{"canonical_url":"https://agenticpayments.dev/cuts/cut-0200","claims":[],"content_hash":"sha256:5f32a1d522f4fd9d54c604770c8cd943d848c6f2e0310468c3d636d18e3336d0","entities":{"settlement":"lexicon/settlement","two-clocks":"lexicon/two-clocks"},"gist":"Every payment system runs two clocks. The **experience clock** is the one the payer watches: tap, spinner, tick. The **money clock** is the one the banks obey: clearing files, netting windows, settlement finality. No mainstream system keeps the two synchronized, because synchronizing them is expensive and hiding the gap is cheap.","id":"cut-0200","license":"CC-BY-4.0","provenance":"first-hand","relations":[{"target":"cut-0203","type":"related"},{"target":"cut-0211","type":"related"}],"sig":"ed25519:wOXYLLg185MpPyWxbxSzKuMS4Jnl4zs5OQHZyO7ho9iWUSsXerhXBsJxqTIs+RgRhY09C5K9qWB80aQrFuVvBQ==","stale_after":null,"suggested_citation":"agenticpayments.dev, \"Every payment system is two clocks\" (cut-0200), July 2026, https://agenticpayments.dev/cuts/cut-0200","superseded_by":null,"valid_as_of":"2026-07-06","version":1}