Modulr Finance: The glossary

A

• A2A (Account-to-Account Payments)
• Automated Fund Transfer / AFT / EFT
• AML (Anti-Money Laundering)
• Acquiring Bank
• Apple Pay
• Accounts Payable (AP)
• Authentication (Biometric, 2FA, etc.)
• Authorisation Hold
• API (Application Programming Interface)
• AISP / Account Information Service Provider
• Accounts Receivable
• Authorised Push Payment (APP) Fraud

B

• Bacs (Bankers' Automated Clearing Services)
• Bank of England (BoE)
• B2B Payments
• BIN (Bank Identification Number)
• B2C Payments
• Buy Now, Pay Later (BNPL)

C

• Counter Terrorism Financing (CTF)
• Currency Conversion / FX
• Cross-Border Payments
• Corporate Cards
• Checkout
• Card Issuing
• Clearing and Settlement
• CHAPS (Clearing House Automated Payment System)
• Continuous Payment Authority / CPA
• Consumer Duty
• Confirmation of Payee (CoP)
• C2B (Consumer-to-Business) Payments
• Cards / Card Networks
• Chargeback

D

• Digital Wallet
• Due Diligence
• Dynamic Currency Conversion (DCC)
• Direct Debit (UK)

E

• E-commerce
• Embedded Payments
• Electronic Money Directive / Regulations
• Embedded Finance
• End-to-End (E2E) Encryption / Security Keys / Tokenisation
• Electronic Money Institution (EMI)
• Electronic Money

F

• FX (Foreign Exchange)
• Fedwire
• Faster Payments
• Fiat Currency
• FedNow
• FCA (Financial Conduct Authority)

G

• Google Pay

H

I

• Interchange Fees
• Issuing Bank / Issuer
• IATA BSP (Billing and Settlement Plan)
• IBAN (International Bank Account Number)
• ISO 20022
• Issuer (E-money)

J

K

• KYC (Know Your Customer) / KYB (Know Your Business)
• Knowledge-Based Authentication (KBA)

L

• Loan Disbursement
• Lending-as-a-Service (LaaS)

M

• Micropayments
• MOTO (Mail Order Telephone Order)
• Multi-Currency Virtual Card

N

O

• Open Banking
• One-Time Passcode (OTP)
• Open Banking Ltd

P

• PSD2 (Payment Services Directive 2)
• Payment Service Provider (PSP)
• PEPs & Sanctions
• Pull Payments
• Payment Orchestration (Modulr is one)
• Payment Gateway
• Payee / Payer Bank
• Peer-to-Peer Payments (P2P)
• POS (Point of Sale)
• Payment Systems Regulator (PSR)
• Push Payments
• Pay.UK
• Prudential Regulation Authority (PRA)
• Payee / Payer
• Portal (Modulr)
• PCI-DSS (Payment Card Industry Data Security Standard)
• PISP (Payment Initiation Service Provider)
• Pay by Link / QR Codes
• Payfac (Payment Facilitator)
• Payment Rails
• Programmable Money
• Pay by Bank

Q

R

• Real-Time Gross Settlement (RTGS)
• Real-Time Payments / Near Real-Time Payments
• Rolling Reserve
• Repayment Automation
• Reconciliation
• Request to Pay (RtP/R2P)
• Retail Payments

S

• Straight-Through Processing (STP)
• Smart Contracts
• SEPA (Single Euro Payments Area)
• SWIFT (Network)
• Safeguarding of Funds
• Sweeping
• SCA (Strong Customer Authentication)
• Settlement
• SEPA Instant

T

• Tokenisation

U

• Unified Payment Solution

V

• Virtual Account / E-Money Account
• Variable Recurring Payment (VRP)
• Virtual Credit Card (VCC)

W

• Wire Transfer / Telegraphic Transfer
• Webhook Notifications
• Wholesale Payments

X

Y

Z