There are three phase of the each payment cycle; scheduled, sent and received.
Scheduled payment - the payment hasn’t been paid yet, it is created in Relay, but the funds weren’t moved from the account.
Sent payment - the payment was released from the payer account. The funds were moved via ACH or bank check
Received payment - the payment should be received based on the terms of ACH or mail delivery. ACH can take up to 3 business days, mail delivery - up to 7 business days. Received status doesn’t have confirmation of funds on the payee accounts, this date is the estimation only.