This is the 3420th most frequent Japanese word.
済み
"済み" means "finished" or "completed."
済み is used as a suffix to indicate that an action or process is completed or finished.
この問題は解決済みです。
This issue is already resolved.
済み indicates completion of the action (payment) when attached to a noun.
私は支払い済みですが、まだ確認がありません。
I have already completed the payment, but I haven't received confirmation yet.
済み here serves to emphasize that the application process has been finished.