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LIBRARY


PAYMENT RAILS EXPLAINED: UNDERSTANDING THE BACKBONE OF MODERN TRANSACTIONS

3 min read



INTRODUCTION

In today’s fast-paced digital world, payment rails are the unsung heroes of
modern financial transactions. While many of us use payment apps, credit cards,
and online banking services daily, few people understand how these transactions
are processed and how payment rails work. In this article, we will explore
payment rails, their role in modern transactions, and how they have evolved over
time.
 
 


WHAT ARE PAYMENT RAILS?

Payment rails refer to the underlying infrastructure and technology that enable
the movement of funds between parties during a transaction. These payment
systems can be physical, such as cash, or digital, such as bank transfers,
credit card networks, and payment apps. Payment rails act as a backbone for
financial transactions and include the following key components:

 * Payment processors: Third-party entities that facilitate the transfer of
   funds between the payer and payee
 * Payment gateways: Platforms that connect the merchant’s website or app to the
   payment processor
 * Payment networks: Electronic networks that enable the transfer of funds
   between financial institutions

 
 


HOW PAYMENT RAILS WORK

Payment rails work in a complex yet efficient process that involves several
steps. Here is a breakdown of the payment rails’ process:

 * Payment Initiation: The payment process starts when a customer initiates a
   transaction by making a payment request.
 * Payment Processing: Payment processors receive the payment request and
   authenticate it, then verify the payer’s account information and ensure that
   there are sufficient funds in their account.
 * Payment Authorization: After verifying the payment, the payment processor
   sends the payment authorization to the payment gateway, which then transmits
   it to the payment network.
 * Payment Settlement: The payment network verifies the payment and routes it to
   the payer’s bank for debiting the account and to the payee’s bank for
   crediting their account.
 * Payment Reconciliation: Once the payment is settled, the payment processor
   reconciles the payment records with the payment network and generates
   transaction reports.

 
 


EVOLUTION OF PAYMENT RAILS

Over time, payment rails have evolved to keep up with the changing needs of
customers and advancements in technology. Here are some of the key milestones in
the evolution of payment rails:

 * Cash and Check Payments: Before the advent of digital payments, people relied
   on cash and checks to conduct transactions. While these methods are still in
   use, they are becoming less common in a digital world.
 * Credit and Debit Cards: The introduction of credit and debit cards in the
   1950s and 1960s revolutionized the payment industry. These payment cards
   enabled customers to make purchases without carrying cash, making
   transactions faster and more secure.
 * Online and Mobile Payments: With the advent of the internet and smartphones,
   online and mobile payments have become increasingly popular. Payment apps
   such as PayPal, Venmo, and Square have made it easy for customers to make
   transactions from their phones and computers.
 * Blockchain and Cryptocurrencies: The advent of blockchain technology and
   cryptocurrencies such as Bitcoin and Ethereum has disrupted the payment
   industry. These payment systems are decentralized, secure, and transparent,
   making them an attractive alternative to traditional payment rails.

The above payment rails are used by various financial institutions and payment
providers to send funds across the globe. However, Veem uses Multi-Rail
Technology to quickly identify which payment rails to take in order to maximize
transfer speed and keep costs low. This process involves using multiple payment
rails such as bank transfers, SWIFT network payments, and in some cases
blockchain transfers, to transfer your funds safely and quickly from one account
to another.
 
 


CONCLUSION

Payment rails play a critical role in the modern financial landscape, enabling
the movement of funds between parties during a transaction. Understanding
payment rails and their evolution is crucial for anyone who wants to stay
up-to-date with the latest developments in the payment industry. As technology
continues to advance, payment rails are likely to evolve even further, offering
customers new and exciting ways to conduct transactions. Ready to get started?
Book a demo with Veem to learn more about simplifying your payment processes.

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* This blog provides general information and discussion about global business
payments and related subjects. The content provided in this blog ("Content”),
should not be construed as and is not intended to constitute financial, legal or
tax advice. You should seek the advice of professionals prior to acting upon any
information contained in the Content. All Content is provided strictly “as is”
and we make no warranty or representation of any kind regarding the Content.



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