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Introduction 13 transfer of funds to the agency bank. This hypothetical example isolates the logic and dataflow to payment transactions only; no loads take place. The payment transactions are also aggregated before transfer between the participants. 1.6.2 Information to Be Exchanged for Loading Value Figure 6 identifies the minimum information to be exchanged between each element of the load network--from the inception of the transaction between the card and reader through transfer of funds to the agency bank. This hypothetical example isolates the logic and dataflow to loading value only; no payment transactions take place. The load transactions are also aggre- gated before transfer between the participants. 1.6.3 Process for Determining the Net-Settlement Position Once an agreement has been established between agencies to accept each others' smartcards for payment, a methodology needs to be set up to allow the "net-settlement" position to be deter- mined. (The net-settlement position is defined as the result of when the net-payment transac- tions are balanced against the net-load transactions for a specific agency before the information is transferred between participants.) Net settlement processing does not necessarily need to be conducted by a central computer system. If participants can agree, a spreadsheet using data collected by the fare system is suffi- cient to determine how much one participant owes the other. Figure 7 illustrates the logic for determining the net-settlement position before transferring funds between participating agencies' banks.