ML2RA-Settlements-#2687

docs/boundedContexts/settlements/index.md

@@ -1,87 +1,91 @@
 # Settlements BC
 
-The Settlements BC is integral to settling Participant transfers using either Deferred Net Settlement or Immediate Gross Settlement methods. It is responsible for creating settlement windows, identifying and deploying the required settlement method (DNS/IGS), settling, closing, and updating batches, and recording all deposits and withdrawals to the appropriate ledger accounts in the Accounts and Balances BC.
+The Settlements BC is integral to settling Participant transfers using either Deferred Net Settlement (DNS) [^1] or Immediate Gross Settlement (IGS) [^2] methods. It is responsible for creating settlement windows, identifying and deploying the required settlement method (DNS/IGS), settling, closing, and updating batches, and recording all deposits and withdrawals to the appropriate ledger accounts in the Accounts and Balances BC.  In the instance where new participants are transacting to the first time, this BC also initiates creation of the appropriate Ledger Accounts in the Accounts and Balances BC where necessary.
 
 ## Terms
 
 The following terms are used in this BC, also known as a domain.
 
 | Term     | Description  |
 | -------- | ------------ |
-| **DNS** | Deferred Net Settlement |
-| **IGS/RTGS** | Immediate Gross Settlement/Real-Time Gross Settlement |
+| **DNS** | Deferred Net Settlement [^1] |
+| **IGS** | Immediate Gross Settlement [^2] |
 | **Operator** | Person or System issuing instructions/requests |
 | **Participant** | FSP/PISP or FSP Customer |
 | **Account** | Ledger Journal Account (Cr/Dr) |
 
 ## Functional Overview
 
-![Use Case - Functional Overview](./assets/settleFunctionalOverview_20210826.png)
->
+![Use Case - Functional Overview](./assets/ML2RA_SET_bcOverview_Apr22-b.png)
+> BC Functional Overview Workflow Diagram
 
 ## Use Cases
 
-### Deferred Net Settlement (DNS)
+### Deferred Net Settlement (DNS) [^1]
 
 #### Description
-Method of deferring payments to enable settlement on multiple batches according a predetermined schedule.  This is useful for environments involving multiple Participants to a transaction requiring a balance of payment due settlement approach.
+This UC Workflow provides the BC with a method of deferring payments to enable settlement on multiple batches according a predetermined schedule.  This is useful for environments involving multiple Participants to a transaction requiring a balance of payment due settlement approach.
 
 #### Flow Diagram
 
-![Use Case - Deferred Net Settlement (DNS)](./assets/ML2RA_SET-ucDeferNetSettle_Mar22-a-P1-2.png)
->UC Workflow Diagram: Deferred Net Settlement - 19/10/2021
+![Use Case - Deferred Net Settlement (DNS)](./assets/ML2RA_SET-ucDeferNetSettle_Apr22_b_p1-2.png)
+>UC Workflow Diagram: Deferred Net Settlement [^1] - 19/10/2021
 
-### Immediate Gross Settlement (IGS)
+### Immediate Gross Settlement (IGS) [^2]
 
 #### Description
-Method to enable immediate settlement of batches.  This is useful for SME environments where quick payment turnarounds are often desirable in order to maximize their liquidity.  IGS is also known as Real-Time Gross Settlement (RTGS)
+This UC Workflow provides the BC with a method that enables individual transfers to be settled independently of each other. It doesn't specify how the settlements should occur.  This is useful for SME environments where quick settlement of transactions are desirable in order to maximize their liquidity.
 
 #### Flow Diagram
 
 ![Use Case - Immediate Gross Settlement (IGS)](./assets/ML2RA_SET-ucInstantGrossSettle_Mar22-a.png)
->UC Workflow Diagram: Immediate Gross Settlement
+>UC Workflow Diagram: Immediate Gross Settlement [^2]
 
 ### Abort Settlement
 
 #### Description
-Method that enables the Settlement BC to abort a settlement as required, reversing Participant settlement accounts, updating the settlement status for settlement windows, and updating the settlement state.
+This UC Workflow provides the BC with a method that enables the Settlement BC to abort a settlement as required, reversing Participant settlement accounts, updating the settlement status for settlement windows, and updating the settlement state.
 
 #### Flow Diagram
 
-![Use Case - Abort Settlement](./assets/settleAbortSettle_20210827.png)
->
+![Use Case - Abort Settlement](./assets/ML2RA_SET_ucAbortSettlement_Apr22-b.png)
+> UC Workflow Diagram: Abort Settlement
 
-### Create/Update the Settlement Model (DNS/IGS)
+### Create/Update the Settlement Model (DNS [^1]/IGS [^2])
 
 #### Description
-Method that enables the Settlement BC to create or update the settlement method for a settlement batch based on the Participant Account Type.  Useful in instances where mixed Settlement Methods are required.
+This UC Workflow provides the BC with a method that enables the Settlement BC to create or update the settlement method for a settlement batch based on the Participant Account Type.  Useful in instances where mixed Settlement Methods are required.
 
 #### Flow Diagram
 
-![Use Case - Create/Update the Settlement Model (DNS/IGS)](./assets/settleCreateUpdateModel_20210827.png)
->
+![Use Case - Create/Update the Settlement Model (DNS/IGS)](./assets/ML2RA_SET-ucCreateUpdateSettleModel_Apr22_b.png)
+> UC Workflow Diagram: Create/Update Settlement Model (DNS/IGS)
 
 ### Bootstrap (Startup) Settlement Model via Configuration
 
 #### Description
-Method that configures the Settlement Method (DNS/IGS) based upon the system startup configuration.  Useful in instances where all Settlement Models are the same, such as all DNS, or all IGS.
+This UC Workflow provides the BC with a method that configures the Settlement Method (DNS/IGS) based upon the system startup configuration.  Useful in instances where all Settlement Models are the same, such as all DNS [^1], or all IGS [^2].
 
 #### Flow Diagram
 
-![Use Case - Bootstrap (Startup) Settlement Model via Configuration](./assets/ML2RA_SET-ucBootStrapSettleModViaConfig_Mar22-b.png)
+![Use Case - Bootstrap (Startup) Settlement Model via Configuration](./assets/ML2RA_SET-ucBootStrapSettleModViaConfig_Apr22-b.png)
 >UC Workflow Diagram: Bootstrap (Startup) Settlement Model via Configuration
 
 ### Create Settlement related accounts for newly created Particpants
 
 #### Description
-The system creates settlement accounts for new Participants to enable fund transfers to managed by the Switch.  This enables the Switch to exercise end-to-end management of all transfers irrespective of settlement method.
+This UC Workflow provides the BC with a method to create settlement accounts for new Participants to enable fund transfers to be managed by the Switch.  An additional benefit to this UC Workflow is that it enables the Switch to exercise end-to-end management of all transfers irrespective of settlement method.
 
 #### Flow Diagram
 
-![Use Case - Create Settlement related accounts for newly created Particpants](./assets/settleCreateSettleAccountsNewPart_20210827.png)
->
+![Use Case - Create Settlement related accounts for newly created Particpants](./assets/ML2RA_SET-ucCreateSettleAccountsForNewParticipants_Apr22_b.png)
+> UC Workflow Diagram: Create Settlement-related Accounts for New Participants
 
 <!-- Footnotes themselves at the bottom. -->
 <!-- ## Notes -->
 
-[^1]: Common Interfaces: [Mojaloop Common Interface List](../../commonInterfaces.md)
+
+[^1]: Further reading: ["Deferred Net Settlement" from the Treasurer's Wiki, set up by the Association of Corporate Treasurer's](https://wiki.treasurers.org/wiki/Deferred_net_settlement)
+[^2]: Further reading: ["Settlement Model", Mojaloop Business Operations Documentation: Scheme Guide, Settlement Model section](https://docs.mojaloop.io/mojaloop-business-docs/HubOperations/Settlement/settlement-basic-concepts.html#settlement-model)
+
+[^3]: Common Interfaces: [Mojaloop Common Interface List](../../commonInterfaces.md)