of payment or FOP delivery, or in the United States, delivery versus free. FOP settlement involves delivery of the securities without a simultaneous transfer of funds – hence 'free of payment'. Funds may either be remitted by other, mutually agreed means, or payment may not be made at all. This is the case in the transfer of securities gifted or inherited, or, in a country retaining paper securities certificates, in the dematerialisation of such securities, by transfer FOP into the name of the electronic custodian, with beneficial ownership retained by the transferor. See also Herstatt Bank ISO 15022 Settlement date Securities market participants (United States) T+2 References External links ISO 15022 - Business Elements: Delivery versus payment Securities clearing and depository institutions Central securities depositories Banking technology Society for Worldwide Interbank Financial Telecommunication Settlement (finance)