A new corridor is created by configuration — assets, participants, adapters, policies, limits, fees, cycles and screens — with no own ledger and no fork of Core. The collection bank receives local currency, the operator issues and redeems, the settlement bank pays merchants; U:RAIL makes them one payment system.
ONBOARDED → QUOTED → COLLECTION_PENDING → FUNDS_RECEIVED → COMPLIANCE_PASSED → LIQUIDITY_RESERVED → ISSUED → PAYMENT_AUTHORIZED → CAPTURED → NETTED → PAYOUT_CONFIRMED → REDEEMED/BURNED → RECONCILED → SETTLED
Signed, idempotent FUNDS_RECEIVED events matched by reference; late/partial/overpay policies configured.
Bridge asset hidden from the customer unless disclosure requires it.
Sole issuance authority; mint gated by collection, compliance, liquidity/backing and issuer limits.
Authorize, capture, refund; merchant claim becomes a fiat payable.
Payout confirmation closes the merchant liability; failures keep it open for next cycle.
Merchant net and participant net, reproducible over the immutable gross ledger.
Consumer brand, terms and data controller belong to the partner bank or licensed operator. U:RAIL can be “Powered by” or fully invisible; tenant isolation is enforced technically and contractually.