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The term settlement instruction is a generic term used to describe the (only) mechanism by which trade settlement (the exchange of securities and cash) is initiated between seller and buyer.
A settlement bank is the last bank to receive and report the settlement of a transaction between two entities. It is the bank that partners with an entity being paid, most often a merchant.
Definition of Settlement Account. Settlement Account means the account maintained by Bank used for Settlement of all transactions initiated by use of a Card(s) by or on behalf of a Cardholder.
What does transaction settlement mean? The process by which a merchant will receive funds from a customer for a transaction. Once a customer buys a service or goods, the issuing bank will send the funds to the payment processor used by the seller.
As nouns the difference between settlement and payment is that settlement is the state of being settled while payment is (uncountable) the act of paying.
A settlement is an official agreement between two sides who were involved in a conflict or argument. A settlement is an agreement to end a disagreement or dispute without going to a court of law, for example by offering someone money. She accepted an out-of-court settlement of £4,000.
standing settlement instructions (SSI) Synonym: settlement instructions Standing settlement instructions are a market participant's default instructions for the payment and delivery of securities. They often differ depending on the type and denomination currency of the securities.
SSI (Standard Settlement Instruction) The set of details which defines how a financial institution (or part thereof) makes and receives payments in a specific currency and for specific type or set of transactions.
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