| Payment | A structured act by which a payer causes the transfer of value to a payee, resulting in a change of entitlement recognized by one or more systems of record. |
| Digital Payment | A Payment in which the expression of intent, authorization, transmission, and confirmation are performed through digital representations and processed by computational systems. |
| Payer | The participant who initiates the transfer of value. |
| Payee | The participant who receives the transferred value. |
| Intermediary | A participant who facilitates a Payment without being the ultimate sender or receiver of value. |
| Value | The economic unit being transferred, defined by an amount and an asset type. |
| Asset | The denomination of the value being transferred (e.g., a currency code, a tokenized asset identifier). |
| Payment Identifier | A unique identifier assigned to a Payment at creation. MUST be unique within the relevant system of record. |
| Intent Descriptor | A structure describing the purpose and conditions of a Payment. Optional. |
| Authorization Proof | Evidence that the payer has approved the Payment. MUST be bound to the payer, value, and payee. |
| Authorization Method | The mechanism by which the Authorization Proof was produced (e.g., cryptographic signature, institutional mandate). |
| Execution Context | Optional metadata describing the environment in which a Payment is processed (network, rail, settlement model). |
| Payment Draft | An incomplete Payment object used as input to the initiation interface. Contains all fields except identifier and state. |
| System of Record | Any system that authoritatively records the state of a Payment or the change in entitlement resulting from it. |