U.S. Automated Clearing House batch payments, cheaper and slower than wires.

Both legs of an exchange succeed or fail together, reducing Herstatt risk.

The Lightning specification for encoding payment requests as signed invoices with fields such as amount, payment hash, description, and expiry.

Continuous Linked Settlement, the traditional FX PvP utility for major currencies.

Delivery versus payment. Asset and cash move together, a goal for tokenized securities systems.

Bearer Chaumian mints for private small payments, often Lightning-connected. Mint trust is the tradeoff.

Settlement risk named after a bank failure where one side of FX paid and the other did not.

Messaging richness banks want. Crypto ledgers can carry memos, but legal interoperability is about gateways, not magic compatibility badges.

Instant Bitcoin transfers over payment channels with low fees when routes are available.

A Lightning routing technique that conceals information about a recipient's route segment using encrypted forwarding instructions and blinded node identifiers.

A protocol for requesting a Lightning payment invoice from a service through an encoded URL-based interaction.

Correspondent bank accounts held for cross-border settlement. Crypto ODL tries to reduce pre-funding needs.

A transfer that stays inside one institution's ledger, settling without an external rail.

The network that moves value: card schemes, RTGS, stablecoins, or Lightning.

The payee debits the payer under a mandate, as with many card and ACH debit flows.

Cross-border retail money transfer. Crypto and stablecoins compete with traditional operators on speed and cost.

Single Euro Payments Area. Euro credit transfers and direct debits across participating countries.

The moment a payment can no longer be unilaterally reversed under the system's rules.

Same-day or instant settlement. Crypto spot is closer to this than stock T+1, which matters for ETF ops.