Every mode rides a rail. The schemes set the rules, the messages move the value, and clearing and settlement square the books. These are the shared foundations the modes depend on.
Visa, Mastercard, Amex and domestic schemes — the four-party model, interchange and scheme fees.
Liverails/iso-20022The messaging standard taking over high-value and instant payments — and the migration deadlines.
Liverails/iso-8583The card-message standard that still runs the authorization world — fields, MTIs and bitmaps.
Liverails/switching-clearingAuthorization switching, clearing cycles, and the role of the payment clearing house.
Liverails/settlementNet vs gross settlement, RTGS, settlement risk, and the central-bank money at the bottom.
Liverails/tokenizationPANs to network tokens, TSPs, and why tokenization sits under both cards and wallets.