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Payment settlement refers to the process of the issuing bank transferring funds from the cardholder's account, via a payment gateway, to the acquiring bank - the financial institution that accepts card payments on behalf of the merchant.

What Is an Account Settlement? An account settlement generally refers to the payment of an outstanding balance that brings the account balance to zero. It can also refer to the completion of an offset process between two or more parties in an agreement, whether a positive balance remains in any of the accounts.

As between the two financial institutions and their respective customers, they will typically settle by debiting and crediting their respective customers' accounts they maintain. But the financial institutions involved in the transaction will also need to settle among themselves.

SETTLEMENT PROCESS OVERVIEW In the financial industry, settlement is generally the term applied to the exchange of payment to the seller and the transfer of securities to the buyer of a trade. It's the final step in the lifecycle of a securities transaction.

Payment settlement involves collecting the funds for the amount recorded for an order. For example, when using credit cards, the settlement process specifically involves contacting the payment system and collecting the required amount of funds against the credit card.

To create an Instant Settlement: Log in to the Dashboard. Navigate to Settlements. Click Settle Now. The Instant Settlement pop-up opens. Enter the amount you want to settle to your bank account. This can either be your full Current Balance or a part of it. ... Click Confirm.

Payment and settlement system means the financial infrastructure that carries out payment and settlement between banks and other institutions. Since banks are the medium through which payments are made, the payment and settlement system manage the interbank transactions and settles them.