Participant


 

Participant:

Participant can be:

  • An external Financial Institution: correspondent banks, represented banks, or an agent receiving or sending payments on behalf of one of those.
  • A clearing system.
  • An external non Financial Institution that acts on behalf of a Financial Institution: a Data Processor, a Cheque Printer.
  • An Accounting Management System.
  • An “Order Management-type” System.
  • A customer of the OPF Bank.

A payment can potentially be linked to six Participants

  • Incoming Business Participant : The previous Agent in the payment processing chain that sent the Transaction to the Financial Institution running the system, either directly (in which case it is the same as the Clearing Participant) or indirectly (in which case the Clearing Participant is the intermediary).
  • Incoming Settlement Participant : The Participant with which the exchange of funds is settled on the incoming side.
  • Incoming Clearing Participant : The Participant that delivered the Payment Interchange to the system.
  • Outgoing Business Participant : The Participant that represents the next Agent in the payment processing chain (in the routing algorithm, this typically the first Participant found, before following any “delegation” link).
  • Outgoing Settlement Participant : The Participant with which the exchange of funds is settled on the outgoing side.
  • Outgoing Clearing Participant : The Participant to which the system delivers the Payment Interchange.