Fintech terms & definitions

{ "A":{ "Automatic Billing Updater (ABU)":"A program managed by Mastercard which ensures secure communication of card billing information updates between issuers and acquirers for payment cards registered with the program and used for any type of credential-on-file (COF) operations.", "Acquirer":"An entity which is a member of Card Organisation(s) and which provides acquiring services", "Acquirer Reference Number (ARN)":" An operation identifier used for clearing. This identifier is assigned by the acquirer and is used for tracking operations.", "Acquiring":"A range of services for performing and processing card payments as part of the service provided to the merchant.", "Anti-Money Laundering (AML)":"A set of procedures, laws, and regulations designed to stop the practice of generating income through illegal actions and adopted in order to prevent money laundering and the funding of terrorist activities.", "Application programming interface (API)":"Communication protocol of software systems. Within the framework of the ECOMMPAY Group operations, a diverse range of APIs is used including:
- APIs provided to merchants in order to perform payments, operations, and other actions in the ECOMMPAY payment platform.
- APIs necessary to establish communication among the ECOMMPAY payment platform components.
- APIs necessary to ensure communication between the payment platform and the services provided by payment systems, providers, and third parties.
Examples: Gate API, Data API, Payment Page API.", "Alternative Payment Method (APM)":" A payment method which serves as an alternative to card payments — a payment method with the direct use of cards of Card Organisation(s).
Alternative payment methods include payments with the use of electronic wallets, vouchers, mobile commerce, payment terminals, etc.
In most cases such methods are developed to address challenges of electronic commerce growth in a specific region or the technical aspects of the applications or websites these methods are developed for and which cannot be solved by using traditional payment infrastructure.", "Address Verification Service (AVS)":" A Card Organisation's service allowing merchants and acquirers to reduce the risk of payment fraud by comparing the postal address specified by a cardholder when making a payment with the address which is kept on file as current for this cardholder by the issuer." }, "B":{ "Batch ID":"An identification number assigned to the batch file of operations sent for clearing.", "Bank Identification Number (BIN)":" Issuer's identifier assigned by a Card Organisation and used for authorisation, clearing, and settlement.", "Business day":"Any calendar day other than official national holidays set in accordance with the legislation of the country where ECOMMPAY Group, merchants, partners, correspondent banks, and credit or financial institutions are located and involved in payment processing." }, "C":{ "Callback":"Within the framework of the ECOMMPAY payment platform, a system message which is an HTTP POST request with a specific structure sent to a URL provided by the merchant when the specified conditions are met.
Essentially, callbacks communicate information merchants need to respond to: for instance, that they need to redirect the customer to the provider's website, that an operation was executed with a certain result, or that a token was created. The structure, URLs, and events that trigger callbacks are configured according to the merchant's needs.", "Cardholder":"An individual or a legal entity in whose name a payment card is issued and/or any individual or a legal entity authorised to use the payment card.", "Card Organisation":"Visa, Mastercard, or other similar card networks.
An organisation (including its subsidiaries and affiliates) which acts as a global (or national) payment technology company that provides products and services such as authorisation, processing, clearing and settlement of financial payments as well as managing and processing diverse payment data.", "Cascading":"A payment processing scenario which enables a repeat attempt to execute an operation via additional processing channel(s) in accordance with a predefined routing setup in cases of declined transactions.", "Cascade payment processing":"Consecutive attempts to execute a payment via substitute providers. It is used in order to increase payment acceptance rate, for instance, when the payment system or the provider experiences hardware and software faults or failures.", "Chargeback":"The first stage in the process of disputing a charge. It is initiated by the issuer at the cardholder's request and used to return funds transferred as a result of the processed operation.", "Card-Not-Present payment (CNP)":" A type of payment where both the card and the cardholder are not physically present at the time the payment is made.", "Credential On File payment (COF)":" Payment credentials which are stored by the merchant or the merchant's payment services provider (ECOMMPAY Group) with the consent of the customer and which can be used for processing payments. Such credentials may include card number, card expiry date, cardholder's name as well as their equivalents for alternative payments.", "Card Verification Value / Cardholder Verification Code (CVV / CVC)":" A numeric code which is located on the reverse or obverse side of a payment card and which is used for card authentication.", "Customer":"The merchant's client who makes payments for goods/services and/or receives payouts on the merchant's project by using payment methods.", "Customisation":"Configuring basic settings of interaction between the merchant and ECOMMPAY Group upon the merchant's request." }, "D":{ "3DS (3-D Secure)":"3-Domain Secure is a CNP payment security protocol which is used for cardholder authentication and based on a three-domain model—acquirer domain, issuer domain, and interopability domain (i.e. Card Organisations).", "3DS 2 (3-D Secure 2)":" A version of the 3-D Secure protocol which ensures compliance with the Second Payment Services Directive (PSD 2) and allows performing customer authentication.", "Dashboard":"ECOMMPAY payment platform component whose web interface is used by the merchant's employees to control, analyse, and manage payments and operations as well as to interact with ECOMMPAY in certain scenarios.", "Descriptor":"Information which identifies the merchant that executed the operation and which contains the name of the merchant (or \"doing business as\" name associated with the merchant) as well as the merchant's address or the phone number. Descriptor can appear in a card statement available both in hard copy and in a mobile or a web application of the cardholder — depending on the specifics of the issuer's operation." }, "E":{ "E-commerce":"A market sector focused on online businesses, which provides a set of technologies and services for carrying out business activities over the internet or through other networks using a terminal, personal computer or alternative device.", "ECOMMPAY payment platform":"An information system which consists of components and which is designed for processing payments and operations with the use of various payment methods as well as for completing additional actions in order to provide services to merchants and third parties.", "Expiry date":"A date indicating the validity period of the payment card, as a rule, located on the obverse side of the payment card in the month/year format (MM/YY)." }, "F":{ "Fraud":"Generally, a type of fraudulent activity in the IT sphere; in particular, unauthorized actions and unlawful misuse of services and products.
Within the framework of the ECOMMPAY payment platform, it refers to operations which are initiated unlawfully, including those initiated on behalf of the customer without the customer's actual consent." }, "G":{}, "H":{}, "I":{ "Issuer":"A legal entity that is a Card Organisation member and that issues payment cards in accordance with the Card Organisation’s rules." }, "J":{}, "K":{ "Know your customer( KYC)":" Due diligence of merchants and/or third parties on the basis of documents submitted by them as well as information from government registers or any public record for the purpose of doing business with the said merchants or third parties." }, "L":{}, "M":{ "Merchant Category Code (MCC)":"A four-digit identification number assigned to the merchant by the acquirer in accordance with the classifications and requirements of Card Organisations, which characterises the primary business activity of the merchant.", "Merchant":"In general, a legal entity, an online seller of goods and/or services.
In legal documents, a single legal entity that has entered into an agreement with ECOMMPAY Group under which ECOMMPAY Group provides services to it.
Within the framework of the ECOMMPAY payment platform, one or more related legal entities which are logically combined under the merchant category and which have entered into an agreement with ECOMMPAY Group to receive services.", "Merchant ID (MID)":" An identifier of the merchant assigned by the operator of the processing center on request of the acquirer and used for processing operations in the Card Organisation’s network.", "Mail Order/Telephone Order (MO/TO)":" A type of CNP payments when a cardholder provides a merchant with payment card data via telephone, mail, fax, or email in order to make a payment." }, "N":{}, "O":{ "Operation":"Within the framework of the ECOMMPAY payment platform, a sequence of actions which is logically complete and which is carried out as part of the payment execution.
Examples: operations auth, capture, and refund executed as part of a purchase payment.
An up-to-date list of operations supported in the payment platform can be found on:
Public documentation site
Intranet site Wiki ECP IT.", "OneClick":"A COF payment without authentication where each debiting of funds is initiated by the customer.
One-click purchase is a technical implementation of unscheduled payments in the ECOMMPAY payment platform which in case of card payments is equivalent to CI COF payments as they are defined according to the guidelines of Card Organisations.", "Operation day":"A time span within which operations that have been processed are summed up. This time span is equivalent to the period of 24 hours with the length variation due to daylight savings taken into account. The beginning and the end of the operation day in different cases varies depending on a number of factors (for instance, the time zone in which the merchant operates).", "Operational region":"Regions and countries where a merchant has the right to conduct business activity." }, "P":{ "Primary Account Number (PAN)":" An identifier which provides information about the issuer of the payment card and the properties of this card.", "Payment":"Within the framework of the ECOMMPAY payment platform, a series of actions performed in order to execute the merchant's request for transferring funds between the merchant and the customer.
At the moment, within the framework of the ECOMMPAY payment platform, the following payment types are supported:

purchase;
recurring;
payout;
account verification;
invoice;
money transfer.

An up-to-date list of payments supported in the payment platform can be found on:
public documentation site
intranet site Wiki ECP IT.", "Payment card":"A debit, credit, commercial, or prepaid card which is issued by the Card Organisation's licensed issuer as a physical card or a virtual product.", "Payment card data":"Data used for authentication of the payment card issued to the cardholder which includes card number and expiry date, cardholder’s name and surname, CVV/CVC.", "Payment method":"A product (products) of the payment system with its (their) own trademark used by customers to make payments.
Examples: QIWI, Neteller, Skrill, and others.", "Payment method type":"A category which refers to one or several payment methods characterised by an identical scenario for payment execution by the customer.
Examples: card, e-wallet, online banking, and others.", "Payment Page":"ECOMMPAY payment platform component — a flexible, customisable payment form which is opened using the Payment Page API. Regardless of its display mode, Payment Page code is executed on the ECOMMPAY servers.
See Iframe display mode, Redirect display mode, Modal window display mode.", "PCI DSS (Payment Card Industry Data Security Standard)":" A standard set by the Payment Card Industry Security Standards Council (PCI SSC) which defines specific requirements for the protection of cardholders' data.", "Processing centre":"A hardware and software system which supports interoperability between Card organisations and other participants in the process of performing card payments.", "PSD 2 (Payment Services Directive 2)":" The Payment Services Directive No. 2015/2366/EU (PSD 2) adopted by the European Parliament and the Council which terminates the first Payment Service Directive and provides a new legal basis for the provision of payment services within the European Economic Area." }, "Q":{}, "R":{ "Recurring payment":"A series of Merchant Initiated COF payments that are processed at fixed, regular intervals (not more than one calendar year between payments), pursuant to the consent provided by the cardholder for the merchant to initiate future payments for purchase of goods or services at regular intervals.", "Retrieval Reference Number (RRN)":" An operation number assigned by the acquirer which is used for associating the operation with the payment details for easier retrieval and reconciliation of the operation's supporting documentation.", "Risk Control System":"ECOMMPAY payment platform component which provides automated fraud scoring for operation processing on the basis of customisable rules packs.", "Route":"The payment processing route which is set up in the Backoffice interface depending on the payment method, the provider, and the payment currency.", "Routing":"Within the ECOMMPAY payment platform, a process of determining the route of the operation execution according to the specified rules which are configured separately for each project in the Backoffice interface." }, "S":{ "Settlement":"Transferring funds to the specified settlement account under the terms of the agreement." }, "T":{ "Transport Layer Security (TLS)":" A cryptographic protocol ensuring security of data transferred in computer networks.", "Token":"In information security, an identifier that maps back to the sensitive data through a tokenisation system and that is used for substituting this data in order to protect it.
Within the ECOMMPAY payment platform, tokens are generated for payment card data and are used for ensuring secure communication of this data between ECOMMPAY Group and merchants.", "Tokenisation":"A process of generating a token." }, "U":{}, "V":{ "VISA Account Updater (VAU)":" A service offered by Visa which ensures secure communication of card billing information updates between issuers and acquirers for payment cards registered with the program and used for any type of credential-on-file (COF) operations." }, "W":{ "Web service":" Within the framework of ECOMMPAY Group, a website and/or mobile application of the merchant which provides customers with services that involve processing payments in the ECOMMPAY payment platform." }, "X":{}, "Y":{}, "Z":{} }