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”.