Distinguish Between the Settlement of Transactions and the Settlement of Payment

question 26

Essay

Distinguish between the settlement of transactions and the settlement of payment instructions.Provide an overview of the scale of payments instructions in Australia and explain how these instructions are settled.

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Definitions:

Asylum Seeker

A person seeking protection as a refugee in another country but has not yet been found to meet the definition of a refugee.

Protected Person

An individual recognized by a governmental or international body as having rights under protection due to fleeing persecution, torture, or cruel and unusual punishment in their home country.

Convention Refugee

A person who meets the definition of a refugee as outlined in the 1951 United Nations Convention Relating to the Status of Refugees, having a well-founded fear of persecution for reasons of race, religion, nationality, membership of a particular social group, or political opinion.

Hosting Refugees

The act of providing shelter, support, and assistance to individuals who have fled their home countries due to conflict, persecution, or disaster, in order to protect them and help them rebuild their lives.