Virtual accounts and account numbers simplify payment transactions.
What is settlement?
Settlement is like a purchase agreement where goods and money are exchanged. Obligations arise between the different parties in this process, and settlement involves meeting these obligations. Settlement can therefore be seen as the handling of transactions and the depositing of money from processed transactions with the merchant’s acquiring bank (acquirer).
What is a settlement currency?
The settlement currency is the currency in which money from a transaction is paid into a bank account. In this way, a settlement currency differs from a transaction currency.