Glossary

Term	Acronym Meaning	Definition
2FA	Two Factor Authentication
3DS	3 Domain Secure	Technical standard for online transactions in which, in addition to card verification, a cardholder verification step is implemented as an additional security layer, by requesting the user to input a PIN or one-time password or by using risk-assessment algorithms to verify the purchaser’s identity. Originally launched by Visa® (as ‘Verified by Visa’).
AAV	Accountholder Authentication Value	AAV is a MC Sec code token that uses UCAF for transport in authorisations. Issued by Issuer, proof of fully authenticated or an attempted auth transaction. This is the value passed from Merchant to Issuer in order to validate the 3DS Mastercard transaction.
ABU	Automatic Billing Updater	A Mastercard (MC) system storing information like card number existence and its expiry date. Knowing this, MC can respond to some Authorisation requests earlier in the network flow, without the need to send the requests to the issuer (Paymentology).
AC	Application Cryptogram	An Application Cryptogram is generated by a card during the authorisation of a transaction. This cryptogram is sent to the card issuer in online authorisation and clearing messages, and can be verified by the issuer to confirm the legitimacy of the transaction.
Acquirer		The party in a message exchange representing the card acceptor (who originally initiated the transaction).
Acquirer processor		Institution that processes payments and card transactions on behalf of the merchant, performing the technical operations necessary to communicate with authorization and settlement entities. Often acquiring processors are a single entity with acquirer banks.
Acquiring Bank (Merchant’s Bank)		A bank that is an authorized member of Visa & MasterCard that provides merchant accounts, allowing them to accept payments. Often acquiring banks are a single entity with acquirer processors.
ACS	Access Control Server	Server used by the issuing bank to be sent a OTP or code during 3DS authentication to carry out the verification of the cardholder’s identity
Action		The process a rule triggering commences. For example notifying a client via email or applying a $2 fee to a spend.
Advice		Advice message that an action has taken place; receiver can only accept, not reject.
AFD	Automated Fuel Dispensers	Automated Fuel Dispensers are unattended terminals at fuel stations that allow cardholders to purchase fuel without requiring an attendant
AID	Application Identifier	An AID is used to uniquely identify each EMV application that a terminal supports; every AID has an associated card scheme and parameters relating to how the application needs to be processed.
AIP	Application Interchange Profile	The AIP indicates which steps (e.g. cardholder verification, data authentication) are supported and which should be applied a transaction.
ALPHA		The ALPHA phase of the software release life cycle is the first software testing phase.
AML	Anti-Money Laundering	A set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
API	Application Programme Interface	APIs are software applications used to develop other apps that connect to other firms’ pre-existing technology. APIs allow communication and sharing of features between different software. APIs are used in banking systems to provide a smooth experience using a wide set of functions to clients.
Arbitration chargeback		An arbitration chargeback is the second and final chargeback process. This happens when a second presentment is received from the merchant but the cardholder is still disputing/querying the transaction.
ARPC	Authorisation Response Cryptogram	Code generated by the card issuer in response to a ARQC to provide authorisation for payment. The code is sent to the POS to authorise the transaction.
ARQC	Authorisation Request Cryptogram	Code generated by an EMV card upon request from a POS terminal, which is sent to the card issuer to obtain authorisation for a payment.
ARR	Annual Recurring Revenue	All ongoing revenue for a product or business, or from a specific client, projected over one year.
ASI	Account Status Inquiry	Account Status Inquiry means an authorisation to validate a Card with no subsequent settlement
Assessment		The fee per transaction that networks charge to both issuing and acquiring banks.
ATC	Application Transaction Counter	A counter, maintained by the chip card application (incremented by the chip), that provides a sequential reference to each transaction.
ATM	Automated Teller Machine	An electronic banking outlet that allows customers to complete basic transactions without the aid of in person interaction. The majority of ATM’s are accessible by anyone with a credit or debit card.
Authorisation Code		A numeric or alphanumeric code sent by the card issuer verifying that the sale has been authorized (approved). An authorisation code is usually a four to six-digit number.
Authorisation messages		The category of messages that contain sufficient information for an issuer to approve or decline a customer transaction but not to post to the cardholder account or to substantiate a transfer of funds between card acceptor and acquirer or between acquirer and card issuer.
Authorization		The step of a transaction that follows authentication, in which the transaction is either authorised or rejected based on parameters such as spend limit, funds availability etc.
AVS	Address Verification Service	A fraud prevention system that verifies that the address entered by the customer is associated with the cardholder's credit card account, and can help limit fraud and chargebacks.
AWK	Acquirer Working Key	A data-encrypting key used to encrypt PIN data between the service provider and acquiring bank
Banking.Live		Paymentology's processing engine OR Paymentology card processing platform
Banknet		Mastercard’s processing system for receiving and exchanging transaction requests, a global proprietary network with thousands of nodes spread around the world, capable of processing millions of transactions per hour.
BASE_URL		This is the consistent part of your web address. In the case of endpoints in the API reference, the BASE_URL is a placeholder and, once specified is used for all relative URLs.
Batch Processing		The action of processing transactions together at one time (in a batch) as opposed to individually (one at a time). Typically, batch processing occurs in situations where a cardholder signs up to be billed on a regular basis. This could be a monthly cable TV bill, insurance bill, or subscription service.
BCP	Business Continuity Planning	A set of organisational procedures that allows the identification of the threats to which a company is exposed and which defines how an emergency situation or interruption of activities must be managed, in order to minimize the impact on the company and maintain production capacity and brand positioning.
BER-TLV	Basic Encoding Rules: Tag Length Value	A standard format for encoding different elements of data in a single byte stream (differs from Fixed TLV)
BETA		The BETA phase of the software release life cycle is the second phase of software testing.
Billing Cycle		Period of 28 to 31 days between a credit card’s statement dates. All the transactions completed during a billing cycle impact on that cycle’s statement
BIN	Bank Identification Number	This is the initial four to six numbers that appear on a credit/debit card (i.e. the initial 4 to 6 digits of a PAN). This number uniquely identifies the network and the institution issuing the card. The moment a card is swiped at a store, the system knows exactly which bank issued the card being used and can route the transaction accordinglly.
BIN Range		A list of card numbers associated to a BIN that a financial institution can issue. Multiple issuers could share the same BIN (i.e. they share the same BIN Sponsor), so the possible digit combinations starting with the same BIN are divided in ranges and assigned to the different issuers to prevent repetition of card numbers. For example, a Mastercard BIN range could be all cards with numbers ranging from 5637 6800 0000 0000 to 5637 6800 0000 1000. However, note that a BIN range is not necessarily made of consecutive numbers.
BIN Sponsorship		A network-approved compliant connection between a financial institution and a network scheme, enabling the former to execute transactions via the network. A BIN sponsorship allows Neobanks, Fintechs and Telcos process payments through a TPP (third-party provider) that is a direct scheme member (i.e. has an established partnership with the networks). Without a BIN sponsorship, it is not possible to issue open-loop cards that use the network schemes (Mastercard, Visa etc.)
BIP/BPS	Basis Points	Basis points are fractions of the monetary value of a transactions, and are used to calculate transaction fees or fraud losses. One basis point is equavalent to 0.0001 in decimal form
Breakeven		The point at which a company stops operating at a loss and starts making profits.
CAC	Client Acquisition Cost	The amount of money spent to acquire a client (e.g. through marketing campaigns, sales meetings, events etc.).
CAGR	Componund Annual Growth Rate	The mean annual growth rate of an investment over a specified period of time longer than one year.
Capture		The completion of a transaction and subsequent initiation of the fund transfer request by the merchant.
Card Acceptor		The party accepting the card and presenting transaction data to the acquirer.
Card Fraud		A person or thing that utilises payment cards for the purpose of personal gain by wrongful and criminal means or deceit, typically for some form of personal financial gain
Card Issuer		The institution or its agent that issues an identification card to the cardholder.
Card provisioning		The process of a PAN being tokenized
Card Spend Controls		The check on rules set for a specific card that limit how and when it can be used. Examples of possible rules are the maximum amount per transaction, the merchant’s ID, the maximum monthly spend etc.
Cardholder		The individual to whom the card is issued or who is authorized to use an issued card.
Card-Swiped Transaction		A transaction where a card is read by a magnetic stripe card reader.
CARR	Committed Annual Recurring Revenue	The amount of revenue earned from a client in a year, by contract. This parameter is highly important: since it is defined in a legal contract with a client, it represents money that a business is guaranteed to earn from them over the year. The total CARR of a company is the sum of the CARRs from all their clients.
CASA	Checking and Savings Account	Checking accounts are accounts for accessing money on demand for day to day use; Savings accounts are intended for longer-term deposit and investment.
CAVV	Cardholder Authentication Verification Value	This is the value passed from Merchant to Issuer in order to validate the 3DS VISA transaction.
CDCVM	Consumer Device Cardholder Verification Method	Indicates whether a a device has CDCVM capabilities - allow users to verify their identities such as PIN entry or biometric authentication.
Chargeback		The reversal of a funds transfer, so that the funds are returned to the cardholder. A transaction may be returned because it was non-compliant with association rules and regulations or because it was disputed by the cardholder.
Check Digit		A check digit is a form of redundancy check used for error detection on identification numbers, such as bank account numbers, which are used in an application where they will at least sometimes be input manually.
CIF	Cards in Force	The total number of credit or debit cards issued by a financial institution that are presently active and in use by cardholders.
Clearing		A clearing transaction follows a successful authorization (typically the following day) and involves the transfer of information pertaining to card-based transactions (clearing) and the exchange of monetary value (settlement).
Client Rule Registry		The client rule registry is an extract of the group and product based rules the client has selected to utilise across any group or product of their full card programme.
Closed-loop		Closed loop mobile payments are those that enable consumers to load money into a spending account that is linked to a payment device – for example, a gift card for a specific company, without being linked to a personal account or wallet. Closed loop payments require a prepaid amount to be present in the payment device.
CMS	Credentials Management System	Software used for issuing and managing credentials of users.
CNP		Card Not Present - is a payment card transaction made where the cardholder does not or cannot physically present the card for a merchant's visual examination at the time that an order is given and payment effected
COF	Card on File	When a business, with the cardholder's consent, stores the payment card data.
CR	Credit	In banking, credit refers to the transactions that increase the account balance
Credit (Refund)		A transaction where the merchant sends money to the cardholder's account, usually because the cardholder has returned the merchandise. Credit transactions appear on the cardholder's statement.
Credit card		A credit card is a thin rectangular piece of plastic or metal issued by a bank or financial services company that allows cardholders to borrow funds with which to pay for goods and services with merchants that accept cards for payment.
CRUD	Create, Read, Update, Delete
CRYPTO		Paymentology PIN Encryption/Decryption System
CSV	Comma-separated values
CTF	Counter-Terrorism Financing	A set of laws, regulations, and procedures intended to prevent criminals from funding terrorist organisations with funds disguised as having another destination.
cURL		cURL/ CURL (client URL) is a command-line tool for getting or sending data including files using URL syntax.
CVC	Card Verification Code	This can also be referred to as the CVV, and is an extra code printed on a debit/credit card, with it being the last three digits that appear on the back of most cards (Visa®, Mastercard®, etc), with the exception of American Express (AMEX), where it is usually a four digit code on the front of the card.
CVM	Cardholder Verification Method	Process that verifies that the person trying to use a card is the legitimate cardholder.
CVR	Card Verification Results	Bit set in EMV used to determine the results of the card verification process
CVV	Card Verification Value	This can also be referred to as the CVC, and is an extra code printed on a debit/credit card, with it being the last three digits that appear on the back of most cards (Visa®, Mastercard®, etc), with the exception of American Express (AMEX), where it is usually a four digit code on the front of the card.
D&A	Depreciation and Amortization	Depreciation refers to the decrease in the value of tangible assets: assets with a physical form and a specific lifecycle (e.g. production equipment, office equipment, and other types of property). Amortization refers to the decrease in the value of intangible assets (e.g. brand recognition, intellectual property, copyrights, franchise rights, and patents).
DAC	MC Digital Activity Customer / Wallet Provider	Role appointed by MasterCard to partner companies allowing them to make technical and commercial services available to third parties who wish to enable digital payments systems.
Dashboard		Dashboards are pages that present overviews and stats of the systems in use at Paymentology, allowing the analysis of how our systems are functioning, and to build baselines for comparing against current performance. Once we have a through understanding of the data, and an idea of how our systems perform, we can start building thresholds for expected performance. We can also setup alarms and pager duty alarms to alert us when something is wrong.
DE	Data Element	Basic unit of data that carries information.
Debit card		A debit card is a payment card that deducts money directly from a consumer’s checking account when it is used.
Declined Transaction		A transaction that was not approved by the card issuer
DEX	Direct Access	A direct point of connection that enables issuer processors to connect with Visa. A DEX is a closed, private, TCP/IP-based connection to VisaNet.
Digital Wallet		Apps that store digital payment credentials without the need of a physical card.
Dispute		A dispute happens when a cardholder challenges the validity of a transaction. Examples of reasons for a dispute could be unauthorised purchase, the failure by the merchant to deliver the goods/services etc.
Downtime		A disruption of the normal functionality of a system (i.e. if servers are down) that doesn’t allow transactions to process correctly.
DPAN	Digitized Primary Account Number	Digitized PAN
DPD	Digital Payment Data	Data associated with a transaction such as account details, issuing bank information, etc.
DR	Debit	Debit refers to an amount an account balance is to be decreased by via a payment/transaction.
DRP	Disaster Recovery Planning	A set of organisational procedures that allows the identification of the threats to which a company is exposed and which defines how an extreme emergency situation or interruption of activities must be managed, in order to minimize the impact on the company and maintain production capacity and brand positioning.
EAS	Extended Access Server	Visa’s server, available outside the U.S, that collects all incoming transaction requests to their network and routes them to the correct issuers/acquirers for authorisation (switching). The EAS provides secure connectivity to VisaNet and performs authorization routing, file staging, and delivery services. It incorporates open standards with powerful IP technologies.
ECNO		Ecno is an encrypted form of PAN
ECOM	E-commerce
EFT	Electronic Funds Transfer	This is the electronic transfer of money from one bank account to another, via computer-based systems, without the direct intervention of banking staff.
EKYC	Electronic Know Your Customer	The virtual/online version of KYC.
Emboss Name		The name of a cardholder to be printed on the physical/virtual card is called. Basically, Paymentology retrieves this data from pws_create_card API call and passes it to the manufacuterer in XML format.
EMS	Electronic Merchant Services	Mastercard monitoring platform
EMV	Europay, Mastercard® and Visa®	Global standard encompassing the physical and data processing characteristic of chip cards and other devices such as ATMs or POS terminals, designed to allow interoperability between different chip cards and terminals
EMV Transaction		A transaction with Integrated Circuit Card data
Encryption		The scrambling of sensitive information for security purposes. PIN numbers are encrypted prior to transmission to prevent unauthorized tampering.
FAST	Framework for Authorisation and Settlement Transmission	Facilitates the transmission of authorisation and settlement data between card schemes - like VISA or Mastercard, and the Client, either a bank or card issuer. For further details:
FFT	Fintech Fast Track	A Visa program designed to help and guide fintech and crypto companies bring new payments solutions to market.
FI	Financial Institution	Any company or agency that focuses on dealing with financial transactions, such as banks, fintechs, networks etc.
FICA	Financial Intelligence Centre Act	FICA was introduced to establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities and the financing of terrorist and related activities. (South Africa only)
Financial Transaction Messages		The category of messages that contain sufficient information for an issuer to approve or decline a customer transaction and to apply the amount of the transaction to the cardholder account.
Fixed TLV	Fixed Tag Length Value	A Paymentology proprietary Tag Length Value encoding Format. The Tag and Length values have fixed sizes (differs from BER-TLV format)
Fraud		A false or illegal transaction which results in a loss of funds
FX	Foreign Exchange	The conversion of a country's currency into another, or the business of trading currencies based on rates fluctuations for profit.
Gateway		A gateway provides an interface between merchants and acquiring institutions.
Gift Card		A gift card is a prepaid debit card that contains a specific amount of money available for use for a variety of purchases
GMBS	Global Member Billing Solutions	System that VISA uses to invoice fees to its customers.
GUI	Graphical User Interface	Graphical User Interface (GUI) is an arrangement of interactive components such as icons and other graphical objects that assist a user to interact with computer software
HandleAuth		Handleauth is the name of function on PayCore database that is called by PayPower at the time of transaction. The actual handleAuth call and the handleAuth version can be checked in the transaction details.
HCE	Host Card Emulation	Software architecture that enables virtual representation of banking cards using software, allowing mobile applications to provide card payments without the need of a physical secure element (i.e. without the need of a physical chip card)
HSM	Hardware Security Module	A physical device that provides security for sensitive data. This type of device is used to provide cryptographic or critical functions such as encryption, decryption and authentication
HTTPS	Hypertext Transfer Protocol
IBSE	Issuing BIN Sponsored Entity	A company that has a BIN sponsorship.
ICA	Interbank Card Association Number	A four-digit number assigned by MasterCard to a financial institution, third party processor, or other member to identify the member in transactions. One ICA can have many BINs registered to it at once.
ICC	Integrated Circuit Card	A type of payment card that has an embedded circuit.
Idempotency		A feature of APIs that avoids the repetition of the function when the API is unnecessarily called multiple times in a row.
Imprint		The process of manually making a print of the embossed information from a credit or debit card. This is required in a face-to-face processing environment where a magnetic swipe card reader is unavailable to swipe a credit card or a receipt printer is unavailable.
Incident Reporting		Incident Reporting is the process of capturing, recording, and managing an incident occurrence, such as a system outage or security breach. This allows us to professionally and formally communicate the impact of what happened to a client. This also helps communicate the measures we took at that time to resolve it, and the steps we are implementing to stop the occurrence from happening again.
Incoming Messages		Messages received by Paymentology from the FAST System.
Installment		A sum of money due as one of several equal payments for something, spread over an agreed period of time
Interchange		Interchange fees are fees that a merchant is charged for every card transaction
Interchange Fee		The predetermined amount that the merchant bank pays the issuing bank for a transaction. Visa and MasterCard set Interchange fees based on a variety of categories such as card types, industry types, and processing environment. There is one set of Interchange fees for all Visa and MasterCard acquiring and issuing financial institutions.
Invoice Number		A merchant-defined alphanumeric field that prints on the customer receipt. The invoice number is also required to help qualify a hand-keyed transaction for the lowest possible Interchange level.
IRR	Internal Rate of Return	The annual rate of growth that an investment is expected to generate. It’s a metric used to measure how good an investment is expected to be. Generally speaking, the higher the IRR, the more desirable an investment is to undertake.
ISO	International Organization for Standardization	An international standard development organization composed of representatives from the national standards organizations of member countries. ISO has published over 24,500 international standards covering almost all aspects of technology and manufacturing.
ISO 8583		ISO 8583 is an international standard for financial transaction card-originated interchange messaging. It defines a message format and a communication flow, so different systems can exchange transaction requests and their responses. It is the International Organization for Standardization standard for systems that exchange electronic transactions initiated by cardholders using payment cards.
ISO8583		ISO8583 is an international standard for financial transaction card originated interchange messaging. It is the International Organisation for Standardisation standard for systems that exchange electronic transactions initiated by cardholders using payment cards
ISS	International Settlement Service
Issuer		also known as the Issuing bank is the cardholder’s bank and is responsible for the movement of funds from the cardholder’s account to the merchant/acquirer’s account
Issuer Processor		An issuer processor is a financial institution that is both an issuer of cards and a processor of transactions and settlements. Paymentology is an issuer processor.
I-TSP		Issuer-to-Token Service Provider (I-TSP). I-TSP's are a fundamental component required by Issuer's to enable the digitization/tokenization of cards.
IVA	Impuesto al Valor Agregado	The Mexican Value Added Tax system
IVR	Interactive Voice Response	An automated phone system that interacts with callers and gathers information by giving them choices via a menu.
IWK	Issuer Working Key	A data-encrypting key used to encrypt PIN data between the service provider and issuing bank
JSON	JavaScript Object Notation	Acommon open standard file format and data interchange format with diverse uses in electronic data interchange, including that of web applications with servers.
KYB	Know Your Business	The business equivalent of KYC (i.e. a company doing due diligence on businesses they work with).
KYC	Know Your Customer	Also sometimes referred to as ‘Know Your Client’, KYC is a standard in the finance industry that protects both a client and the bank. It enables a bank to know and understand their customer, through their financial dealings and manage risks.
Ledger		The record-keeping system for a company or individual’s financial data, with debit and credit account records.
LTV	Lifetime Value	The total amount of revenue we earn from a client over the time they are signed with us.
M	Monetary	-
M4M	MDES for Merchants.
MAC	Message Authentication Code
Maestro		Maestro is MasterCard’s global online debit program for PIN-based debit cards, which has a leading position among PIN debit brands in many markets throughout the world, particularly in Europe.
Manual provisioning		The process in which the cardholder physically enters the card details into the digitized wallet.
Mastercard Network		Mastercard facilitates the authorization, clearing and settlement of transactions (e.g., credit, signature and PIN debit, prepaid) through the Mastercard Network, our proprietary, global telecommunications network. The Mastercard Network links issuers and acquirers around the globe for transaction processing services and, through them, permits Mastercard cardholders to use their cards at millions of merchants worldwide.
Mastercom		Mastercard's dispute management system
MB	Mobile Banking
MCC	Merchant Category Code	A four-digit classification code that is assigned by a payment card organization to a merchant/payee. The payment card organization assigns the merchant a particular code based on the predominant business activity of the merchant.
MDES	Mastercard Digital Enablement Service	MasterCard platform that enables various devices connected to the internet to be used for commissioning and/or accepting payments, by using tokens instead of the physical card number for authentication
MDS	Mastercard Debit Switch
Member		In payments, a scheme member is a company that is an established and compliant partner of a network scheme (e.g. Mastercard or Visa). Members can provide BIN sponsorship and thus connections to the schemes to their non-member clients.
Merchant		A merchant simply refers to any business that accepts card-based payments.
Merchant Agreement		The agreement that governs the processing arrangement between the merchant and the acquiring bank. This typically includes the rates and fees charged to the merchant as well as the terms and conditions.
Merchant-Funded Installments		The merchant paying the interest expense or delaying settlement until the payment is received. This scheme is beneficial to cardholders because it is interest-free.
Message		A set of data elements used to exchange information between institutions. No communications (i.e. header/trailer, protocol, or character code) or security implications are assumed or identified.
MIP	Mastercard Interface Processor	Mastercard’s switch system that collects all incoming transaction requests to the Mastercard network and routes them to the correct issuers/acquirers for authorization.
MLRO	Money Laundering Reporting Officer	A firm’s person in charge of the company’s compliance with the rules on money laundering.
MTID (Acronym)	Message Type Identifier
NICS	Network Information Control System
NM	Non Monetary	-
NMM	Network Management Messages	The category of messages that are used to manage the operational status of the communications link between Paymentology and the FAST System.
OFAC	Office of Foreign Assets Control	An office of the US Department of the Treasury that administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, and criminal parties.
On-soil		Countries that have on-soil regulations require all of the payment cycle to be executed inside the country. This means that network nodes and data centers must be physically built inside the country’s borders. A transaction request from merchant POS cannot be directed to decentralized networks or to data centers located abroad.
Open-loop		Open Loop Payment Systems enable transactions between accounts at different banks without requiring participants to hold an account with any specific app or financial institution. It is a general-purpose charge card that can be used anywhere that brand of card is accepted.
OpenSSL		OpenSSL is a software library for applications that secure communications over computer networks against eavesdropping or need to identify the party at the other end. It is widely used by Internet servers, including the majority of HTTPS websites
OPEX	Operating Expenses
Outgoing Messages		Messages sent by Paymentology to the FAST System
Overdue amount		Unpaid portion of the minimum due amount from the last statement cycle. For example, the minimum due for the previous cycle was $50 and the cardholder did a payment of $20, then the overdue amount will be $30.
Overlimit amount		Current balance - credit limit (any spend above the credit limit; for example credit balance is $10500 and the credit limit is $10000, then the overlimit amount will be $500)
P&L	Profit(s) and Loss(es)	-
PAN	Primary Account Number	This number is the card identifier found on payment cards, such as credit or debit cards, along with store/gift cards.
Parsing		Analyse (a string or text) into logical syntactic components. Breaking a data block into smaller chunks by following a set of rules, so that it can be more easily interpreted, managed, or transmitted by a computer.
PASA	Payments Association of South Africa	PASA is the payment system management body recognised by the South African Reserve Bank (SARB), in terms of the National Payment System Act of 1998, to organise, manage and regulate the participation of its members in the payment system. You can find out more on PASA HERE.
PayAPI		The PayAPI module is responsible for handling all the internal and external API calls.
Payback		The time it takes an investor to recover the cost of an investment.
PayControl		PayControl is the user interface for Banking.Live. It is an advanced browser portal providing information on cards and card transactions and is used for setting card parameters and card controls, creating new clients, adding new bins, products, fraud rules, notifications and fees, and viewing authorization/ settlement transactions on a granular level, among other features.
PayCore		PayCore is the name of the database that is related to the financial check of the card. It debits and credits the account of the card according to the nature of the transaction. Moreover, this database is used for any financial reports for clients or any other stakeholder.
PayKeyServ		PayKeyServ is Paymentology's application for encryption and decryption
Payment Gateway		A combination of software and hardware that provides a secure interface to the processing network.
Payment Processor		A company that routes transactions from merchant locations to card issuers for authorisation and settlement.
PayPower		PayPower is a service which is mainly responsible for financial check.
PayRoute		PayRoute is a service which handles traffic from/to different cloud destinations and routes transactions coming from various schemes/switches to PayPower. More about PayRoute here
PayScheduler		PayScheduler is a module within Banking.Live and is responsible for scheduling and executing various tasks such as report generation, process settlement, settlement matching, sending SettlementISO to clients, checking and refilling PAN, account, token, and customer number, and so on.
PayTok		PayTok is a PostgreSQL database used by BL (Banking.Live) applications, which contains tokenized card data information, along with functions which are invoked during authorization process.
PCI	Payment Card Industry	This consists of all the organisations which store, process and transmit cardholder data, mainly credit, and debit cards.
PCI DSS	Payment Card Industry Data Security Standards (PCI -DSS)	Payment Card Industry Data Security Standard is an information security standard for organisations that handle branded credit cards from the major card schemes. The PCI Standard is mandated by the card brands but administered by the Payment Card Industry Security Standards Council
PCR	Processing Central Record	An entry in a Visa DEX’s database that identifies a destination to where Visa can switch a transaction to.
PID	Product ID	An identifier allocated to pinpoint a group of cards for any client in the Paymentology platform.
PIN	Personal Identification Number	This is a unique four-digit code assigned to a payment card, usually only known by the card holder. The PIN is effectively the access code to an account for all point of sale purchases and ATM transactions.
PKI	Public Key Infrastructure (PKI)	An X.509 Public Key Infrastructure (PKI) is implemented by Visa for issuing and managing digital certificates to be used in conjunction with Visa products and services. This PKI consists of a hierarchy of entities called CAs that issue certificates to “Subscribers” (that is, end-entities or other CAs) within the hierarchy. The term Visa PKI is used to refer to all of the Subscribers from the root CA all the way down to the lowest level end-entity.
PKS	PayKeyService	One of the applications on BankingLive platform that do various Cryptographic validation.
PNO	Payment Network Operator	PNO is used in the context of digitization as refers to the Card Network/Card Scheme
POS	Point of Sale	This is the physical place/device at which a financial transaction takes place. For example, each time a person makes a purchase in a shop, they are completing a ‘Point of Sale’ transaction.
POST		In web services, POST requests are used to send data to the API server to create or update a resource. The data sent to the server is stored in the request body of the HTTP request.
Pre-authorization		A pre-authorization (also referred to as a pre-auth or authorization hold) is the practice within all banking industries of reserving funds on the card until the merchant settles or banks the transaction
Prepaid Card		A prepaid debit card that contains a specific amount of money available for use for a variety of purchases. Gift Cards are an example of prepaid cards.
Presentment		Message from the acquirer to the issuer to confirm completed purchases
Private Label card		A card that is accepted by only one merchant.
Production		Commonly referred to as Prod., Production is the environment in which the solution (card programme) is live and operating in the real world.
PSF	Product Specification Form	Document that outlines the features of a product
PSP	Payment Service Provider	A istitution that enables merchant to accept card payments and connects them with the banks and networks involved in card transactions. Examples of PSPs are PayPal and Stripe.
PTY SFTP	Paymentology SHH File Transfer Protocol	A secure file transfer protocol. It runs over the SSH Protocol (Secure Shell Protocol). It supports the full security and authentication functionality of SSH.
Pull Payment		Type of payment in which the payee (the receiver of the payment) sends a reuqest to receive the money from the payer. Examples: card payments, direct debit payments
Push Payment		Type of payment in which the payer initiates the money transfer to the payee. Examples: cash payments, bank transfers.
Push provisioning		The process in which the cardholder pushes the card from their card app into a digitized wallet.
PVK	PIN Verification Key	A key used in an algorithm to verify PINs and PIN offsets
Quasi-cash Transaction		A transaction that is not in cash, but it’s easily converted to it, such as wire transfers, traveler’s cheques, casino chips, cryptocurrencies etc.
RCD	Retrieve Contact Data request
Real-Time Processing		The action of processing transactions one at a time for instant approval. Typically real-time processing occurs in situations where the merchant wants authorisation immediately such as retail and restaurant locations as well as many Internet processing environments.
Receipt		A printed record of a transaction including information such as; merchant name, address, phone number, date and time, amount, approval code, cardholder name, and signature.
Reconciliation		The process of matching the balances in an account to the related statements.
Reconciliation Control Messages		The category of messages that contain information to bring about settlement between Paymentology and the FAST System.
Recurring Revenue		The revenue continuously earned over time from our clients (e.g. the money we receive each month from card transaction fees).
Recurring Transaction		A periodic transaction permitted by the cardholder. For example, a monthly cable TV payment, insurance payment, etc. where the cardholder has authorized the merchant to charge their account on a predetermined basis.
Refund		A refund is a when a buyer is returned the money they had already transferred the merchant, using the same transfer method that had been used for the payment.
Request		A message originating an interactive series of messages.
Response		A message containing the reply to a request or acknowledging receipt of a request or advice message.
Retrieval Request		A request by the issuing bank to a merchant for documentation concerning a transaction usually regarding a cardholder dispute or an improper sale or return.
Reversal		A message informing the sender of the original message that the message cannot be processed as instructed (i.e. is undeliverable, unprocessable, or cancelled by the receiver.)
Reversal Messages		The category of messages that contain information to allow for the reversal of a previously requested transaction
Rich Data		A collection of data on cardholder’s transactions and purchase behaviors, useful for companies to improve their offerings and predict spending patterns.
RID	Record Identifier	RID is a unique incremental value assigned for every transaction coming from Mastercard.
RID_SET	Settlement record Identifier	RID_Set is the unique identifier number which is assigned to the settlement transaction.
Rule		A set of explicit or understood data points or principles governing conduct or process within a particular event occurring within the card transaction or card lifecycle.
Rule Engine		Rule Engine is the set of rules that are created in order to prevent fraud and suspected transaction. Furthermore, It will limit the daily, monthly , yearly auth limit of a card, product according to client's requirement.
SAF	Store and Forward	A telecommunications technique in which information is sent to an intermediate station where it is kept and sent at a later time to the final destination or to another intermediate station
SAM	Settlement Account Management system
SCA	Strong Customer Authentication	SCA is required by the PSD2 directive. It is a form of multi-factor authentication that helps verify user's identities. It requires users to provide two or more elements under the categories of knowledge, possession and/or inherence in order to be defined as identified/authenticated.
Scheme		Card Schemes, or networks, are the companies that provide the connectivity between the acquirer and the issuer. The most common network or schemes are Visa, MasterCard, American Express, Discover, JCB, and China UnionPay.
Second Presentment		A second presentment (sometimes called a re-presentment) is the merchant’s opportunity to disagree with the chargeback request. After a chargeback has been submitted, the merchant/acquirer will have X days in which they may submit second presentments.
SEPA	Single European Payments Area	The payments circuit in Europe where individuals, businesses, public administrations, and other economic entities can make and receive non-cash euro payments, both within national boundaries and across different countries, under uniform conditions and legal requirements.
Settlement		The delivery of securities or cash from one party to another following a trade. In the card payment industry this refers to the payment of funds to a merchants bank account for a purchase from a cardholder
SFTP	SSH File Transfer Protocol
SMS	Single Messaging System	A type of payment processing system that allows transactions to be initiated and authorized through a single message or communication. This system typically involves sending a text message or SMS from a mobile device or other communication channel to initiate a payment or transfer of funds. For example , MADA is a Single Messaging System (SMS).
SSL	Secure Sockets Layer
STAN	System Trace Audit Number	A 6-digit number assigned uniquely to identify a transaction. DE11 should be referred for its value on authorisation.
Statement		The written record prepared by the financial institution, usually once a month, which lists all transactions for an account including deposits, withdrawals, and fees.
STIP	Stand-In Processing	If Mastercard and VISA are unable to get a response from the issuer, they can decide whether to approve or decline the transaction on the issuer’s behalf. This process is known as STIP
SVA	Store of Value Account
SWIFT	The Society for Worldwide Interbank Financial Telecommunications	SWIFT is a vast messaging network used by banks and other financial services institutions to securely and accurately send and receive information.
Switch		A tool that routes payment requests and transaction between the various parties involved in a transaction.
T's&C's	Terms and Conditions	The rules, specifications, and requirements of a contract.
TAV	Token Authentication Value	The encrypted value sent to Mastercard's MDES to verify the card details existence and validity. TAV is only used on Push provisioning.
TCP/IP	Transmission Control Protocol/Internet Protocol	A protocol suite used to transfer data on the internet.
TER	Tokenization Eligibility Request
TID	Transaction Identification Number	Transaction ID is a unique identifier assigned for an authorisation and its successive transactions. The same transaction ID is assigned to reversal, advisement, reversal advisement and settlement.
TLog	Paymentology Transaction Log File	-
TLS	Transport Layer Security
TLV	Tag Length Value	A generic encoding idea. Each block of data contains a Tag (element identifier), Length (Length of Value field) and the Value field itself. There are various different TLV arrangements. This specification uses two different ones: BER-TLV, and Fixed TLV.
Token		Token is a surrogate value that replaces a primary account number (PAN) in the payments system. It is used as part of the payment chain and when submitted in a transaction to the payment system.
Token requester		An online merchant or digital wallet that requests a token to be provided for a transaction to take place e.g. Apple Pay, Google Pay, Samsung Pay, Garmin Pay etc.
Token vault		The secure vault where tokens are stored with their full PAN(s) mapped to each token. The vault is owned by the TSP
Tokenisation		Tokenization is the process of replacing a card’s primary account number (PAN)—the 16-digit number on the plastic card—with a unique alternate card number, or “token.” Tokens can be used for mobile point-of-sale transactions, in-app purchases or online purchases.
Transaction		Process during which money is transferred between bank accounts.
Transaction Fee		A per transaction amount charged to process a transaction.
Transactional Revenue		The revenue earned from one-time deals or sales (e.g. the set-up fees for a client, which are only paid to us once, when implementing a program).
Truncation		The process of not printing the full primary account number and expiration date on a receipt.
TSP	Token Service Provider
UAT	User Access Testing	Commonly short for UAT environment. A UAT environment is used for testing purposes prior to official release into a production environment. If you have UAT access to one of our platforms, you can explore the various possible options without your changes being applied to the actual platform and engine.
UI	User Interface
Velocity Limit		A maximum amount based on count or volume or a combination of both.
Visa		An association of financial institutions set up to both issue cards to consumers and businesses and accept cards for payment of goods and services by businesses.
Visa Certificate for Callbacks (Two-Way SSL)		Certificate type that is required for Outbound services/APIs on Visa Developer. The service identifies this certificate as a requirement towards Two-Way SSL.
Visa Developer Center		The website at developer.visa.com through which developers can access functional code, documentation, SDKs and sandboxes.
Visa Developer Platform		The set of interoperable APIs (products and capabilities) and tools (Visa Developer Center, SDKs, sandboxes, gateways) open to developers from clients and industry partners to build new applications.
Visa Developer Platform Certificate		Server certificate and required for authentication handshake (verification and validation) with Visa Developer gateway that must add this to your trust-store.
Visa Developer Program		The set of activities (registration, exploration, certification, etc.) and support (e.g., workshops, expert consulting) to make it easier to build and commercialize applications.
VisaNET		Visa’s processing system for receiving and exchanging transaction requests, a global proprietary network with thousands of nodes spread around the world, capable of processing millions of transactions per hour.
Voice Authorisation		An authorisation that is obtained from the card issuer through an interactive voice system.
Void		The process of deleting a transaction (usually caused by operator error). Once a transaction has been voided, the corrected transaction can be entered and processed.
VPN	Virtual Private Network	A virtual private network (VPN) extends a private network across a public network enabling data exchange across shared or public networks as if their computing devices were directly connected to the private network.
VROL	Visa Resolve Online	Visa's online service dedicated to dispute resolution.
VTS	Visa Token Service
XLSX		xlsx is the file extension for a Microsoft Excel Open XML Spreadsheet (XLSX) file. A file with this extension can be opened by Microsoft Excel among spreadsheet apps, such as Apple Numbers, Google Docs, and OpenOffice.
XML	Extensible Markup Language	This is a markup language and file format for storing, transmitting, and reconstructing arbitrary data.
X-Pay		A collective term for all Mobile digital wallets (like Google Pay, Apple Pay etc.)
X-Pay Token		API Key-Shared Secret Authentication, which Visa refers to as x-pay-token. To invoke an API using x-pay-token, you will need an API Key and a Shared Secret. For details, refer to X-Pay token section in Getting Started.
YoY	Year over Year	An indicator used to compare the same financial parameter between two years, often in percentage terms. For example, YoY revenue growth expresses how much the revenue increased compared to the previous year.
ZCMK	Zone Control Master Key	A type of key-encrypting key (KEK) used to exchange keys between organizations.
Δ vs B	Delta vs Budget	The delta (difference) between an actual value and the forecasted one (i.e. the budget, or what was planned).