The other leg follows the same payment dates as an ordinary interest rate swap. If that leg is floating, it can also be compounded and paid once at maturity.
Consider a hypothetical example with a notional of 10 billion yen, a fixed rate of 1.10% per year compounded annually, and a term of 5 years. The fixed-rate payer makes no payments for the first 4 years and pays about 562.2 million yen in a lump sum at year 5, which is 10 billion yen × (1.011 multiplied five times − 1).
When forecasting and discounting use the same curve and compounding is annual, the fixed rate at inception equals the spot rate for the same maturity. Compared with the ordinary form that pays the same 1.10% interest every year, the total over 5 years is larger by the interest earned on the accumulated interest.