Originally Posted by
zyxlsy
Your settlement theory makes perfect sense. Thanks!
FWIW those are summaries of actual procedures, without all the steps.
I stated writing a history of all this, but then realised it would be massive overkill in this thread. If anybody cares I have lots of background on this since I began in the industry with the setup of what became Visa, which happened when the network went global in the very early 1970's.