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Fintech terms & definitions

Welcome to our fintech glossary.
Here’s your go-to guide to master the language of fintech.
{ "A":{ "Automatic Billing Updater (ABU)":"A Mastercard service enabling issuers and acquirers to communicate data on payment cards which are registered with the service and to participate in any type of COF operations.", "Acquirer":"A member of Card Organisation(s) providing acquiring services for merchants and/or other entities.", "Acquirer Reference Number (ARN)":"A unique identification number assigned by the acquirer to the operation for further submission to the clearing system as well as for tracing operations.", "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)":"A programming interface provided to merchants and third parties for executing payments and operations, as well as receiving information from ECOMMPAY’s processing system.", "Alternative Payment Method (APM)":"A non-card payment method used as a tool for conducting operations between a customer and a merchant.", "Address Verification Service (AVS)":"A service offered by Card Organisations to authenticate the postal address specified by a cardholder when conducting a payment for the purpose of reducing the risk of fraudulent transactions." }, "B":{ "Batch ID":"An identification number assigned to the batch file of operations sent for clearing.", "Bank Identification Number (BIN)":"A 6-digit number assigned by Card Organisations to identify issuers during the authorisation, clearing, and settlement processes.", "Business day":"Any day other than Saturday, Sunday, or a bank/national holiday in the location ECOMMPAY, merchants, partners, correspondent banks, and/or credit/financial institutions involved in the payment process operate." }, "C":{ "Callback":"A system message for the operation initiator containing information about the operation result.", "Cardholder":"An individual or entity to whom an issuer issues a payment card or any individual or entity authorised to use the payment card to conduct payments to merchants using the payment card.", "Card Organisation":"An International Card Organisation (Visa/Mastercard/etc.), including subsidiaries and affiliates, acting as a global payment technology company providing its products and services, which include, but are not limited to, the authorisation, processing, clearing, and settlement of financial payments, as well as managing and processing 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.", "Chargeback":"The first step of the chargeback process as initiated by the issuer at the cardholder’s request, which is used to return funds of an executed operation.", "Card-Not-Present payment (CNP)":"A payment executed under both of the following conditions: Card is not present.", "Credential On File payment (COF)":"A payment under which a customer grants a merchant, payment facilitator, staged digital wallet operator or payment facilitator’s sub-merchant permission to store data associated with the payment card or payment method (COF), which includes, but is not limited to, payment card number, expiry date, payment token, and authorises the merchant to bill the payment card or payment method using COF.", "Card Verification Value / Cardholder Verification Code (CVV / CVC)":"Card Verification Value / Cardholder Verification Code. A three-digit code appearing on the reverse or obverse side of a payment card and used in the authorisation process to verify the authenticity of the payment card." }, "D":{ "3-D Secure (3DS)":"A cardholder authentication protocol used as an additional security layer while making CNP (Card Not Present) payments.", "Dashboard":"The interface provided for the merchant's employees and designed for analysing and managing the business activities of the merchant's projects.", "Descriptor":"The information appearing in a cardholder’s statement which identifies the merchant that executed the operation and contains the merchant name (or the “doing business as” name associated with merchant or its project/website), as well as its address or phone number." }, "E":{ "E-commerce":"A market sector focussed 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." }, "F":{ "Fraud":"Fraudulent operations conducted using payment methods." }, "G":{}, "H":{}, "I":{ "Issuer":"An entity that is a member of a Card Organisation and is entitled to issue payment cards pursuant to the Card Organisation’s rules." }, "J":{}, "K":{ "Know your customer( KYC)":"The due diligence of potential merchants and/or third parties and the documents submitted by them as part of regulatory provisions for the purpose of doing business with them." }, "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":"An entity that enters into an agreement with ECOMMPAY in order for ECOMMPAY to provide its service.", "Merchant ID (MID)":"A unique sequence of digits assigned by the processor to the merchant according to the acquirer’s request and used to identify the merchant while processing an operation in Card Organisation’s network.", "Mail Order/Telephone Order (MO/TO)":"A CNP payment when the cardholder provides the merchant with payment card details via mail or telephone to execute a payment." }, "N":{}, "O":{ "Operation":"An action occurring as the payment is executed among participants of the payment process.", "OneClick":"Functionality that allows merchants to perform Cardholder Initiated COF unscheduled payments in one click without re-entering CVV/CVC, which are initiated by the cardholder using COF.", "Operational region":"Regions and countries where a merchant has the right to conduct business activity." }, "P":{ "Primary Account Number (PAN)":"A unique series of digits that may identify the properties of a payment card and contain information about the issuer of the payment card.", "Payment":"One or a series of sequent operations, which are conducted to ensure execution of the customer's order for goods and/or services on the merchant's project or for execution of funds transfer operations from a merchant to the customer's payment details.", "Payment card":"A valid debit, credit, or prepaid card that can be a physical or virtual card, or otherwise an electronic product, issued by a licensed issuer of the Card Organisations’.", "Payment Page":"A component of ECOMMPAY’s processing system, provided to the merchants so that their customers can conduct payments in the web-interface, developed by ECOMMPAY.", "Payment Card Industry Data Security Standards (PCE DSS)":"Payment card industry data security standards set by the Payment Card Industry Security Standards Council (PCI SSC) which define specific requirements for the protection of cardholders' personal data.", "The Second Payment Services Directive (PSD2)":"The Payment Services Directive No. 2015/2366/EU (PSD2), 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.", "Routing":"A tool used to set payment route selection rules in accordance with the specified conditions for a project.", "Retrieval Reference Number (RRN)":"A unique operation number assigned by the acquirer, primarily used to associate operations with purchase details for easier retrieval and reconciliation of an operation's supporting documentation." }, "S":{ "Settlement":"The transfer of funds to the bank account indicated by a merchant for processed operations after the deduction of all fees and charges." }, "T":{ "Transport Layer Security (TLS)":"The transport layer security cryptographic protocol ensures the security of data transferred online.", "Token":"A value generated in ECOMMPAY’s processing system that removes personal identification and ensures the safe storage of payment card details and is used for the execution of secure operations.", "Tokenisation":"The token generating process for a payment card." }, "U":{}, "V":{ "VISA Account Updater (VAU)":"A VISA service enabling issuers and acquirers to communicate data on payment cards which are registered with the service and to participate in any type of COF operations." }, "W":{}, "X":{}, "Y":{}, "Z":{} }

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