
PAPSS explained: a local-currency payment still needs settlement
Customer payment, participant funding and final settlement are different stages of the same infrastructure.
Background and explainers
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Customer payment, participant funding and final settlement are different stages of the same infrastructure.

New shares and shareholder sales have different consequences.

Policy works through financial conditions and borrowing decisions rather than setting every commercial price.

Preferential trade treatment depends on origin criteria and procedures.

Exchange-rate margins, payment methods and delivery terms complicate a simple price comparison.

A global commodity benchmark and a local food-shopping bill measure different things.

Replacing a typed password changes authentication, while fallback and account recovery remain part of the security design.