Implementing (color: red): This will be the initial status of your transfer. It indicates that you are in the process of setting it up and still working on this transfer.
Testing (color: orange): The next status after implementing will be testing. Setting the transfers to this status means you are testing it.
Ready (color: blue): This status means that you are done testing the transfer and either you have or your client has accepted the transfer. The 'ready' status means that the transfer is ready to use.
Live (color: green): This is a special status as you cannot change your transfer to or from this status manually. For a transfer to have the status 'live', it requires that the transfer is on a schedule. The system will automatically set the transfer to live when
1) it is on a schedule (and the schedule is not 'Stopped') and
2) the transfer is enabled.
When you disable the transfer or delete the schedule the status for the transfer will change to 'Ready'.
Archived (color: grey): This status you may like to use when you e.g. have made a copy of the transfer for reference purposes or later use.