The Journal
The Journal Architecture
Multi-rail payment execution and deterministic transaction state machine across 23 currencies.
The Journal is the operational engine where payments, FX trades, and crypto transfers occur and translate into balanced ledger entries on The Book.
It connects directly into European clearing (SEPA & SEPA Instant), global bank rails (SWIFT, ACH, FedNow), card acquirers, and EVM/Solana blockchain RPCs.
The Seven Deterministic Steps of a Payment
Every payment moving through The Journal follows an immutable 7-step state machine. If policy screening, FX locks, or rail delivery fails at any step, the process halts cleanly and dispatches a detailed webhook.
01ReceivedSyntax & balance check
→02WatchCompliance screening
→03FX LockGuaranteed tier-1 rate
→04Fee PostExplicit fee ledgering
→05Book PostDouble-entry commit
→06ReconSettlement vs rail
→07NotifyWebhook dispatched
- Received: The transfer request is registered and validated for syntax and balance sufficiency.
- Watch: The Watch screens the transaction against sanction lists, AML thresholds, and velocity rules.
- FX Lock: For cross-currency transfers (e.g. EUR to USD or EUR to USDC), guaranteed pricing is locked from tier-1 liquidity venues.
- Fee Post: Interchange, network gas, or client profit markups are explicitly ledgered as separate lines.
- Book Post: Balanced double-entry postings are committed atomically into The Book.
- Recon: Automated settlement verification runs against the executing bank or blockchain transaction hash.
- Notify: Real-time webhooks alert your backend of final settlement.
Supported Rails & Networks
| Rail Category | Supported Networks / Protocols | Settlement SLA |
|---|---|---|
| European Banking | SEPA, SEPA Instant, Target2 | Instant (10s) to 1 business day |
| Global Banking | SWIFT (MT103 / pacs.008), ACH, Fedwire, FedNow | Same-day to 2 business days |
| Stablecoins | USDC, EURC, USDT | ~15 seconds to 2 minutes |
| Blockchains | Ethereum, Polygon, Arbitrum, Optimism, Solana | Real-time block confirmation |
| Card Acquiring | Visa, Mastercard, Apple Pay, Google Pay | Instant authorization |
| Open Banking | Account-to-Account (A2A) via PSD2 / Open Banking APIs | Real-time |