Settlement is a crucial step in financial transactions. It is the final stage where the actual exchange of assets or funds takes place between the parties involved.
This process completes the transaction, and it includes making or receiving payments and transferring ownership of the assets.
Settlements can be completed through various payment methods, such as wire transfers, electronic funds transfers (EFT), Automated Clearing House (ACH) transactions, or checks.
International Settlement
In international transactions, cross-border settlement involves navigating different currencies, time zones, and regulatory frameworks. Correspondent banking relationships and international payment systems are often utilized to facilitate cross-border settlements.
Settle in Other (non-US) Currency
Paystand can settle captured payments to the bank account and business entity of several other (non-US countries). Please see the International Payments page for more details.
Settlement is the currency the payment will be converted to (if necessary) on its way to being deposited ("settled") to the merchant's bank
- Settling in X currency to your X bank account for your X business entity requires a X business incorporation + X legal representative + X banking domicile
- Please read that sentence carefully and completely
- X can equal "GBP/UK", or "USD/USA", or "EUR/EU", or "CAD/CAN", etc.
- X must always be aligned, and never mix "country" and "currency"
Does our technology work in any country or with any currency?
This is a complex question with no easy answer, as any bank will tell you there is no such thing as “one provider serves all countries & currencies.” The best thing to do here is to ask which countries they wish to operate from and settle funds to (“Settlement") and if their business entities ever present their customer with the option to pay in a currency not local to the business entity (“Presentment").