Payments Glossary

Glenbrook's glossary of payments acronyms.

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2H / Second Half (of the year)

A2A / Account to Account

ACH / Automated Clearing House

Acquirer / Bank serving merchant in an open loop network

Ad valorem / Latin for "according to value"

ADC / Account Data Compromise

AeBA / Aadhaar-enabled Bank Account

AFP / Association for Financial Professionals

AFS / Alternative Financial Service

AML / Anti-Money Laundering

ANSI / American National Standards Institute

ANZ / Australia and New Zealand Banking Group

APACS / Association for Payment Clearing Services

APCA / Australian Payments Clearing Association

API / Application Programming Interface

ARC / Accounts Receivable Conversion; ACH transaction code

ARQC / Authorization Request Cryptogram

AUP / Acceptable Use Policy

AVS / Address Verification Services

B2B / Business to Business

B2C / Business to Consumer

BACS / Bankers Automated Clearing Service

BAN / Bank Account Number

Basis Point / One basis point is equal to 1/100th of 1% or 0.01% (0.0001), and is used to denote the percentage change in a financial instrument.

BBAN / Base Bank Account Number

BHC / Bank Holding Company

BIC / Bank Identifier Code

Bim / Peru's mobile money program

BIS / Bank of International Settlement

BLE / Bluetooth Low Energy

BMO / Bank of Montreal

BOC / Back Office Conversion; ACH transaction code

BofFD / Bank of First Deposit

BPS / Basis Points

BRIC / Brazil, Russia, India, China

BRL / Brazil Real Currency

BSA / Bank Secrecy Act

C2B / Consumer to Business

C2C / Consumer to Consumer

CAD / Canadian Dollar

CAGR / Compound Annual Growth Rate

CBA / Commercial Bank of Africa

CCD / Corporate Concentration and Disbursement; ACH transaction code

CDMA / Code Division Multiple Access

CFPB / Consumer Financial Protection Bureau

CFSI / Center for Financial Services Innovation

CGAP / Consultative Group to Assist the Poor

CHAPS / Clearing House Automated Payment System

Check21 / Check Clearing for the 21st Century; a U.S. Federal Law

CHIPS / Clearing House for International Payments

CICO / Cash in, Cash out

CNP / Card Not Present

COF / Cost of Funds

CP / Card Present

CRM / Customer Relationship Management

CTR / Currency Transaction Report

CTX / Corporate Trade Exchange; ACH transaction code

CU / Credit Union

CVC / Card Verification Code

CVC2 / Card Validation Code

CVN / Card Verification Number

CVV / Card Verification Value

CVV2 / Card Verification Value 2

DB / Deutsche Bank

DC / Diners Club

DCC / Dynamic Currency Conversion

DCT / Depository Check Truncation; ACH transaction code

DDA / Direct Deposit Account; bank checking account

DDC / Display Data Channel

DDoS / Distributed Denial of Service

DES / Data Encryption Standard

DMS / Dual Message System

DOJ / Department of Justice

DPAN / Digital Primary Account Number

DPS / Debit Processing Service

DSRP / Digital Secure Remote Payments

DSS / Data Security Standard

Duality / i.e. issuers can issue Wells Fargo Visa or Wells Fargo AmEx

E2E / End-to-End

E3 / End-to-End Encryption

EACHA / European ACH Association

EBIT / Earnings Before Interest and Taxes

EFTA / European Free Trade Association

EC / European Commission

ECCHO / Electronic Check Clearing House Organization

ECOA / Equal Credit Opportunity Act

ECP / Electronic Check Presentment

ECRs / Electronic Cash Register

EDI / Electronic Data Interchange

EEA / European Economic Area

EFAA / Expedited Funds Availability Act

EFT / Electronic Funds Transfer; a general term

ELV / Elektronisches Lastschriftverfahren - a German term meaning electronic direct debit

EMV / EuroPay, MasterCard, Visa; chip card standard

EPO / Electronic Payment Order

ERP / Enterprise Resource Planning

ETF / Exchange-Traded Fund

EWS / Early Warning Services, LLC

F3X / Fixed-to-fixed (foreign currency to foreign currency) exchange

FATCA / Foreign Account Tax Compliance Act

FATF / Financial Action Task Force

FBAR / Foreign Bank Account Report

FCRA / Fair Credit Reporting Act

FDIC / Federal Deposit Insurance Corporation

FeliCa / Felicity Card; a contactless RFID smart card system from Sony in Japan, primarily used in electronic money cards

FF / Fixed-to-fixed (i.e. USD to USD) foreign exchange

FFIEC / Federal Financial Institution Examination Council

FHC / Financial Holding Company

FI / Financial Institution

Fiat money / Currency that a government has declared to be legal tender, but is not backed by a physical commodity.

FICO / Fair Isaac Corporation

FIDO / Fast IDentity Online

FinCEN / Financial Crimes Enforcement Network

FinTech / Financial Technology

FPE / Format Preserving Encryption

FRB / Federal Reserve Board

FSN / Financial Services Network

FV / Fixed-to-variable foreign exchange

FX / Foreign Exchange

G2C / Government to Consumer

GAFI / Groupe d'action financière

GPI / Global Payment Innovation

GPR / General Purpose Reloadable (prepaid card)

GRS / Golden Retriever Systems

GSM / Global System for Mobile Communications

GSMA / Groupe Speciale Mobile Association

HCE / Host Card Emulation

HSBC / Hongkong and Shanghai Banking Corporation

IAT / International ACH Transactions

IBAN / International Bank Account Number

IBE / Identity-Based Encryption

id / NTT DoCoMo's mobile credit payment system in Japan

ID&V / Identification and Verification

IDA / International Development Association

IFC / International Finance Corporation

IFX / Interactive Financial Exchange protocol

ILCs / Industrial Loan Corporation

ILP / Interledger Protocol

IoT / Internet of Things

IIN / Issuer Identification Number

IPFA / International Payments Framework Association

IP-POS / Internet Protocol-Point of Sale

IPO / Initial Public Offering

IRD / Image Replacement Document

IRF / Issuer Reimbursement Fee

ISO / Independent Sales Organization; International Organization for Standardization





ITU / International Telecommunication Union

IVR / Interactive Voice Response

JAM Trinity / Jan Dhan Yojana, Aadhaar and Mobile

JCB / Japan Credit Bureau

JPMC / JPMorgan Chase

KBA / Knowledge-Based Authentication

KYC / Know Your Customer

LAN / Local Area Network

LATAM / Latin America Markets

M&A / Mergers and Acquisitions

MATCH / Member Alert to Control High-Risk Merchants

MAU / Monthly Active Users

MBC / Math-Based Currency

MCC / Merchant Category Code

MCP / Multi-Currency Processing

MDES / MasterCard Digital Enablement Service

MDEX / MasterCard Digital Enablement Express

MICR / Magnetic Ink Character Recognition

MIF / Multilateral Interchange Fees

MMO / Mobile Money Operator

MNO / Mobile Network Operator

MO/TO / Mail Order/Telephone Order

mPOS / Mobile Point of Sale

MPSCo / Mobile Payments Service Company Limited

MSB / Money Service Business

MST / Magnetic Secure Transmission

MT / Message Type

NACHA / National Automated Clearing House Association

NCUA / National Credit Union Association

NFC / Near Field Communication

NII / Net Interest Income

NPCI / National Payments Corporation of India

NPP / The New Payments Platform - Australia's low-value, faster payments system

NRF / National Retail Foundation

NSF / Non-Sufficient Funds

O/D / Overdraft

O2O / Offline to Online OR Online to Offline

OCC / Office of the Comptroller of the Currency

OCT / Original Credit Transaction

ODFI / Originating Depository Financial Institution

OEM / Original Equipment Manufacturer

OFAC / Office of Foreign Assets Control

OTA / Over the Air

OTC / Over the Counter

OTS / Office of Thrift Supervision

P2M / Peer to Merchant

P2P / Person to Person

PAG / Payment Access Gateways

PAR / Payment Account Reference

PAN / Primary Account Number

PC / Prepaid Card

PCE / Personal Consumption Expenditures

PCI / Payment Card Industry

PCI-DSS / PCI Data Security Standard

PE-ACH / PanEuropean ACH

PFM / Personal Financial Management

PII / Personally Identifiable Information

PIN / Personal Identification Number

PKO / Public Key Infrastructure

PO / Purchase Order

POI / Point of Interaction

POP / Point of Purchase; ACH transaction code

POS / Point of Sale

POSA / Point of Sale Activation

PPD / Prearranged Payment and Deposit; ACH transaction code

PPGS / Push Payments Gateway Service (Visa)

PSD / Payment Services Directive

PSD2 / Payment Services Directive 2

PSP / Payments Services Provider

PTO / Paper Turn-Off

QSR / Quick Service Restaurant

QUICPay / Quick and Useful IC Payment; a contactless payment system via mobile phones in Japan from JCB and AEON

RAL / Refund Anticipation Loan

RCK / Represented Check; ACH transaction code

RDC / Remote Deposit Capture

RDFI / Receiving Depository Financial Institution

Reg CC / Federal Reserve Bank Regulation

Reg E / Federal Reserve Bank Regulation

Reg J / Federal Reserve Bank Regulation

Reg Z / Federal Reserve Bank Regulation

RFID / Radio Frequency Identification Device

RIS / Risk Identification Service

ROW / Rest of World

RPPS / Remote Payment and Presentment Service

RSS / Really Simple Syndication

RTGS / Real Time Gross Settlement

RTP / Remittance Transfer Provider

S&L / Savings & Loan

SaaS / Software as a Service

SADC / Southern African Development Community

SCF / SEPA Cards Framework

SCT / SEPA Credit Transfer

SDD Core / SEPA Direct Debit Core

SDK / Software Development Kit

SDD B2B / SEPA Direct Debit B2B

SE / Secure Element

SEC / Standard Entry Class Codes

SECA / Single Euro Cash Area

SEPA / Single Euro Payments Area

SKU / Stock Keeping Unit

SIM / Subscriber Identity Module

SMB / Small and Medium Business

SMS / Short Message Service; Single Message System

SQS / Simple Queue Service

SSN / Social Security Number

SSO / Single Sign On

STE / Secure Token Exchange

STP / Straight Through Processing

SUICA / a prepaid smart card used for most public transport in Japan

SVPCo / Small Value Payments Company

SWIFT / Society for Worldwide Interbank Financial Telecommunication

"T+2" Funding / Trade date plus 2 days; merchants way to describe a sales transaction that doesn't get cleared/funded for 2 days

T&E / Travel & Expenses

TCH / The Clearing House

TEE / Trusted Execution Environment

TILA / Truth In Lending Act

TPV / Total Purchase Volume

TSM / Trusted Services Manager

TSP / Token Service Provider

TSP / Trusted Service Provider

U2F / User Second Factor

UAF / Universal Authentication Framework

UATP / Universal Air Travel Plan

UCAF / Universal Cardholder Authentication Field

UCC / Uniform Commercial Code

UI / User Interface

UIDAI / Unique Identification Authority of India

UNCDF / United Nations Capital Development Fund

UPI / Unified Payments Interface

UPIC / Universal Payment Identification Code

USSD / Unstructured Supplementary Service Data

UUID / Universally Unique Identifier

VAN / Value Added Network

VAR / Value-Added Reseller

VAT / Value Added Tax

VbV / Verified by Visa

VC / Venture Capitalist

VCN / Visa Commerce Network

VDC / Virtual Debit Card

VDES / Visa Digital Enablement Services

V/M/D/A / Visa, MasterCard, Discover, American Express

VMBeacons / Visual Merchandising Beacons

VTS / Visa Tokenization Service

WAEMU / West African Economic and Monetary Union

XML / Extensible Markup Language

XRP / Ripple's native, digital currency

XS2A / Access to Accounts