PEX Entities: Interchange, Instruction, Transaction


 

Payment 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.

Payment Instruction:

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.

Payment Interchange:

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.


 



 





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