The process of sending transactions to the processor for clearing and settlement is known as what?

The process of sending transactions to the processor for clearing and settlement is correctly referred to as Batch Close. This is the critical step in the payment processing cycle where completed transactions are collated and sent as a consolidated group to the payment processor for final clearing and settlement.

Batch Close typically occurs at the end of the business day or at specific intervals, allowing businesses to efficiently manage the flow of transactions that need to be processed in bulk rather than individually. This not only streamlines operations but also ensures that all transactions from a given period are handled simultaneously, enhancing overall payment efficiency and accuracy.

Batch Processing, on the other hand, refers to the act of processing multiple transactions at once, but it does not specifically denote the finalization of those transactions for settlement. Similarly, Batch Authorization pertains to the process where multiple transactions are approved for processing but does not encompass the complete clearing and settlement phase. Batch Settlement generally implies the final settlement stage, but the term does not accurately capture the full connotation of "sending transactions" to the processor, which is encompassed in the process of Batch Close.