Our landmark annual report is here.Read the State of Payment Operations 2022


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

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

  1. 1What is RTP?
  2. 2What are QR Code Payments?

Wire Transfers

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

  1. 1What is a Wire Transfer?


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.

  1. 1What are SWIFT Payments?
  2. 2SWIFT Codes


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.

  1. 1What is FedNow?

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.

  1. 1What is the Bulk Electronic Clearing System (BECS)?

Single Euro Payments Area (SEPA)

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

  1. 1What is the Single Euro Payments Area (SEPA)?

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.

  1. 1What is the Bankers’ Automated Clearing System (BACS)?

Organizations and Standards

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Payment Industry Bodies

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

  1. 1Fedwire
  2. 2TCH
  3. 3NACHA
  4. 4CHIPS
  5. 5What is the European Payments Council (EPC)?

File Standards

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

  1. 1BAI2
  2. 2NACHA files
  3. 3ISO 20022
  4. 4MT940 File

Core Banking Systems

Core Banking Systems are codes that ensure accuracy of transactions.

  1. 1Sort Codes
  2. 2What is Core Banking?


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Bank Accounts

Bank accounts are monetary repositories maintained by a financial institution

  1. 1What is an FBO account?
  2. 2What are Virtual Accounts?
  3. 3What are Lockboxes?
  4. 4What is a Deposit Account Control Agreement?


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

  1. 1Fiat Money