Financial glossary
Not exactly a banker? Check out our glossary of financial terms.
Term | Description |
---|---|
3-D Secure | An additional layer of security for online credit and debit card transactions. Also known as: “Verified by Visa” “Mastercard SecureCode” “J/Secure” “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”. |