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The first part is the clearing process in which payment information is conveyed from the payor to the payee, probably through intermediary banks. The second part is settlement in which the actual transfer of value associated with the payment order is made, generally not with cash but with a claim on a bank.

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.

Settlement involves exchanging funds between the two banks, while clearing can end without any interbank money movement. In the clearing process, funds move between the recipient's or sender's bank account and their bank's reserves.

Payment is a dollar amount paid on any debt or allowance. A settlement is a payment or payments that will conclude the financial obligation in full, thus finishing the agreed term and amount in total.

The first part is the clearing process in which payment information is conveyed from the payor to the payee, probably through intermediary banks. The second part is settlement in which the actual transfer of value associated with the payment order is made, generally not with cash but with a claim on a bank.

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.