It stands for intraday liquidity; all the funds that are available and can be accessed during a business day so that financial institutions (such as banks) would be able to make payments as per contractual terms (i.e., on time or in real time, as the case might be).

A bank should monitor and actively manage its intraday liquidity positions and risks (intraday liquidity risk) to meet payment and settlement obligations on a timely basis under both normal and stressed conditions.

Such an active management of intraday liquidity positions can enable an institution to establish a smooth functioning of its payment and settlement systems.