A glossary of common payment terms

Global account: receiving details for a supported currency and payment route.

Beneficiary: the person or business named to receive a transfer. Copy the name exactly as shown in the account instructions.

Remittance: money sent across borders. In a payment workflow, it identifies the incoming funds being matched or withdrawn.

Settlement: the completion of the payout stage, including the relevant credit to the destination account.

FX rate: the exchange rate used to convert one currency into another. A displayed market rate can change before conversion.

Purpose code: a classification describing the underlying reason for a cross-border payment.

FIRA: Foreign Inward Remittance Advice, a document recording details of an inward remittance.

Limit order: an instruction linked to a target FX rate and selected payment records.

FX alert: a notification when a target rate is reached; it does not itself instruct a withdrawal.

QuickLink: a shareable online payment link associated with your payment request.