PEX Entities: Interchange, Instruction, Transaction
It is the representation of fund transfer between two physical counter parties, the Credit Party and the Debit Party.
- When the transaction is going from the Credit Party to the Debit Party, it is a “debit” transaction.
- When it goes from the Debit Party to the Credit Party, it is a “credit” transaction.
- When a Payment Transaction cancels, rejects, refunds, returns, reverses, refuses or reports on another Payment Transaction, it is called an R-Transaction. R-Transactions have specific attributes, but are represented by the same entity in the system.
- A Payment Transaction is either received from an external party in a Payment Instruction, or is created by the system.
It is set of payment related information received from or sent to an Agent that either:
- groups Payment Transactions that are received or sent in the same Payment Interchange and that share common properties (such as, for instance, the same settlement date, the same Credit Party).
- gives status information on the processing of another Payment Instruction.
- A Payment Instruction can be “Incoming” when is received by the system, or “Outgoing” when it is sent by the system. It can never be both.
It is the representation of a file exchanged between an Agent involved in payments and the Financial Institution running the system.
- A Payment Interchange is normally composed of at least one Payment Instruction.
- A Payment Interchange can be “Incoming” when is received in the system, or “Outgoing” when it is sent by the system. It can never be both.
- The Exchange Partner the Interchange is linked to represents the Agent to which they are sent, or from which they are received.