Transaction lifecycle overview

Paymentology defines a transaction as any business activity that results in a direct effect on the financial status and financial statements of a business. In Banking.Live, transactions are associated with FAST messages, which provide more context about the activity.

Transactions are categorised according to:

the source or trigger
the function of the transaction

Transaction lifecycle guides

Explore the transaction lifecycle guides and how it all works on Banking.Live with the links below:

Transactions

Discover how Banking.live defines and processes different types of transactions:

Authorization, clearing, settlement and reconciliation

Find out how Banking.live manages and processes scheme transactions, and who the responsible parties are:

Chargeback

Learn about chargeback creation and processing on Banking.live:

Transaction lifecycle FAQ's

If you have questions, you may find our FAQ's provide you with answers. You can also try out Ask AI, or ask one of our trusty experts through our Customer Support platform.