In the Standard Settlement Model the payment is first reserved on the payer’s account and then a payment request is sent to the payee. The reserved amount is locked and cannot be used for other payments. If payee accepts the payment the reserved funds are released and the transaction is carried out immediately
Standard Settlement Model
Related terms in the category Payments
- Autogiro
- BBAN
- BIC
- Business Day
- Clearing
- Clearing codes
- Correspondent banks
- Cross-border Payments
- Direct Debit
- ECB
- Future Value Date
- IBAN
- Instant Payment
- Payee
- Payer
- Payment Account
- Payment Order
- SCT
- SDD
- SEPA
- SEPA Direct Debit
- Settlement
- SIP Settlement Model
- Standard Settlement Model
- Swift
- Value Date