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Off-cycle payment
"Off cycles", occur when payments are processed outside of the regular payroll cycle.
Off-cycle payments, or "off cycles", occur when payments are processed outside of the regular payroll cycle. Bonuses and commissions sometimes fall in off-cycle payments; retroactive pay increases can also be done off-cycle. A final check for a terminated employee may be processed off-cycle as well.
Related Glossaries
MT103
An MT103 is a message type within the SWIFT system specifically designed for customer credit transfers.
Local transfer
A local transfer is when a bank makes a payment to a foreign bank account.
Digital nomad
Someone who performs their occupation entirely over the internet while traveling.
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