Glossary
Payments, in plain English.
The terms that appear on every statement, contract and support ticket — defined without the circular jargon.
A–Z
Key terms.
- ACH
- The Automated Clearing House network used for batch bank debits and credits in the United States.
- AML
- Anti-Money Laundering — controls that detect and prevent illicit funds movement.
- BIN
- Bank Identification Number — the first digits of a card that identify the issuer and programme.
- Chargeback
- A forced reversal of a card payment initiated by the cardholder's issuing bank.
- FX spread
- The margin added to the mid-market rate by a provider on a currency conversion.
- Interchange
- The fee paid by an acquirer to the card-issuing bank on each card transaction.
- KYC
- Know Your Customer — identity verification performed before an account is activated.
- Mid-market rate
- The midpoint between the buy and sell price of two currencies on the global interbank market.
- PCI DSS
- The security standard governing storage and transmission of cardholder data.
- SEPA
- The Single Euro Payments Area scheme for euro-denominated bank transfers.
- Settlement
- The transfer of collected funds into a merchant's or recipient's account.
- SWIFT
- A global messaging network banks use to send payment instructions across borders.
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