Terminology

3DSECURE
3-D Secure is a protocol designed to be an additional security layer for online credit and debit card transactions. The name refers to the "three domains" which interact using the protocol: the merchant/acquirer domain, the issuer domain, and the interoperability domain.

AIS
Account Information Service; an online service which provides consolidated information on payment accounts held by a payment service user with payment service providers. PAY. is licensed under PSD2 to perform this service.

AML
Anti-Money Laundering is a set of policies, procedures, and technologies that prevents money laundering. As a PSD2 certified institution, PAY. is obliged take all possible measures against money laundering.

Acquirer
A financial institution or bank that accepts transactions by credit and debit cards from cardholders; making the process of shopping both online and in normal stores faster and easier for both the merchant as well as the customer. PAY. is acquirer for payment methods such as credit card, iDEAL and Bancontact.

BIN
Bank Identification Number e.g. the code for the issuing bank for a credit card. The BIN is the first 6 of 8 digits of a credit card number or PAN (personal account number). In the future, only 8 digit BIN will be used. BIN is also known as Issuer Identification Number or IIN.

BNPL
Buy Now, Pay Later; payment methods that allows you to receive the goods before you pay for it. PAY. offers a variety of these payment methods such as AfterPay, Klarna and Billink.

Capture
Claiming the reserved money for an pre-authorized payment. This can be done for both creditcards and BNPL or Installments.

Card schemes
Payment networks linked to payment cards, such as debit or credit cards, of which a bank or any other eligible financial institution can become a member. The best known card schemes are Visa, Mastercard and American Express.

Challenge
A credit card transaction for which the issuing bank requires extra card holder identification.

Conversion
The ratio of the number of successful transactions and the total number of attempts.

Customer
Person or company that buys something from a merchant. In some cases also referred to as (end) user.

ECR
Electronic Cash Register, i.e. the electronic device where instore payments are processed.

EGI (dutch)
Elektronischgeldinstelling > electronic money institution. An electronic money institution is a company whose business it is to issue Electronic money.

Electronic money
Electronic money represents a monetary value that is stored electronically or magnetically. This value can then be used to make payments at other parties than the one that issued the electronic money.
Examples of electronic money include plastic gift vouchers that can be used to pay in shops and webshops.

Frictionless
A credit card transaction can be checked for up to 100 different (technical) parameters that identify the cardholder. If the automated identification is successful, the transaction can be approved without further interaction with the card holder, thus improving the conversion.

Fulfillment
The process where the merchant takes steps to deliver an order to the buyer.

Installments
Paying in a number of equal monthly parts. PAY. offers a variety of these payment methods such as in3, Klarna, CreditClick and SprayPay.

Issuer
A financial organization or bank that grants credit or credit cards through card associations.

KYC
Know Your Customer is a set of procedures for verifying a customer's identity before or while doing business with banks and other financial institutions.

LVE
Low Value Exemption payments (below € 30) may be exempt from SCA. However, the bank may still trigger strong authentication if, within a 24-hour period, this exemption has been used five times since the customer's last successful authentication or the total value spent on the card without SCA exceeds € 100.

MCC
The Merchant Category Code classifies what business a merchant or even a sales location is in. For credit cards this is important for the risk score.

Merchant
The company or individual who sells a service or goods.

PAN
Personal Account Number e.g. the credit card number. Often, only the first 6 and last 4 digits are visible, hence the term Masked PAN. In your transaction overview in the PAY. admin, you see Masked PAN's for credit card transactions.

PARes
Payment Authentication Result; the encoded result of a 3DSECURE authentication.

Payee
Person or company that is receiving the funds of the payment.

Payer
The person that performs the payment.

PCI-DSS
The Payment Card Industry Data Security Standards is a global information security standard designed to prevent fraud through increased control of credit card data. PAY. is PCI-DSS certified on the highest level (1).

PII
Personally Identifiable Information; cardholder data that is used to authenticate a customer account or its owner.

PIS
Payment Initiation Service; an online service which accesses a user’s payment account to initiate the transfer of funds on their behalf with the user’s consent and authentication. PAY. is licensed under PSD2 to perform this service.

PSD2
The Revised Payment Services Directive. It is a European regulation for electronic payment services. It seeks to make payments more secure in Europe, boost innovation and help banking services adapt to new technologies.

Reconciliation
An accounting process that compares two sets of records to check that figures are correct. This is done to match the clearing funds to the orders.

Recurring
Recurring payments means customers only have to enter all of their information one time, knowing that the payment will be processed each month (or other interval). They don't need to remember to pay a new invoice each billing cycle, but rather they can just rely on the fact that it's all taken care of.

SCA
Strong Customer Authentication is an extra layer of security, also known as two-factor authentication. It means that customers may be asked for two different pieces of information when making purchases online.

SCT
A SEPA Credit Transfer is a payment from one company or individual to another company or individual. Settlement is in 24 hours.

SICT
The SEPA Instant Credit Transfer scheme delivers these by enabling pan-European credit transfers with the funds made available on the account in less than ten seconds.

TGU
Transaction Gateway Unit, is feeded with the merchant information, CORE data and specific payment method data and can be used to process transactions via the redirect flow.

Tokenization
The process of storing sensitive data in nonsensitive tokens that can be used by the merchant without any risk of leaks. PAY. is allowed to store this information as it has the highest PCI-DSS clearance.

UBO
Ultimate Beneficiary Owner; the natural person that receives the profit from a company at the end of a chain of ownership.

UNIX Time
Also called Epoch time; the numbers of seconds that have passed since the UNIX Epoch on January 1st, 1970 00:00:00 UTC.

User
Depending on the situation, this can be a person that has (limited) access to the PAY. account of the merchant, or it can be the consumer that buys something from a merchant.

UTC
Coordinated Universal Time or UTC is the primary time standard by which the world regulates clocks and time. It is not adjusted for daylight saving time. It is effectively a successor to Greenwich Mean Time (GMT).

VERes
Verify Enrollment Response; indicates if payer authentication is available for the card number.