What systems are involved in the interbank transfer process?

Several systems and components are involved in the interbank transfer process:

• Payment initiation system — the client bank where the payment order is created and confirmed.
• Bank's payment gateway — ensures the transmission of payment messages to the interbank system.
• Interbank clearing system — for example, in Russia, this is the Bank of Russia system (Central Bank), which processes and reconciles payments between banks.
• Settlement and accounting system — keeps track of debits and credits on banks' correspondent accounts.
• Notification and confirmation system — informs banks and clients about the transfer status.

Depending on the country and the type of transfer, different systems may be used, such as SWIFT for international transfers, national fast payment systems (e.g., SBP in Russia), etc.