Greiðslufyrirkomulagið er skýrt.

It is a compound noun meaning something like the payment arrangement, the payment setup, or the payment plan, depending on context.

It is built from:

• greiðsla = payment
• fyrirkomulag = arrangement, setup, organization
• -ið = the definite article the attached to the end

So Greiðslufyrirkomulagið literally means the payment arrangement.

Because Icelandic forms compound nouns very freely, much more than English does.

So where English often writes:

• payment arrangement
• payment system
• school policy

Icelandic often combines the parts into one word:

• greiðslufyrirkomulag
• skólastefna
• etc.

This is completely normal in Icelandic, even when the result looks long to an English speaker.

The ending -ið is the suffixed definite article, meaning the.

In Icelandic, the is often attached directly to the noun instead of appearing as a separate word.

So:

• greiðslufyrirkomulag = a payment arrangement / payment arrangement
• greiðslufyrirkomulagið = the payment arrangement

This is a very common feature of Icelandic grammar.

It is skýrt because the adjective must agree with the noun in gender and number.

The noun greiðslufyrirkomulag is:

• neuter
• singular

So the adjective skýr = clear must also be:

• neuter singular → skýrt

Compare:

• skýr = masculine singular
• skýr = feminine singular
• skýrt = neuter singular

Since greiðslufyrirkomulagið is neuter singular, skýrt is the correct form.

The head word of the compound is fyrirkomulag, and that noun is neuter. In Icelandic compounds, the final part usually determines the grammatical gender of the whole word.

So:

• fyrirkomulag = neuter
• therefore greiðslufyrirkomulag = also neuter

That is why you get:

• greiðslufyrirkomulagið
• er skýrt

It is in the nominative case, because it is the subject of the sentence.

The sentence structure is:

• Greiðslufyrirkomulagið = the subject
• er = is
• skýrt = predicate adjective

So the whole sentence means:

• The payment arrangement is clear.

Er is the present tense of the verb vera = to be.

So:

• er = is

In this sentence, it links the subject to an adjective:

• Greiðslufyrirkomulagið er skýrt = The payment arrangement is clear

This works just like English is in sentences such as:

• The plan is simple
• The answer is correct

In Icelandic compounds, the first element often appears in a stem or linking form rather than its plain dictionary form.

The base noun is:

• greiðsla = payment

But in compounds it commonly becomes:

• greiðslu-

So:

• greiðslukort = payment card
• greiðslufyrirkomulag = payment arrangement

For a learner, the safest approach is often to learn common compounds as vocabulary items, while also noticing this very common -u- linking form.

It is an adjective here.

That matters because skýrt can also look like an adverb form in other contexts, but in this sentence it is definitely a predicate adjective agreeing with the noun.

Here is why:

• it describes greiðslufyrirkomulagið
• it follows er
• it agrees with a neuter singular noun

So here it means:

• clear
  not
• clearly

Yes. Depending on context, Greiðslufyrirkomulagið er skýrt could be rendered as:

• The payment arrangement is clear.
• The payment setup is clear.
• The payment plan is clear.
• The payment terms are clear. (sometimes, depending on context)

The exact English wording depends on what kind of arrangement is being discussed, but the Icelandic sentence itself is straightforward.

No, this is a very normal Icelandic sentence pattern.

It follows:

• Subject + verb + complement

So:

• Greiðslufyrirkomulagið = subject
• er = verb
• skýrt = complement

This is the same basic structure as:

• Bíllinn er stór. = The car is big.
• Svarið er rétt. = The answer is correct.

Without the definite article, the noun would be:

• Greiðslufyrirkomulag er skýrt.

Grammatically, that is possible, but it is less natural unless you mean something general like:

• A payment arrangement is clear
• Payment arrangement is clear (not natural in English, but sometimes possible in very abstract contexts)

In most normal situations, Greiðslufyrirkomulagið er skýrt with -ið is the more natural sentence.

A rough learner-friendly pronunciation is:

• GRAYTHS-lu-fih-rir-KOH-mu-lah-gith

A few useful notes:

• ei in greiðslu sounds roughly like ay
• ð is like a soft th in this
• g can be softer than English g, depending on position
• the final -ið is not pronounced like English id; the ð is again a soft th

You do not need perfect pronunciation immediately, but it helps to hear the word spoken by native speakers because long Icelandic compounds are often easier to understand by ear once you know where the parts divide:

• greiðslu + fyrirkomulag + ið

The best dictionary form to learn is:

• greiðslufyrirkomulag = payment arrangement

And also its base parts:

• greiðsla = payment
• fyrirkomulag = arrangement, setup

Then you can recognize:

• greiðslufyrirkomulagið = the payment arrangement

This is a good strategy in Icelandic: learn both the whole compound and the pieces that build it.