AccountAn account as opened in a bank
AISAccount Information ServicesThe PSD2 definition of online services which provides access to bank account information (balances, transaction history, account holder information)
ApplicationAn application is what gives our customers access to our APIs
ASPSPAccount Servicing Payment Service ProviderThe ASPSP is essentially a bank
AuthenticationAll endpoints that help our customers deal with authentication
BNPLBuy Now Pay LaterAlso called Net-terms, BNPL is a payment that allows the payer to pay later than the day he orders the product
ConnectFront-end that payers use to pay by bank
CountryWorld country
CustomerThe Fintecture definition of a PSU
Fintectureis also a verb that means to build a new solution or enhance an existing one using open banking (AIS, PIS or both) :)
Fintecture accountFintecture payment accountLocal acquiring account created for the Merchant under Fintecture's name
MerchantCompany that buys and/or sells products in large amounts
PaymentA payment is a money transfer between a merchant and its customer. At fintecture it can take the form of a BNPL, a payout, a refund or a classical one
Payment accountLocal acquiring account created for the Merchant under its own name
PayoutPayout is a payment made by a merchant to its customer
PISPayment information servicesThe PSD2 definition of online services which provide payment initiation from a bank account
ProviderThe Fintecture definition of an ASPSP ; Bank that allows us to make a payment
PSD2Payment Services Directive 2A EU directive enforcing banks to open APIs for AIS & PIS purposes, and increase overall online payment security by enabling SCA.
PSUPayment Service UserThe PSU is the account holder of a bank account ( a.k.a customer )
Refund>Refund is a payment made by the merchant to reimburse its customer from an initial payment
RFPRequest for payoutRequest made by a merchant and provided to its customer (either by link, mail or sms) for realizing a payout
RTPRequest to payRequest made by a merchant and provided to its customer (either by link, mail or sms) for realizing a payment
RTSRegulatory Technical StandardThe high level technical standard giving the framework to implement a PSD2 compliant system.
SettlementOutgoing payment from your Local Acquiring account to your own bank account
SCAStrong Customer AuthenticationAn RTS requirement to enable online payments in a PSD2 compliant way; which mandates the PSU to authenticate using 2 of the following 3 authentication methods:
o Something the customer KNOWS (ex: username/password or PIN)
o Something the customer HAS (ex: phone or hardware token)
o Something the customer IS (ex: fingerprint or face recognition)
TPPThird Party ProviderThe TPP is the ecommerce, or fintech, and any application interfacing with Fintecture Open Banking APIs.