Payments Service (FPS)
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)
TARGET Instant Payment Settlement (TIPS) was launched by the Eurosystem in November 2018 as a market infrastructure service that settles instant payments.
Pix 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.
Organizations and Standards

Payment Industry Bodies
Payment Industry Bodies are the organizations and institutions that own, operate, or govern certain core payment infrastructures.
File Standards
File Standards are the payment reporting formats used by banks and payment industry bodies.
Core Banking Systems
Core Banking Systems are codes that ensure accuracy of transactions.
Operations

Bank Accounts
Bank accounts are monetary repositories maintained by a financial institution
Back Office
These are the broader payment concepts that underpin payment operations.
- 1Payment Operations
- 2Banking API
- 3Flow of Funds
- 4Bank Reconciliation
- 5Continuous Accounting
- 6What is Money Transmission?
- 7What is Cash Management?
- 8What is Treasury Management?
- 9What are Incoming Payment Details?
- 10Payment Processor vs. Payments Gateway
- 11What is Cash Forecasting?
- 12What is Cash Pooling?
- 13What is Liquidity Management?
- 14What is Real-Time Gross Settlement (RTGS)?
- 15What is Batch Processing?
- 16What are Payment Controls?
- 17What is Idempotency?
- 18Settlement (Net vs. Gross)
- 19What is Asset Risk Management?
- 20What is A2A Banking?
Ledgering
A ledger is a record-keeping system for a company's financial transaction data.
Economics
Economics is the production, distribution, and consumption of goods and services.
Compliance
Compliance refers to the regulations, laws, and guidelines governing businesses and financial institutions.
- 1What is SOC 2?
- 2What is Section 314(b)?
- 3Financial Crimes Enforcement Network (FinCEN)
- 4Customer Due Diligence
- 5Customer Identification Program
- 6What is Section 314(a)?
- 7Suspicious Activity Report
- 8Politically Exposed Person
- 9Specially Designated Nationals
- 10What is a Currency Transaction Report?
- 11What is OFAC?
- 12What is the Bank Secrecy Act (BSA)?
- 13What is PCI DSS Certification?
- 14What is AML Compliance?
- 15Office of the Comptroller of the Currency (OCC)
- 16What is the Electronic Fund Transfer Act?
- 17Personal Identifiable Information (PII)
- 18Compliance Risk Management
- 19What is Know Your Customer (KYC)?
- 20Know Your Business (KYB)