Roles and Responsibilities

Who Participates In The Life Cycle

This chapter converts the participant map into an accountability map. It explains what each role must contribute, what it may reasonably depend on, where its authority stops, what evidence proves its work, and how responsibilities change during normal processing, exceptions, recovery, investigation, and assurance. The treatment is practical and jurisdiction-neutral; exact duties must always be checked against the applicable law, regulation, scheme rules, contracts, product terms, and facts.

The framework below applies to the ten responsibility areas in this card. It is presented once so that sections 96–105 can focus on each role’s authority, actions, dependencies, controls, exceptions, and evidence.

Card 9 identified the parties in the transfer chain. This card asks a different question: what must each role actually do? The distinction prevents organizational charts from becoming process definitions. One legal entity can act as sender's bank, clearing participant, settlement-account holder, foreign-exchange provider, and investigator in the same transfer, while separate internal teams and systems perform the work. Requirements must allocate each activity without assuming that one label answers every question.

Readiness begins before the payment exists. Products require approved terms, eligible accounts and currencies, scheme participation, settlement arrangements, liquidity, message mappings, control configuration, accounting rules, operational procedures, service monitoring, customer support, and tested recovery. Launch approval should verify that these dependencies form a complete operating model. A successful API response in a test environment proves only one part of readiness.

Explore the complete Payment Life Cycle