A set of data transferred via an electronic mechanism representing the sender and receiver of the transaction and the amount to transfer, which enables the settlement of transactions between participants in a payment system.
In layman terms (not using the banking jargon) a payment message is an electronic representation of a payment.
This is a series of posts with definitions for the jargon used in #banking, #fintech and #payments.
Too many people use some terms without understanding them beyond the definition.
Too many “experts” use the terms but they never had experience with the actual implementation of anything in #banking, #fintech and #payments.