Glossary and FAQ

Term	Definition
MSB	Money services business: the company in the US that sends remittances.
Quote	Price offer for an amount. Not linked to a sender. Valid for a short time and used by one withdrawal only.
Withdrawal	Operation that sends money from a sender to a beneficiary in Brazil using a quote. Creates a remittance of type `WITHDRAWAL`.
Remittance	The full operation, from the withdrawal to Pix credit and settlement.
SPOT	FX contracted at the current rate, for each remittance.
Reference rate	Market rate on which the FX spread is calculated.
`PREFUNDED`	Funding with USD the MSB already holds in the US. No advance; the Pix is sent after the USD is debited.
`CREDIT`	Funding from the LB Pay credit line. The BRL is advanced and repaid in the daily settlement batch.
Pix key	Identifier of the beneficiary’s account in Brazil’s instant payment system.
Settlement	Daily batch per due date with the amount to repay for credit used.
Transaction ID	LB Pay identifier of the Pix payment, shown on the receipt.

Term

Definition

MSB

Money services business: the company in the US that sends remittances.

Quote

Price offer for an amount. Not linked to a sender. Valid for a short time and used by one withdrawal only.

Withdrawal

Operation that sends money from a sender to a beneficiary in Brazil using a quote. Creates a remittance of type WITHDRAWAL.

Remittance

The full operation, from the withdrawal to Pix credit and settlement.

SPOT

FX contracted at the current rate, for each remittance.

Reference rate

Market rate on which the FX spread is calculated.

PREFUNDED

Funding with USD the MSB already holds in the US. No advance; the Pix is sent after the USD is debited.

CREDIT

Funding from the LB Pay credit line. The BRL is advanced and repaid in the daily settlement batch.

Pix key

Identifier of the beneficiary’s account in Brazil’s instant payment system.

Settlement

Daily batch per due date with the amount to repay for credit used.

Transaction ID

LB Pay identifier of the Pix payment, shown on the receipt.

Can a remittance be created without a quote?

No. A remittance is created by a withdrawal, and every withdrawal uses a quote.

What happens if the quote expires while we are filling in the data?

An expired quote cannot be used. Request a new quote; the new rate applies. To avoid this, register the sender and the beneficiary before requesting the quote.

Can one quote be used for different senders?

A quote is not linked to a sender, so any of your senders can use it. But each quote can be used by one withdrawal only.

When do we find out that a sender is not eligible?

At the withdrawal, with SENDER_NOT_ELIGIBLE or SENDER_LIMIT_EXCEEDED. The quote does not check the sender. Check the sender’s status and limits before requesting the quote.

Can we cancel a remittance?

Once FX is contracted, it is not reversed. Before that, a remittance can only end as REJECTED by the validations or compliance review.

What should we do when a remittance is in PROCESSING for longer than usual?

Do not resend it. LB Pay confirms the result of the step that is waiting, and a notification is sent with the final status.

Why is the ON_HOLD reason not shown?

Compliance reasons are not detailed to the client. LB Pay support may contact you if information is needed.

Does COMPLETED mean the credit is settled?

No. COMPLETED means the beneficiary received the Pix. Settlement of credit is followed in its own status.

Where does a returned Pix go?

The amount is credited to the BRL Wallet and the remittance moves to RETURNED.

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