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Compensation that a broker receives
Payment for order flow (PFOF) is the compensation that a stockbroker receives from a market maker in exchange for the broker routing its clients' trades
Payment_for_order_flow
Dutch online brokerage platform
German trading venue, drew attention in the Netherlands because payment for order flow was not permitted under Dutch supervision but was legal in Germany
Degiro
German online broker and bank
brokerage services through a mobile app and initially relied in part on payment for order flow (PFOF), a practice later phased out in the European Union. After
Trade_Republic
American market making firm
of interest. Congressional hearings further criticized Citadel's payment-for-order-flow arrangements, and their relationship with Ben Bernanke and Janet
Citadel_Securities
US-based financial services company
States District Court for the Northern District of California for failing to disclose to customers that it received payment for order flow. The case was consolidated
Robinhood_Markets
American billionaire hedge fund manager (born 1968)
revenue through a payment for order flow relationship with Citadel, 85% of which Griffin owned, many commentators criticized the potential for conflict of interest
Kenneth_C._Griffin
American financial technology company
announced the discontinuation of payment for order flow (PFOF) as a revenue source for equities trades, instead asking customers for gratuities. That month, the
Public_Holdings,_Inc.
Institutional share trading syndicate not accessible to the general public
which has also led to a conflict of interest for those operating dark pools due to payment for order flow and priority access. High frequency traders may
Dark_pool
U.S. financial services company
revenue relies substantially on payment for order flow, with options trading accounting for the larger share of its order-flow rebates in 2025. Webull began
Webull
American former government official
market concentration among market makers for payment for order flow, conflict of interest in best execution for trades with PFOF, trading gamification in
Gary_Gensler
American financier and con artist (1938–2021)
prominent practitioner" of payment for order flow, in which a dealer pays a broker for the right to execute a customer's order. This has been called a "legal
Bernie_Madoff
2021 financial markets event
Several committee members expressed skepticism at the practice of payment for order flow and pressed Griffin and Tenev on the issue. Representative Brad
GameStop_short_squeeze
Investment scandal discovered in 2008
of these payments. Madoff has argued that these payments did not alter the price that the customer received. He viewed payments for order flow as a normal
Madoff_investment_scandal
American financial services company
management services including debit cards. The company receives payment for order flow, makes revenue from interest on margin loans, subscription fees
M1_Finance
Electronic trading platform provided by BofA Securities
margin balances, commissions for order execution, management services, and it does not engage in payment for order flow. The company offers various account
Merrill_Edge
Electronic stock exchange
taker-maker pricing model, which offers rebates for adding liquidity, rather than payment for order flow or other models. Two previous exchanges, both located
National Stock Exchange (Jersey City, New Jersey)
National_Stock_Exchange_(Jersey_City,_New_Jersey)
2022 American TV series or program
the dark underbelly of Wall Street that the phenomenon unearthed: payment for order flow, creative accounting, abuses of the short selling mechanism like
Gaming_Wall_Street
Financial services company (e. 2017)
Gamestop. This drew criticism online, in part due to DriveWealth's payment for order flow practices. Stake denied taking part in PFOF routing in a subsequently
Stake_(platform)
Subset of technologies used in finance
models, such as payment for order flow (PFOF) used by certain brokerage firms, occupy a regulatory gray area. While PFOF allows for commission-free trades
Financial_technology
US financial services company
Alpaca's business model has several revenue streams including payment for order flow, commission fees, margin interest, cash management spreads, and
AlpacaDB
Merchant service that authorizes payments
directly involved in the money flow; typically it is a web server to which a merchant's website or POS system is connected. A payment gateway often connects several
Payment_gateway
American current affairs television series
positions for all aspects of the production. On April 7, 2021, the title of The Problem with Jon Stewart and a late 2021 premiere date for the series
The_Problem_with_Jon_Stewart
Israeli economist
and Statistics 81(2), 217–226. Kandel, E. and Marx, L. (1999), Payment for Order Flow on Nasdaq, Journal of Finance 54(1), 35–66. Barclay, M., Christie
Eugene_Kandel
003. Battalio, Robert; Craig W. Holden (2001). "A Simple Model of Payment For Order Flow, Internalization, and Total Trading Costs". Journal of Financial
Craig_W._Holden
Payment services via a mobile device
eWallet Venmo WeChat Pay A simple mobile web payment system can also include a credit card payment flow allowing a consumer to enter their card details
Mobile_payment
Financial statement
flows include: Receipts for the sale of loans, debt or equity instruments in a trading portfolio Interest received on loans Payments to suppliers for
Cash_flow_statement
Claims for payment held by a business
enforceable claims for payment held by a business for goods supplied or services rendered that customers have ordered but not paid for. The accounts receivable
Accounts_receivable
Indian instant payment system
Unified Payments Interface (UPI) is an Indian instant payment system and protocol developed by the National Payments Corporation of India (NPCI) in April
Unified_Payments_Interface
Process in corporate finance
employees. Spotting problems with customer payments. As a discipline of financial planning — the cash flow forecast is a management process, similar to
Cash_flow_forecasting
Financial accounting term
the status quo, or to be investments for growth. Unlevered free cash flow (i.e., cash flows before interest payments) is defined as EBITDA − CAPEX − changes
Free_cash_flow
Online purchase processing system
cooperation with Amazon.cn to enable payments through Alipay's platform in order to support cash flow, which was a problem for Amazon since the beginning. Around
Amazon_Pay
Riddle involving informal fallacy in money
the question is quite unreasonable. One cannot simply add a couple of payments together and expect them to total an original amount of circulated cash
Missing_dollar_riddle
Better to receive money now than later
discount factor. For a sequence of dated cash flows C F t {\displaystyle \mathrm {CF} _{t}} (positive for receipts and negative for payments), present value
Time_value_of_money
Measure of a fixed-income instrument's sensitivity to interest rates
best for small, parallel shifts in the yield curve. Macaulay duration is the present-value-weighted average time to the cash flows and links payment timing
Duration_(finance)
resources and cash flow. Short time frames have sped up the rate at which subcontractors can recover payment, ensuring critical cash flow for claimants. However
Security_of_payment
Payment made by a corporation to its shareholders
dividend and how they think about the need to generate consistent cash flow in order to pay it is very important." "Ace Hardware, Form 10-K405, Filing Date
Dividend
State of being unable to pay one's debts
payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow
Insolvency
When a creditor delays payments from a debtor in exchange for a fee
which a debtor obtains the right to delay payments to a creditor, for a defined period of time, in exchange for a charge or fee. Essentially, the party
Discounting
Physical currency and other immediately accessible liquid assets
accounts). Cash is seen either as a reserve for payments, in case of a structural or incidental negative cash flow, or as a way to avoid a downturn on financial
Cash
Form of payment for use of artistic works or other assets
A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically
Royalty_payment
Time and place where a retail transaction is completed
which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue
Point_of_sale
Indian national identification number
buyers, able to gain administrator access to the entire Aadhaar database for a payment of ₹500 (US$5.20), revealing major security flaws. Acknowledging this
Aadhaar
Financing methods that optimize cash flow across buyer–supplier relationships
receive payment within 10 days or less, compared to the normal 30 to 45 day payment terms, while the ordering party can delay actual payment by 120 to
Supply_chain_finance
Difference between the inflow and outflow of money to a country at a given time
In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference
Balance_of_payments
Difference between a firm's assets and liabilities used to fund day-to-day operations
cycle balances incoming and outgoing payments to minimize net working capital and maximize free cash flow. For example, a company that pays its financing
Working_capital
Term in business
exchange of tangible for intangible assets. In finance, it refers to the exchange of the flow of payments from a given security (the asset) for a different set
Asset_swap
down payment is received to launch project development, but may be adjusted in final billing. Confirmation: Receipt of payment and approval for go-ahead
Engineer_to_order
Enterprise resource planning software
metadata modeling tools that add flexibility for users to adapt the software to unique purposes without the need for programming. Some attributes of the architecture
ERPNext
United States automated clearing house
(ACH) for electronic funds transfers established in the 1960s and 1970s. It is a financial utility owned by US banks, and is one of the largest payments networks
ACH_Network
Transfer of information within a process
to a variable y {\displaystyle y} in a given process. Not all flows may be desirable; for example, a system should not leak any confidential information
Information flow (information theory)
Information_flow_(information_theory)
Consumer lending approach
integrated into the payment flow of online shops, allowing a consumer to receive instant credit at the point of sale and pay for a purchase later, based
Buy_now,_pay_later
Reductions applied to the basic sale price of goods or services
cash flow or liquidity, but finds that the buyer typically is unable to meet the desired discount deadline. A partial discount for whatever payment the
Discounts_and_allowances
Cameroonian basketball player and football executive (1946–2024)
initiative negotiated by Hayatou with UEFA saw the payment of fees to African governing bodies and clubs for African-born players working in Europe. This was
Issa_Hayatou
American financial technology company
processed $70 billion in payments in 2024. In June 2025, Tipalti acquired treasury company Statement to add AI-driven cash flow visibility and forecasting
Tipalti
Calculation method for the accrual of interest
time when discounting a cash-flow to its present value. When a security such as a bond is sold between interest payment dates, the seller is eligible
Day_count_convention
Mortgage repaid through continuous or near-continuous amortisation
of the cash flow elements and accumulated interest is effected by integration as shown. It is assumed that compounding interval and payment interval are
Continuous-repayment_mortgage
Requirement for payment service providers in the EU
Retrieved 2019-04-17. "Preparing for PSD2 SCA" (PDF). Visa. November 2018. Retrieved 2019-04-17. "Designing payment flows for SCA". Stripe. July 15, 2019.
Strong customer authentication
Strong_customer_authentication
Type of high-risk loan
only "toggle" to payment in kind under certain conditions; for example, if there is insufficient cash, usually determined by a cash flow trigger. PIKs are
PIK_loan
Business process model
The customer is then required to post the payment to the accounts department. Limitations of information flow diagrams may include: The nature of information
Information_flow_diagram
American quantitative trading firm
Etienne (August 8, 2025). "Robinhood, Schwab led US $340m retail order flow payment bonanza in May". Globlal Trading. Sridharan, Harish; Li, Selena (2022-06-07)
Jane_Street_Capital
Financial transaction and a type of debtor finance
to maintain in order to ensure it has enough cash on hand during periods of low cash flow. Generally, the variability in the cash flow will determine
Factoring_(finance)
Conduit used in heating, ventilation, and air conditioning
changes of direction (e.g. at 90° turns) in order to minimize turbulence and resistance to the air flow. The vanes guide the air so it can follow the
Duct_(flow)
Topics referred to by the same term
directly from the financial institution Sight draft, or time draft, an order for the payment of money by a banker Draught beer or other beverage, served from
Draft
U.S. presidential administration since 2025
with Judge Ali's order. However, the Supreme Court stated that Judge Ali must clarify the payment obligations with "due regard for the feasibility of
Second presidency of Donald Trump
Second_presidency_of_Donald_Trump
Money owed by business to its suppliers
software to track the flow of money into this liability account when they receive invoices and out of it when they make payments. Increasingly, large firms
Accounts_payable
Method for reimbursing health care providers
Bundled payment is the reimbursement of health care providers (such as hospitals and physicians) "on the basis of expected costs for clinically-defined
Bundled_payment
2025. "Supreme Court denies Trump request to block $2 billion foreign-aid payment". March 5, 2025. Office of the Press Secretary (January 20, 2025). "Reforming
List of executive orders in the second Trump presidency
List_of_executive_orders_in_the_second_Trump_presidency
Malaysian e-wallet service
"Non-Transferrable" that can't flow to the banking ecosystem by P2P transfer and can only be used for own purchases and toll payments. On 27 Sep 2025, Malaysian
Touch_'n_Go_eWallet
Multinational corporation
Global’s electronic billing and payment services, with additional support for customer service, resource management, cash flow and regulatory compliance. Customer
CDS_Global
Payment networks linked to payment cards
Card schemes are payment networks linked to payment cards, such as debit or credit cards, of which a bank or any other eligible financial institution can
Card_scheme
Smart payment card standard
EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept
EMV
Incentives offered to farmers or landowners
Payments for ecosystem services (PES), also known as payments for environmental services (or benefits), are incentives offered to farmers or landowners
Payment for ecosystem services
Payment_for_ecosystem_services
Valuation in finance
accounting. In the case when all future cash flows are positive, or incoming (such as the principal and coupon payment of a bond) the only outflow of cash is
Net_present_value
Type of business industry usually conducted over the internet
companies used to have, and for the financial flows, e-commerce allows companies to have more efficient payment and settlement solutions. In addition, e-commerce
E-commerce
the script order is the "best guide in terms of overall series continuity, as this is how the stories were originally envisioned to flow together." The
List of X-Men: The Animated Series episodes
List_of_X-Men:_The_Animated_Series_episodes
Model of the real economy
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services
Circular_flow_of_income
Obligation to pay borrowed money
end are then generally enabled to have a greater cash flow, resulting from lowering monthly payments, if not reducing interest rates. However, this varies
Debt
Current worth of a future sum discounted to today
make comparisons between cash flows that don't occur at simultaneous times, since time and dates must be consistent in order to make comparisons between
Present_value
Bank transfer system in the United Kingdom
Bacs Payment Schemes Limited (Bacs), previously known as Bankers' Automated Clearing System, is responsible for the clearing and settlement of UK automated
Bacs
Defrauding of insurance
auto theft, or fire that is covered by their insurance policy in order to claim payment for damages. Criminal rings are sometimes involved in hard fraud schemes
Insurance_fraud
American social networking service
Lisa Pauline (April 22, 2022). "Twitter, Stripe pilot cryptocurrency payments for creators". Reuters. Archived from the original on April 26, 2022. Retrieved
X_(social_network)
3D computer graphics software
3D applications, virtual reality, and 3D models for video games. The Academy Award-winning film Flow (2024) was fully created and rendered using Blender
Blender_(software)
Country in Northern Europe
e-money licenses, second in the EU to the UK. In 2018, Google set up a payment company in Lithuania. Europe's first international blockchain centre launched
Lithuania
Defunct US government agency
Executive order 14222 Sect. 3a tasks DOGE teams with assisting agencies in the elaboration of "a centralized technological system" to record every payment issued
Department of Government Efficiency
Department_of_Government_Efficiency
Specialized lists of financial transaction records
are transactions where the goods are sold and payment is received at a later date. The source documents for the Sales journal are copies of all invoices
Special_journals
American rapper and singer-songwriter (1998–2018)
Onfroy eventually signed for Empire Distribution for lower royalty rate, full creative control and a smaller upfront payment. After his release from prison
XXXTentacion
Calculation to estimate accounts receivable
to offer longer payment terms in order to generate sales. Similarly, a decrease in average sales per day could indicate the need for more sales staff
Days_sales_outstanding
Religious group
the flow of grain out of Punjab. Indian Prime minister Indira Gandhi launched Operation Blue Star on June 1 prior to the Grain Roko morcha in order to
Sikhs
Object or record accepted as payment
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular
Money
Ongoing oil shortage and economic crisis
economic and humanitarian flows to the country. Rubio also described the situation in Cuba as "unacceptable" and called for major changes in the country's
2026_Cuban_crisis
Type of used car dealership
the sale of the vehicle and the profit on the loan for the vehicle. Historically, the down payment required on a BHPH loan was generally larger than the
Buy_here,_pay_here
American healthcare claim processing company
technology company that provides revenue cycle management and payment processing services for healthcare providers and insurers in the United States. The
Change_Healthcare
Type of financial derivative contract
predetermined payment intervals. Equity swaps are typically traded by delta one trading desks. Typically equity swaps are entered into in order to avoid transaction
Equity_swap
Mobile gaming company based in Israel
platform includes tools for web-based storefronts and alternative billing for in-app purchase flows that bypass default payment providers. Following U
Appcharge
Response to a customer order in terms of design, manufacture and delivery
Settlement – The payment of the charges for goods/services/delivery Returns – In case the goods are unacceptable/unnecessary The order fulfilment strategy
Order_fulfillment
Framework for corporate funding, capital structure, and investments
measure of cash flow is the net operating cycle, or cash conversion cycle. This represents the time difference between cash payment for raw materials and
Corporate_finance
Exchange of derivatives or other financial instruments
of cash flows for another, based on some agreed formula. An example is a floating-for-fixed interest rate swap, which calls for (a) payments by one party
Swap_(finance)
Financial practice supporting a contract's value
investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee
Underwriting
Salafi jihadist militant organisation
housing, but unlike native Iraqi or Syrian fighters, they do not receive payment in wages. Since 2012, more than 3,000 people from the central Asian countries
Islamic_State
Model for businesses
surrounding "list pricing, discount pricing, special offer pricing, credit payment or credit terms". Price refers to the total cost to a customer to acquire
Marketing_mix
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