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Payment Solutions

by davidmillernyc
2 replies
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What is T+1 settlement in payment solutions?
#payment #solutions
  • Profile picture of the author rumifdx
    perhaps is a mispelling of T/T?!..

    "DEFINITION of 'Telegraphic Transfer - TT' An electronic method of transferring funds. Telegraphic Transfers are used primarily for overseas wire transactions. These transfers are used most commonly in reference to CHAPS, Clearing House Automated Payment System, transfers in the U.K. banking system."
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    • Profile picture of the author Importexport
      Originally Posted by rumifdx View Post

      perhaps is a mispelling of T/T?!..

      "DEFINITION of 'Telegraphic Transfer - TT' An electronic method of transferring funds. Telegraphic Transfers are used primarily for overseas wire transactions. These transfers are used most commonly in reference to CHAPS, Clearing House Automated Payment System, transfers in the U.K. banking system."
      I have never heard of a payment term T+1 in relation to importing. The term is used in stock market transactions and relates to the settlement date which is one day after the stock transaction date.

      If you are referring to buying products overseas, then the answer by rumifdx would be correct.

      "If you think education is expensive - consider the cost of ignorance."
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