Not exactly a banker? Check out our glossary of financial terms.
|3-D Secure||An additional layer of security for online credit and debit card transactions.
Also known as:
“Verified by Visa”
“American Express SafeKey”
|bank transfer||An electronic funds transfer (EFT) from one entity’s bank account to another entity’s bank account.
Also known as a “wire transfer”, “credit transfer” or simply a “transfer”.
|BIC||Business indentifier code.
Identifies a specific bank for an international transaction. Consists of 8 or 11 alphanumeric characters.
|CVC||Card verification code.
Also known as:
“CSC” (card security code)
“CVD” (card verification data)
“CVN” (card verification number)
“CVV” (card verification value)
“CVVC” (card verification value code)
V-code or V code (verification code)
SPC (signature panel code)
|direct debit||A financial transaction in which the seller withdraws funds directly from the buyer’s bank account.
Also known as a “direct withdrawal”.
|ECI||Electronic Commerce Indicator|
|EFT||Electronic funds transfer.
An electronic transfer of money from one bank account to another.
|escrow||An agreement in which the buyer and the seller enlist a third party
to temporarily hold transaction assets until the transaction is finalized.
|IBAN||International Bank Account Number.
The ISO 13616 standard for numbering bank accounts.
|instalments||Individual payments in an instalment plan.|
|instalment plan||An arrangement in which the customer pays a remaining amount due (plus interest) over a set period of time.
Also known as “hire purchase”.
|invoice||A request for payment, issued before the payment.
Also referred to as a “bill” or “tab”.
|POS terminal||A point-of-sale terminal.|
|receipt||A proof of payment, issued after the payment.|
|SEPA||The Single Euro Payments Area.
A European Union initiative to make cross-border cashless euro payments as easy as domestic cashless euro payments.
|SWIFT||The Society for Worldwide Interbank Financial Telecommunication.|
|VAT||A value-added tax.
Also known as a “goods and services tax”.