Finance
settlement
the money actually moves
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The PipesFinanceMore terms from this board
- acquirerthe shop's bank
- authorisationthe issuer agrees to pay later, and holds the amount
- clearingworking out who owes whom
- double-entryevery movement written twice, out of one account and into another
- issuerthe cardholder's bank
- ledgerthe book of entries
- nettingpaying only the difference
- networkthe rails between them
- reconciliationchecking your book against theirs