New - corresponds to a transfer being successfully created in the system; the system will now try to resolve and send the payment.
Resolved - the system has determined to whom, how, and when the transfer will be paid.
Submitted - for batch payment systems (like ACH) this means that the transfer is in the next batch and will be sent at the next batch cycle. This is the point at which funds are deducted from your Velo balance for a transfer.
Sent - the transfer has "gone out the door," so to speak. This means the transfer has been sent to our partner (i.e. the Bank) for delivery.
Error - there was an error with the payment.
Confirmed - the transfer is confirmed as delivered to the Recipient. ACH is T+5 days without seeing a return; for Checks it is when the check is actually cashed.
Returned - the transfer was rejected by the receiving party (i.e. bank).
Pending - the transfer is waiting on something to occur before it can process; this can be because the recipient hasn't yet provided their information, or may be because you have insufficient funds in your account. Pending transfers will automatically retry as the additional information/funds are provided.
Reran - this is the final status of a payment that was first returned, but then reprocessed after the recipient provided updated information.