Glossary
Name | Description | |
---|---|---|
Account | An account as opened in a bank | |
AIS | Account Information Services | The PSD2 definition of online services which provides access to bank account information (balances, transaction history, account holder information) |
Application | An application is what gives our customers access to our APIs | |
ASPSP | Account Servicing Payment Service Provider | The ASPSP is essentially a bank |
Authentication | All endpoints that help our customers deal with authentication | |
BNPL | Buy Now Pay Later | Also called Net-terms, BNPL is a payment that allows the payer to pay later than the day he orders the product |
Connect | Front-end that payers use to pay by bank | |
Country | World country | |
Customer | The Fintecture definition of a PSU | |
Fintecture | is also a verb that means to build a new solution or enhance an existing one using open banking (AIS, PIS or both) :) | |
Fintecture account | Fintecture payment account | Local acquiring account created for the Merchant under Fintecture's name |
Merchant | Company that buys and/or sells products in large amounts | |
Payment | A 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 account | Local acquiring account created for the Merchant under its own name | |
Payout | Payout is a payment made by a merchant to its customer | |
PIS | Payment information services | The PSD2 definition of online services which provide payment initiation from a bank account |
Provider | The Fintecture definition of an ASPSP ; Bank that allows us to make a payment | |
PSD2 | Payment Services Directive 2 | A EU directive enforcing banks to open APIs for AIS & PIS purposes, and increase overall online payment security by enabling SCA. |
PSU | Payment Service User | The 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 | |
RFP | Request for payout | Request made by a merchant and provided to its customer (either by link, mail or sms) for realizing a payout |
RTP | Request to pay | Request made by a merchant and provided to its customer (either by link, mail or sms) for realizing a payment |
RTS | Regulatory Technical Standard | The high level technical standard giving the framework to implement a PSD2 compliant system. |
Settlement | Outgoing payment from your Local Acquiring account to your own bank account | |
SCA | Strong Customer Authentication | An 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) |
TPP | Third Party Provider | The TPP is the ecommerce, or fintech, and any application interfacing with Fintecture Open Banking APIs. |
Updated 12 months ago