Payer

someone that sends value

Payee

someone that receives value

Sending bank

the bank that receives the payer's instruction and initiates the payment

receiving bank

a bank institution that is receiving value and process it for the beneficiary

clearing

the process of transmitting, matching, validating and calculating obligations between financial institutions before settlement.

settlement

the actual discharge of payments obligations between the relevant parties

reconciliation

comparing records from different sources to ensure transactions agree, identifying and investigating discrepancies