Domestic Payments

Government Payments (GP)

What are Government Payments. Government payments refer to financial disbursements made by public sector entities to individuals, businesses and other government bodies to fulfill policy objectives and operational responsibilities.

Local Payments (LP)

What is Local Payments Local payments are financial transactions conducted within a specific country or region, processed through domestic payment networks and typically in the local currency.

Payroll and Salary Disbursement

What is Payroll and Salary Disbursement Payroll and salary disbursement refer to the comprehensive process by which organizations compensate employees and contractors for their work.

Hyper Local Payments

What are Hyper-Local Payments. Hyper local payments refer to payment systems and transactions that are designed to operate within a very specific geographic area, such as a city, neighborhood, or local community.

Retail Payments (RPs)

What is Retail Payments Retail payments refer to financial transactions carried out by consumers when purchasing goods or services from merchants, whether in physical stores or online environments.

FedNow

What is FedNow. Fednow is a real-time payments service developed by the U.S. central bank to enable instant money transfers between participating financial institutions. It allows banks and credit unions to send and receive payments within seconds, any time of day, including weekends and holidays.

Faster Payments (UK)

What is Faster Payments (UK). Faster payments (UK) is a real-time bank transfer system that allows money to move between UK bank accounts almost instantly.

Originating Financial Institution (OFI)

What Is an Originating Financial Institution (OFI). An originating financial institution (OFI) is the bank or financial institution (FI) that starts a payment on behalf of a customer.

Credit Fund Transfer (CFT)

What is Credit Fund Transfer. Credit fund transfer (CFT) is a banking and payments process where money is moved from one account to another at the instruction of the sender.

Check or Cheque?

What is Check or Cheque. A check or cheque is a written, dated and signed instrument that directs a bank to pay a specific amount of money from the drawer’s account to the payee named on the document.

ACH Push

What is ACH Push ACH Push is an electronic bank transfer in which funds are sent from one account to another at the instruction of the sender. In this model, the payer authorizes their bank to move money directly into the recipient’s account through the ACH network.

ACH Pull

What is ACH Pull An ACH pull is a type of ACH transaction in which funds are “pulled” directly from a payer’s bank account by the payee. Instead of the sender initiating the transfer, the recipient triggers the transaction after receiving proper authorization.