Payment status describes the current stage of a payment. Labels such as Pending, Processing, Completed and Failed are only useful when the provider defines the event behind each one. “Payment recorded” confirms a record exists; it does not prove settlement or Recipient credit.
| Status | Example meaning | What it does not prove |
|---|---|---|
| Pending | Waiting for approval, funding or review | Provider acceptance |
| Processing | Active in validation or routing | Settlement or Recipient credit |
| Completed | Provider-defined completion milestone reached | Must be read with the provider definition |
| Failed | Intended route did not complete | Whether funds were returned |
| Cancelled | Instruction stopped under applicable rules | That recovery succeeded after settlement |
A status needs an event behind it
It should include a timestamp, the latest confirmed event, any action required and a stable reference. If a status is based on estimated timing rather than a confirmed message, the interface should say so.
Why “completed” needs care
One provider may use Completed after sending funds to a partner; another may use it after Recipient credit. Finance should align invoice closure with the evidence it actually needs, such as a provider confirmation, bank statement or Recipient acknowledgement.
Before closing an invoice, pair the status with the relevant payment confirmation. In Quotable Payments, “Payment recorded” means the record exists. It does not mean the payment has settled or reached the Recipient.
