Resources

FX Glossary

Plain-English definitions of the key terms used in foreign exchange and currency management.

A B C D E F G H I K L M N O P Q R S T U V W

A

Appreciation / Depreciation

The increase (appreciation) or decrease (depreciation) in the value of one currency against another. Distinct from a business's own currency risk, which arises from how appreciation or depreciation of a foreign currency affects revenues, costs, or margins.

At-the-money (ATM)

An option whose strike price is equal (or very close) to the current spot rate. An ATM option has no intrinsic value but retains time value.

B

Balance sheet hedging

A hedging programme aimed at protecting the value of foreign currency assets and liabilities already on the balance sheet, rather than future commercial transactions. The goal is to reduce the currency-driven gains and losses that show up in reported results when those balances are revalued, distinct from budget hedging, which protects margins at the point a price is set.

See also: Budget rate, Hedging, Currency risk

Barrier option

An option whose existence depends on the spot rate touching a specified level (the barrier) before expiry. Barrier options are cheaper than vanilla options because they carry the added risk of expiring worthless, or only coming into effect, once a rate is reached.

Base currency

The first currency quoted in a currency pair. In GBP/USD, sterling (GBP) is the base currency. One unit of the base currency is always equal to the quoted amount of the counter currency.

Basis points (bps)

A unit of measurement equal to one hundredth of a percentage point (0.01%). Widely used to express changes in interest rates, spreads, and yield differentials. 100 basis points = 1%.

BIC (SWIFT code)

A Business Identifier Code: the 8 or 11 character code that identifies a specific bank, and sometimes a specific branch, in an international payment. Often called a SWIFT code. It is usually required alongside an IBAN or account number when sending money overseas, and an incorrect BIC is one of the most common reasons an international payment is delayed or returned.

Read more: International Payments

Bid/offer spread

The difference between the price a market maker will buy a currency (bid) and the price at which they will sell it (offer/ask). The spread represents the market maker's profit margin and is a key transaction cost.

Budget rate

A target exchange rate used by a business when planning its financial forecasts. Setting a budget rate helps measure the success of a hedging strategy against the rate assumed when commercial decisions were made.

C

Call option

An option giving the holder the right, but not the obligation, to buy a currency at a specified strike rate on or before a set expiry date. Used to protect against a strengthening in the price of a foreign currency.

Capital controls

Restrictions a government places on money moving into or out of its country, such as limits on currency conversion, caps on how much can be sent abroad, or requirements for official approval. Capital controls can make it difficult to pay suppliers, receive revenue or bring profits home, and are the main reason some currencies can only be hedged with non-deliverable forwards.

Carry trade

A strategy that involves borrowing in a low-interest-rate currency and investing in a higher-yielding currency. Profitable in stable markets but vulnerable to sudden exchange rate moves.

Cash flow hedging

A hedging programme that protects anticipated future foreign currency cash flows, such as expected export revenues or import costs, rather than currency already sitting on the balance sheet. Forward-looking by nature: it targets sales or purchases that are highly likely to happen but haven't yet been invoiced, distinguishing it from balance sheet hedging, which addresses exposure that has already been recognised in the accounts.

Central bank intervention

Action taken by a country's central bank in the foreign exchange market — buying or selling its own currency — to influence the exchange rate or reduce volatility.

CHAPS

The UK's same-day payment system for high-value sterling transfers, run by the Bank of England. Payments sent before the daily cut-off arrive the same working day and cannot be recalled once sent, which is why CHAPS is the standard choice for large or time-critical payments such as property completions.

Read more: International Payments

Close-out

Ending a forward contract before its value date, usually because the payment it was protecting has been cancelled or reduced. The provider settles the difference between the contract rate and the current market rate, so closing out crystallises whatever gain or loss has built up on the contract since it was agreed.

Collar

An options strategy that simultaneously purchases a put option and sells a call option (or vice versa) to create a band within which the exchange rate is fixed. Provides protection against adverse moves at a lower cost than a vanilla option.

Correspondent bank

An intermediary bank that processes an international payment on behalf of another bank which has no direct relationship with the recipient's bank. A payment can pass through one or more correspondent banks on its way, and each may deduct a fee, which is why the amount received is sometimes lower than the amount sent.

Counter currency

The second currency in a currency pair, also commonly called the quote currency. In EUR/GBP, sterling (GBP) is the counter currency: it shows how much GBP is required to purchase one euro.

Credit line

A facility agreed with an FX provider that allows a business to book forward contracts without putting down an upfront deposit, up to an agreed limit. Granted after a credit assessment, it frees up working capital that would otherwise be tied up as margin. A credit line does not necessarily rule out margin calls: if the market moves far enough against a contract that the loss exceeds the agreed limit, the provider may still ask for funds.

Cross rate

An exchange rate between two currencies calculated via each currency's rate against a third, usually the US dollar, rather than quoted directly against one another. Used where a direct market between two currencies is thin or untraded.

Currency pair

The quotation of two currencies, expressing the value of one relative to the other. The most traded pairs include EUR/USD, GBP/USD, and USD/JPY. Pairs are split into majors, minors, and exotics.

Currency risk

The risk that adverse movements in exchange rates will reduce the value of foreign currency revenues, increase the cost of foreign currency payments, or erode profit margins. Also known as FX risk or exchange rate risk.

D

Delta hedging

A technique used to manage option risk by adjusting the underlying spot position so that the portfolio becomes neutral to small price movements in the underlying currency.

Drawdown

The act of using part of an existing forward contract rather than the whole amount at once. A business with a flexible forward covering a year's worth of supplier payments, for example, might draw down smaller amounts against it as individual invoices fall due, rather than settling the full contract on a single date.

E

Economic calendar

A schedule of upcoming data releases, central bank meetings, and other events likely to move currency markets, such as inflation figures, interest rate decisions, and employment reports. Keeping half an eye on the calendar helps explain why a rate has moved on a given day, and can flag periods worth avoiding for a large, unhedged transaction.

Economic exposure

The long-term impact of exchange rate changes on a company's competitive position, future cash flows, and market value. Distinguished from transaction exposure (short-term, transactional) and translation exposure (accounting-related).

Exchange rate forecast

An estimate of where a currency pair is likely to trade at a future date, typically produced by banks and economists using models based on interest rate differentials, growth expectations, and other macroeconomic factors. Forecasts are a useful input when setting a budget rate, but their track record for accuracy is poor enough that they should inform a hedging decision, not replace one.

Exotic currency pair

A currency pair made up of one major currency and the currency of a smaller or emerging economy, such as GBP/TRY or USD/ZAR. Exotic pairs tend to be less liquid and more volatile than major pairs, which usually means wider bid/offer spreads and, for some currencies, restrictions on how they can be traded.

Exposure

The general term for the extent to which a business's cash flows, balance sheet, or profitability are sensitive to movements in exchange rates. Usually broken down into transaction, translation, and economic exposure.

F

Faster Payments

The UK system for near-instant sterling transfers between bank accounts, available around the clock. Payments typically arrive within seconds or minutes. Each bank sets its own maximum transfer amount, so larger sums may need to go by CHAPS instead.

Fixed exchange rate

An exchange rate regime in which a country's central bank pegs the value of its currency to another currency, a basket of currencies, or a reference asset, rather than letting it move freely with the market. Common among smaller or trade-dependent economies seeking to limit currency volatility, though maintaining a peg requires the central bank to hold sufficient reserves to defend it, and a peg under sustained pressure can break suddenly and sharply.

Fixing rate

A benchmark exchange rate published at a specific time each day, most commonly the WM/Reuters 4pm London fix, used as a reference point for valuing portfolios or settling certain contracts.

Floating exchange rate

An exchange rate regime in which a currency's value is left to the interplay of supply and demand in the market, rather than fixed by the central bank. Most major currencies, including sterling, the US dollar, and the euro, float freely. Some currencies operate a managed or 'dirty' float, where the central bank intervenes periodically to keep the rate within an informal range without formally pegging it.

Forward contract

A binding agreement to buy or sell a fixed amount of currency at a predetermined exchange rate on a specified future date. Eliminates exchange rate uncertainty but also means you cannot benefit if the rate moves in your favour.

See also: Forward rate, Spot rate, Hedging

Forward points

The difference between the forward rate and the spot rate, driven by the interest rate differential between two currencies. Added to or subtracted from the spot rate to derive the forward rate.

Forward rate

The exchange rate agreed today for a transaction that will be settled on a specific date in the future. Calculated by adjusting the spot rate for the interest rate differential between the two currencies over the relevant period.

FX markup

The margin a bank or broker builds into the exchange rate it offers, over and above the true mid-market rate. Unlike an explicit fee, a markup is invisible unless the client checks the rate against a reference source, which is why opaque pricing remains one of the most common complaints businesses have about their banking relationship.

FX risk management

The process of identifying, quantifying, and mitigating a business's exposure to adverse foreign exchange movements through a structured combination of financial instruments, internal policy, and strategic planning.

See also: Hedging, Currency risk, Budget rate

G

G10 currencies

A grouping of ten widely traded currencies from major developed economies: the US dollar, euro, Japanese yen, sterling, Swiss franc, Australian dollar, New Zealand dollar, Canadian dollar, Swedish krona and Norwegian krone. The term is market shorthand rather than a strict ranking, and some currencies outside the group, such as the Chinese renminbi, now trade in larger volumes than some within it. G10 pairs generally offer tight pricing and a wide choice of hedging tools.

H

Hedge accounting

An optional accounting treatment that allows a business to record gains and losses on its hedges in the same period as the transactions they protect, rather than as they arise. Without it, the value of a forward contract can swing reported profits from one period to the next even when the hedge is doing its job. It comes with documentation requirements, so it is worth discussing with an accountant before adopting.

Hedge ratio

The proportion of a currency exposure that is covered by hedges, usually expressed as a percentage. A business expecting to pay USD 1 million over the next year with USD 600,000 of forward contracts in place has a hedge ratio of 60%. Many businesses hedge a higher proportion of near-term exposure, where forecasts are firmer, and less further out.

Hedging

Taking a financial position designed to reduce or eliminate the risk of adverse exchange rate movements. Common instruments include forward contracts, options, and swaps. Effective hedging provides cost certainty, not speculative profit.

Hedging policy

A written document setting out how a business manages its currency risk: what it is trying to protect, how much of its exposure it hedges and over what period, which instruments are permitted and who has authority to deal. A clear policy takes emotion and guesswork out of hedging decisions and gives the board a consistent basis for reviewing them.

Historic rate rollover (HRR)

Extending an existing forward contract using its original contracted rate rather than the current market rate. Tightly regulated in the UK because it can be used to defer and disguise a loss on the original contract; most brokers restrict or prohibit it.

I

Implied volatility

The market's forecast of how much an exchange rate is likely to move before an option's expiry, derived from current option prices rather than historical price data. Higher implied volatility increases the cost of an option premium.

In-the-money (ITM)

An option that has intrinsic value. A call option is in-the-money when the spot rate is above the strike rate; a put option is in-the-money when the spot rate is below the strike rate.

Interbank rate

The exchange rate at which large banks trade currencies with one another in the wholesale market. Retail clients and businesses typically receive a rate based on, but less favourable than, the interbank rate.

Interest rate differential

The difference in interest rates between two countries. This differential drives forward points and influences currency flows, as capital tends to move towards higher-yielding currencies.

International Bank Account Number (IBAN)

A standardised, internationally recognised code used to identify a specific bank account, made up of a country code, check digits, and the underlying account details. IBANs reduce the risk of misdirected international payments and are a required field for most cross-border transfers into European and many other bank accounts.

Intrinsic value

The amount by which an option is in-the-money: the value it would realise if exercised immediately. A call option's intrinsic value is the spot rate less the strike rate (if positive); a put option's is the strike rate less the spot rate (if positive).

ISO 4217 currency code

The three-letter code used internationally to identify a currency unambiguously, such as GBP for sterling, USD for the US dollar, or JPY for the Japanese yen. The first two letters usually correspond to the country, the third to the currency itself, avoiding confusion between currencies that share a common name, such as the several national 'dollars' and 'pesos' in circulation.

K

Knock-in / Knock-out

Types of barrier option. A knock-in option only comes into existence if the spot rate reaches the barrier before expiry; a knock-out option ceases to exist if the spot rate reaches the barrier, regardless of how favourable the rate becomes afterwards.

L

Layered hedge

A hedging programme that builds up cover gradually through a series of transactions executed at different times, rather than hedging the full exposure in one go. Smooths out the effect of any single rate at which cover is taken, producing a blended average rate over the hedging period.

See also: Hedging, Rolling hedge, Budget rate

LIBOR / SONIA

SONIA (the Sterling Overnight Index Average) is the benchmark interest rate for sterling, administered by the Bank of England. It is based on the actual rates banks pay to borrow sterling overnight, unsecured, from other financial institutions and institutional investors. It replaced LIBOR, which was discontinued. Benchmark rates matter in FX because the interest rate differential between two currencies drives the forward points on a forward contract.

Limit order

An instruction to execute a currency transaction automatically if a specified target rate becomes available. Lets a business aim for a more favourable rate than the current market without needing to watch it continuously.

Liquidity

The ease with which a currency can be bought or sold in the market without causing a significant movement in price. Major currency pairs are highly liquid; exotic currencies typically have lower liquidity and wider spreads.

M

Major currency pair

One of the small number of currency pairs that account for the bulk of global FX trading volume, including EUR/USD, GBP/USD, and USD/JPY. Major pairs are highly liquid, trade with tight bid/offer spreads, and are available around the clock, in contrast to minor and exotic pairs.

Margin call

A request from an FX provider for additional funds when the market value of a forward contract moves against a business beyond an agreed threshold. Many providers also ask for an initial deposit, or margin, when a forward is booked. Margin calls can arrive at short notice, so it is worth understanding the terms before booking.

Mark-to-market (MTM)

The process of valuing an open foreign exchange position at the current market rate, rather than the original traded rate. A negative MTM on a hedge does not imply a loss if the underlying exposure is also moving in an offsetting direction.

Market maker

A bank, broker, or trading firm that quotes both a buy and sell price for a currency and stands ready to deal at those prices, earning revenue from the bid/offer spread between them. Most FX transactions for businesses are ultimately priced by a market maker rather than matched directly against another end client.

Market order

An instruction to buy or sell currency immediately at the best rate currently available, rather than waiting for a specific target. Used when certainty of execution matters more than the exact rate achieved.

Mid-market rate

The midpoint between the bid and offer rates — the 'true' exchange rate before any bank or broker margin is applied. Often quoted by financial data providers and used as a reference benchmark.

Minor currency pair

A currency pair made up of two major currencies, neither of which is the US dollar, such as EUR/GBP or GBP/JPY. Sometimes called a cross. Despite the label, pairs such as EUR/GBP are heavily traded and competitively priced, and for many UK businesses they are the pairs that matter most.

MT103

The SWIFT message format used for decades to send a single cross-border customer payment. In November 2025 SWIFT completed the move to the ISO 20022 standard for cross-border payment instructions, and MT103 was replaced by a message called pacs.008. The term is still widely used to mean proof of payment. Businesses chasing a missing payment are now more likely to be given a payment confirmation carrying a unique tracking reference, known as a UETR.

Multi-currency account

An account that can hold, receive and pay out several currencies, so a business can keep foreign currency income and use it for foreign currency costs without converting each time. It can also make it easier to choose when to convert, rather than being forced to take the rate on the day a payment arrives.

N

Natural hedge

Reducing currency risk by matching foreign currency income against foreign currency costs, so exchange rate movements affect both sides of the business similarly, without the use of financial instruments such as forwards or options.

Netting

The practice of offsetting foreign currency receivables against payables in the same currency to reduce the total amount of currency that needs to be bought or sold, thereby lowering transaction costs and exposure.

Non-deliverable forward (NDF)

A forward contract settled in cash, in a freely convertible currency, rather than through physical exchange of the underlying currencies. Used for currencies subject to capital controls or restricted convertibility, where a standard forward contract isn't possible.

Notional amount

The face value of a currency contract used to calculate payments and exposure, as distinct from any amount that actually changes hands upfront. In a forward contract, the notional amount is the sum of currency being bought or sold on the value date.

O

One-cancels-other (OCO) order

An instruction combining a limit order and a stop-loss order on the same amount. As soon as one is triggered, the other is automatically cancelled, giving a business both a target rate to aim for and a worst-case level to fall back on within a single instruction.

Option

A financial contract giving the holder the right, but not the obligation, to buy or sell currency at a specified rate on or before a given date. Unlike forward contracts, options allow the holder to benefit if the rate moves favourably, at the cost of an upfront premium.

Option premium

The upfront cost paid by the buyer of an option to the seller. Determined by factors including spot rate, strike rate, time to expiry, interest rate differential, and implied volatility.

Out-of-the-money (OTM)

An option with no intrinsic value. A call option is out-of-the-money when the spot rate is below the strike rate; a put option is out-of-the-money when the spot rate is above the strike rate.

Outright forward

A standard forward contract with a single fixed value date, as opposed to a window forward, which allows drawdowns across a range of dates. Outright forwards are the simplest and most common type of forward contract, but offer no flexibility over exactly when the funds are exchanged.

Over-hedging

The situation where a business has hedged more currency than it ultimately needed, typically because the underlying sales or purchases it was protecting against didn't fully materialise. Common with static hedging programmes based on early forecasts, and best addressed by unwinding the surplus hedge rather than letting it run.

Over-the-counter (OTC) derivatives

Financial contracts, such as forwards, options, and swaps, that are agreed directly between two parties rather than traded on a centralised exchange. Most currency hedging by businesses happens over the counter, in contrast to exchange-traded currency futures, which are standardised and settled through a central clearing house.

P

Participating forward

A structured product combining a forward contract with an option. It fixes a worst-case exchange rate (like a forward) while allowing the holder to participate in a proportion of any favourable market movement, typically without paying an upfront premium.

Pip

The smallest standard price movement in a currency pair, typically the fourth decimal place (0.0001) for most pairs. Japanese yen pairs are quoted to two decimal places, so a pip equals 0.01.

Put option

An option giving the holder the right, but not the obligation, to sell a currency at a specified strike rate on or before a set expiry date. Used to protect against a weakening in the value of foreign currency receivables.

Q

Quantitative easing (QE)

A monetary policy tool in which a central bank creates new money to buy government bonds and other assets, aiming to lower borrowing costs and stimulate the economy. QE programmes tend to weigh on the currency of the country undertaking them, since they increase the money supply and often coincide with lower interest rates.

R

Repatriation of profits

The process of returning profits earned overseas back to a business's home country, converting them into the home currency along the way. Some countries impose restrictions or additional tax on repatriated profits, which is worth checking before assuming overseas earnings can be brought home freely.

Reserve currency

A currency held in significant quantities by central banks and major institutions worldwide as part of their foreign exchange reserves, most notably the US dollar, alongside the euro, sterling, and yen. Reserve currency status tends to support demand for a currency and can influence its long-term stability relative to non-reserve currencies.

Risk premium

The additional return investors demand for holding a riskier currency instead of a safer one, reflected in the interest rate differential between the two. Higher-yielding currencies with a larger risk premium, such as those of some emerging markets, often trade at a forward discount to lower-risk currencies like the US dollar or sterling.

Rolling hedge

A hedging programme in which a set proportion of expected currency needs is covered on a recurring, ongoing basis, so that cover is continuously extended forward as time passes rather than fixed at a single point. Keeps a consistent level of protection in place as new exposure arises.

See also: Hedging, Layered hedge, Budget rate

Rollover

The process of extending the settlement date of an open forward contract. A rollover typically involves closing the existing contract at the prevailing spot rate and reopening it for a new forward period, with any gains or losses realised on close.

S

Safe-haven currency

A currency that tends to hold its value, or strengthen, during periods of market stress, as investors move money away from riskier assets. The US dollar, Swiss franc and Japanese yen are the usual examples. A business paying in a safe-haven currency can find costs rising at exactly the moment wider conditions are getting tougher.

Safeguarding

The legal requirement for authorised payment and e-money firms to protect the money they hold for clients, so that it can be returned if the firm fails. In the UK it is set out in the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, which brought the EU's second Payment Services Directive (PSD2) and Electronic Money Directive into UK law, with detailed rules set by the FCA. Client money must be kept separate from the firm's own funds from the moment it is received, either held in a dedicated safeguarding account at a bank, invested in secure, low-risk assets, or covered by an insurance policy or bank guarantee. If the firm becomes insolvent, safeguarded funds are ring-fenced for clients ahead of the firm's other creditors, although returning them can take time and the costs of doing so may be deducted. Smaller registered firms can choose whether to safeguard. Safeguarding is not the same as the Financial Services Compensation Scheme, which protects deposits held at banks rather than money held by payment firms.

SEPA

The Single Euro Payments Area: a scheme that allows euro payments to be sent across the EU and a number of other European countries, including the UK, using a common standard. SEPA transfers are generally low-cost and arrive within one working day, with an instant option offered by many banks.

Read more: International Payments

Settlement

The final exchange of currencies agreed in a trade. For spot transactions this typically occurs two business days after the trade date (T+2). Forwards settle on the agreed future date.

Spot rate

The current market exchange rate for immediate delivery of a currency, with settlement typically occurring two business days after the transaction date (T+2).

Static hedging

A hedging programme where the full amount of expected exposure is hedged in one go at the start of a budget period, then left unchanged until the period ends. Simple to run and well suited to businesses with reliable forecasts, but it offers no protection against forecast errors and can leave a business exposed to a sharp 'cliff' if actual currency needs diverge from what was hedged.

Stop-loss order

An instruction to execute a currency transaction automatically if the rate reaches a specified worst-case level. Sets a floor on how unfavourable a rate a business is prepared to accept, without needing to monitor the market.

Strike rate

The fixed exchange rate at which an option can be exercised. The strike rate is agreed at the outset of the option contract and determines whether the option has intrinsic value at expiry.

See also: Option, Call option, Put option

Swap

A transaction in which two parties simultaneously buy and sell the same amount of a currency for different value dates. Commonly used by businesses to adjust the timing of forward contracts or manage cash flow.

SWIFT

The global messaging network banks use to send each other secure instructions for international payments. SWIFT does not move money itself: it carries the payment instructions, and the funds then settle between the banks involved, sometimes via correspondent banks.

Read more: International Payments

T

Take-profit order

An instruction to execute a currency transaction automatically if the rate moves in a business's favour beyond a specified level, locking in the improved rate before it can reverse. Often paired with a stop-loss order as part of a one-cancels-other instruction, so that only one of the two is ever triggered.

Target redemption forward (TARF)

A structured, leveraged hedging product that offers a better-than-market rate across a series of settlement dates, and ends automatically once a set amount of gain has built up. On dates when the market rate is better than the contract rate, the business may have to trade a multiple of its usual amount, often double, at the contract rate. Gains are capped by the target but losses are not, and protection can stop before the underlying exposure ends. TARFs need careful handling and are rarely a suitable starting point for SMEs.

Time value

The portion of an option's premium attributable to the time remaining until expiry, reflecting the possibility that the option could move further into the money before then. Time value declines as expiry approaches, a process known as time decay.

Transaction risk

The risk that exchange rate movements between the date a commercial agreement is made and the date of settlement will affect the value of the transaction. The most immediate and tangible form of currency risk for most businesses.

Translation risk

The risk that a company's consolidated financial statements will be affected by exchange rate movements when converting foreign currency assets, liabilities, or earnings into the reporting currency. Also known as accounting exposure.

U

Under-hedging

The situation where a business has hedged less currency than its actual exposure turned out to require, leaving part of it unprotected against adverse rate movements. Often happens when a business is reluctant to hedge a currency that trades at an unfavourable forward rate, which can be a costly decision if that currency then moves sharply against them.

V

Value date

The date on which a currency transaction is settled — i.e., when funds are actually exchanged between parties. For spot trades this is typically T+2; for forward trades it is the agreed future date.

Vanilla option

A standard put or call option without any additional features or conditions. Straightforward to price and widely available. Contrasted with exotic or structured options such as barriers, knockouts, and participating forwards.

Volatility

The degree to which an exchange rate fluctuates over a given period. Higher volatility means greater uncertainty for businesses with foreign currency exposure, and typically higher premiums for options.

W

Weighted average exchange rate (WAER)

The blended exchange rate across a business's accumulated currency exposure in a given pair, calculated by weighting each individual transaction or hedge by its size. Gives a single, meaningful reference rate for measuring FX performance, rather than comparing a current rate against any one historical transaction in isolation.

Window forward

A forward contract that can be settled on any date within an agreed window, rather than on a single fixed date. Gives a business flexibility over exactly when a payment or receipt falls, at a marginal cost compared with a fixed-date forward.

Wire transfer

An electronic transfer of funds between bank accounts, typically settled the same day or next business day, and the standard method for sending international payments. Also known as a bank transfer or credit transfer.

See also: Settlement, Value date, SWIFT, CHAPS, SEPA

Read more: International Payments