ACI Operations Certificate key terms

The date on which the parties agree the transaction, distinguished from its value date, payment date or later recording correction.

The agreed effective settlement date under the relevant transaction conditions and calendars, rather than one universal delay for every product.

The currency whose unit amount is priced in the quotation, with the other currency expressing the quoted price per unit.

The currency used to state the price of a unit of base currency, determining the direction and units of an exchange calculation.

The price at which the quoting party buys the specified base instrument, requiring the stated quotation and transaction perspective.

The price at which the quoting party sells the specified base instrument, distinguished from the side used when that party buys it.

A communication recording the agreed transaction details for comparison and control, rather than proof that the final settlement has already occurred.

Authorized information directing the relevant transfer, whose changes need the established verification and approval process before use.

Our institution account held with another institution from our perspective, requiring reconciliation with the relevant statement and internal records.

Another institution account held with our institution from our perspective, describing a different viewpoint on the correspondent banking relationship.

Comparison and investigation of differences between relevant records, with supported corrections rather than an unsupported entry forcing balances to agree.

An unmatched, inconsistent or otherwise flagged item requiring investigation under the control process, whose cause is not established merely by its size.

A settlement arrangement linking delivery of securities with the corresponding payment under defined conditions, addressing particular principal-risk exposure.

An arrangement linking payments in different currencies under defined conditions, without removing every operational, legal, liquidity or credit risk.

Combining relevant obligations under an agreed framework to determine a net amount, whose legal and operational basis must be established.

The rule defining the relevant time fraction in a financial calculation, requiring the stated instrument and terms rather than an assumed common denominator.

A deadline relevant to a payment or processing service, depending on the system, currency, date and agreed service conditions.

Electronic processing intended to reduce manual intervention across the transaction lifecycle, while preserving controls, reconciliations and exception handling.

Separation of incompatible transaction and control responsibilities to reduce opportunities for error or misuse, supported by access controls and review.

Risk of loss from inadequate or failed processes, people or systems or external events, distinguished from the economic return of a trade alone.