A “successful” payment status can mean an instruction has been processed while the funds are still awaiting final settlement. In this article, Sofia Khatsernova, Legal Function Owner at xpate, discusses the gap between what customers see and the legal status of a cross-border payment.

The Citibank–Revlon dispute and the collapse of Synapse Financial illustrate how questions about fund ownership, access and responsibility can persist after money appears to have moved.

Sofia connects these cases with the risks businesses face when settlement depends on several intermediaries. She argues for greater attention to Time-to-Finality, alongside confirmation speed, so payment systems give customers a clearer understanding of when a transaction is complete and which risks remain.