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Payment settlement entities are the organizations responsible for reporting the payments made to participating payees. A payment settlement entity may be a domestic or foreign entity.

Settlement. The accounts are settled at the end of the day when the merchant opts for it. The bank credits the amount to the merchant's account, after deducting charges, the next day.

Cleared funds are money that has been fully transferred from one account to another, for example after depositing a check. Cleared fund are available for immediate withdrawal or use. Payments and money transfers take time to clear, especially if the originator uses a different bank than the receiver of the funds.

Clearing and settlement directly follows a trade. Clearing is what comes immediately after the trade, where all the terms of the deal are double-checked. Settlement is the final stage, in which the transfer of securities and money takes place.

Once a transaction has been approved, settlement is the second and final step. This is when the issuing bank transfers the funds from the cardholder's account to the payment processor, who then transfers the money to the acquiring bank.

As mentioned before, settlement is the process by which merchants receive transaction funds into their accounts.

What is a settlement period? The time lag between receiving a customer payment and receiving the funds in your merchant bank account is called the settlement period. Normally, this takes anywhere between 24 hours and several weeks, but three to five working days is typical for most payment processing services.