Cross-border payments are settled through a process that involves multiple parties and steps, including the initiation of payment (when the sender provides the payment details to their bank or payment service provider), authorization (when the bank or payment service provider authorizes the payment), routing (the payment is routed through one or more intermediaries to reach the recipient’s bank), conversion (if the payment involves different currencies), reception (the recipient’s bank receives the payment and credits it to the recipient’s account), and notification (the recipient is notified that the payment has been received).