In open banking, an AISP is a company that provides access to financial data on user accounts that are held within other banks. Access is typically read-only and doesn’t include access to...
Read more payments. An example of an AISP is Experian. Experian provides a financial app that accesses a customer’s banking data as read only and offers recommendations to lower FICO scores, get loans and more.
Why open banking is going to have ripple effects worldwide
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Often called an auth retry or retry strategy, authorization retries can be automated by your payment partner or planned to increase your chances of authorization. Some authorization retry...
Read more methods include updating your Merchant Category Code, using an automation service or getting more accurate customer data. Show less
An automated clearing house is a network of domestic financial institutions that provide a variety of automated electronic transactions. These include bank transfers, direct deposits,...
Read more remittance transfers (international bank transfers) and peer-to-peer payments. While the Automated Clearing House (ACH) is the US network, other countries have automated clearing houses like Canada's Electronic Funds Transfer (EFT), the UK's Bankers Automated Clearing System (Bacs) or Ukraine's System of Electronic Payments (SEP). Show less
Automatic funds transfers (or direct debits) allow customers to make a payment automatically from their checking or savings account.
A bank identification number is the first six to eight numbers that appear on payment cards. BINs are found on credit cards, charge cards, prepaid cards, debit cards and gift cards.
Bank transfers let customers pay directly from their bank accounts. Once an account holder initiates a bank transfer, a financial institution will then transfer funds to a business or...
Read more another bank account through automated clearing house networks.
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Biometric authentication is a form of identity verification that uses biometric information like fingerprints, iris patterns, voice recognition or facial features to identify an individual. In...
Read more payments, biometrics are starting to be used to authenticate identity for transactions.
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Blockchain is a public, distributed ledger on which cryptocurrencies, along with other next-generation web technology like Web3, run. A single entity does not own this...
Read more system of record. Instead, multiple entities within a network can validate the legitimacy of a transaction (called a 'block') or the ownership of an asset. The benefit of using blockchain technology is that it solves record-keeping problems and creates a public audit trail for all types of transactions.
Blockchain technology is revolutionizing payments
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B2B refers to business conducted between companies rather than between an individual customer and a business. B2B payments are purchases made from one business to another....
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B2B payment methods 101
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Buy now, pay later — a type of installment payment — lets customers break down the cost of a purchase into a series of payments over time. The seller receives the entire...
Read more payment upfront.
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Businesses use card account updater services to manage cards on file for recurring, installment, subscription and future billing. It allows you to update your customers’ new payment card details...
Read more automatically. When customers replace a card, the card account updater will continue to charge the customer without interruption or collecting new card details. This decreases the likelihood of a transaction decline. Show less
When your customers make a card-not-present transaction, they don't physically present their card or device to a seller for payment. Instead, they may enter a card number in a payment...
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field online, relay a card number over the phone or save a card on file with a business. They may also pay with a digital payment method like PayPal.
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When making a card-present transaction, customers present a physical card or device to a seller. For example, customers may insert their cards into payment terminals or 'tap' a card or...
Read more mobile device to complete a CP transaction.
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Customers receive a scannable voucher with a transaction reference number to make online purchases. Then, they can bring the voucher to an ATM, bank, convenience store or...
Read more supermarket to complete the payment in cash.
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A digital currency backed by a government's central bank is called a CBDC. CBDCs are available in nine countries, including Nigeria and The Bahamas. Other countries like the US,...
Read more Canada and the UK are currently researching and developing their own.
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A contactless payment limit is a maximum amount a customer can pay with a contactless card. Customers are prompted for a signature or PIN verification if they exceed a maximum...
Read more amount. These limits are in place to help protect customers from fraud.
When and why do contactless limits matter?
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Contactless payment technology uses near-field communication (NFC) to authorize a payment. Contactless payments include digital wallets, contactless credit and debit cards, QR codes and...
Read more peer-to-peer (P2P) payments.
When and why do contactless limits matter?
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Credit cards allow customers to draw on a line of credit to pay for goods and services. Customers can use credit cards for CP and CNP transactions. For example, they can type credit card...
Read more payment information into an online form, add a credit card to a digital wallet or 'tap' a contactless credit card to make a payment.
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Cryptocurrency is a digital currency not backed by fiat or a centralized government or authority. Instead, a decentralized system using cryptography verifies transactions on a public...
Read more ledger called blockchain. Popular cryptocurrencies include Bitcoin and Ethereum.
What you need to know about crypto and blockchain
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Debit cards enable customers to pay for goods and services from their bank accounts without the need to borrow money with credit. Like a credit card, debit cards can be used as CP and...
Read more CNP. For example, customers can add debit cards to a digital wallet, relay debit card payment information over the phone or put a debit card on file with a company. Debit cards can also be used for contactless transactions, allowing customers to 'tap ' their debit cards to make payments.
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Digital currency — including crypto and central bank digital currencies — is a form of electronic money. Digital currency can be centralized by a government (like the Chinese digital yuan)...
Read more or decentralized (like cryptocurrency).
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A digital invoice is a bill delivered to a customer electronically. Customers may receive these invoices via email, Pay by Link, SMS, WhatsApp or other channels....
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Digital wallets are virtual wallets that store a customer's various payment types (along with other digital information like plane tickets and loyalty cards). Customers can access their digital...
Read more wallets from an internet browser or mobile app. Popular digital wallets include PayPal, Google Pay, Alipay, WeChat Pay and Apple Pay.
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A direct debit takes place when an individual authorizes another party — such as a landlord or utility company — to withdraw money from their account on a specific date or at regular intervals.
eCommerce refers to electronic or digital commerce that takes place over the internet. Customers can make purchases with many different payment types, including digital wallets and...
Read more credit and debit cards.
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Electronic funds transfer (EFT), also known as direct deposit, is an electronic payment made directly into the recipient’s bank account — there’s no check, mobile deposit or trip to the bank....
Read more EFT is safe, secure, efficient and less expensive than paper check payments and collections. Show less
FPS is a UK banking initiative that reduces payment times between customer accounts at different banks from three working days to typically a few seconds.
Fiat money is a currency issued by a government. A physical commodity like gold does not back fiat. Examples of fiat currency include the US and Canadian dollars, the Chinese digital...
Read more yuan, the euro and the British pound.
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IoT refers to a network of devices connected through the internet to one another.
IoV is a wireless network used for information exchange between vehicles, infrastructure and pedestrians. IoV is a part of the Internet of Things (IoT).
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A MID is an eight-digit code that is issued by credit and debit card processors when opening up a merchant account. This number ensures that your money is sent and received correctly.
The metaverse blends digital and physical ('phygital') worlds to create a unique, immersive experience where users can interact with one another. This typically happens through augmented...
Read more reality (AR) and virtual reality (VR) technologies.
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MFA is a method of verifying an individual based on at least two discrete elements of the following three categories: 1) possession, such as a mobile device; 2) biometrics, such as a fingerprint; and...
Read more 3) knowledge, such as a passphrase.
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When payment networks like Mastercard, Visa, American Express and Discover replace a customer’s primary account number (PAN) with a token, it’s known as network tokenization. Network...
Read more tokens replace third-party or acquirer tokens. The benefits of network tokens include increased security and reduced customer friction.
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NFTs are blockchain-based tokens that represent a unique asset like a piece of digital art, digital content or media. Most NFTs are part of the Ethereum blockchain, but other blockchains have...
Read more implemented their own versions of NFTs.
What you need to know about crypto and blockchain
Blockchain technology is revolutionizing payments
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Omnichannel is a commerce strategy that provides a seamless shopping experience across all channels, including in store, mobile and online.
Open banking provides regulated third parties direct access to consumers' bank accounts and financial data with the consumer’s consent. Once they have access to this data,...
Read more third parties can then offer advanced financial insights or initiate account-to-account payments.
Why open banking is going to have ripple effects worldwide
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PCI DSS are the security rules and regulations governing the handling, storing and processing of card details and cardholder data.
In open banking, PISPs are companies that can access read-only data from a customer’s bank account and can initiate payments on a customer's behalf. PISPs can be used to make...
Read more payments directly from a customer’s bank account, removing the need for a debit or credit card.
Why open banking is going to have ripple effects worldwide
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PSD2 is a European Union regulation for electronic payments passed in 2018. This EU directive includes Strong Customer Authentication (SCA) and the emergence of new...
Read more regulated payment providers. This regulation sets rules for how service providers can access banking accounts and financial data with users' consent and was designed to increase competition and innovation in banking and finance.
Why open banking is going to have ripple effects worldwide
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The PSR is the economic regulator for payment systems in the UK, that aims to make payments accessible, reliable, secure and valuable for merchants. The goal of the PSR is to ensure a...
Read more competitive and innovative payment system industry, for all that use them; from consumers to merchants, to payment providers.
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P2P payments are contactless payments made between individuals (non-business). Interac e-Transfer® and Paypal are popular P2P payment apps....
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Point of sale or point of purchase is when and where a transaction occurs. Typically, a POS payment happens through both hardware and cloud-based software that enables...
Read more consumers to make a purchase. This software then manages various back-office functions, including inventory, reporting and employee management.
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A cardholder's PAN can be anywhere from 14 to 19 digits in length, depending on the type of account. The number is usually printed on the front of a plastic card, though it can be virtual, too.
QR codes are contactless, scannable matrix bar codes that direct consumers to websites, online checkouts, mobile apps, menus and other digital channels....
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RTP process payments instantly, transferring funds into a user’s account in seconds. Users don't have to wait days to see money in a business account or wonder when a payment will clear — the...
Read more payment happens instantly.
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Recurring payments allow your business to automate a repeated purchase, such as an annual membership fee or recurring monthly charge, without asking your customers for billing...
Read more information each time. To help ensure that a customer’s payment information is stored securely, their sensitive information should be replaced with a token. This token can be used to process each payment until your customer cancels.
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Remittance transfers are bank transfers made across international borders.
SEPA is a payment-integration initiative created to simplify bank transfers denominated in euros. With SEPA, customers make cashless euro payments — via credit transfer and direct...
Read more debit — to anywhere in the European Union, as well as a number of non-EU countries, in a fast, secure and efficient way, just like national payments.
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Social commerce enables businesses to sell products and services directly through social networking platforms like Instagram, Facebook, Pinterest, Twitter and other channels.
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SaaS is a business model that provides cloud-based software to customers on a subscription basis. Examples of SaaS include Google Workspace, Dropbox and Zoom.
Cryptocurrencies that use physical commodities (like gold), assets (like stocks) or fiat currency (like the US dollar) as collateral are called stablecoins....
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Strong Customer Authentication (SCA) is a European authentication protocol mandated by the Payment Services Directive 2 to reduce fraud and make payments more...
Read more secure. For a business to accept payments and meet SCA requirements, the business must build additional authentication into the checkout process or find a payment partner to do so.
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In open banking, TSPs collaborate with regulated providers to supply financial data that fuels open banking. Under PSD2 there’s an important distinction between a TSP and Payment...
Read more Initiation Service Providers (PISP). Generally, TSPs provide only technical services — they don’t gain possession of funds and don’t qualify as a PISP or Account Initiation Service Provider (AISP).
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A TID is a unique numerical value associated with a specific payment terminal — virtual or physical. A TID enables the merchant to quickly locate transactions in the event of a refund or dispute.
Tokenization replaces sensitive data with non-sensitive tokens that shield a consumer's payment and personal information. This data security process makes it harder for cybercriminals to...
Read more decode or steal sensitive personal information.
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The connected car is quickly becoming a payment method. With vehicle commerce — also called in-car or in-vehicle commerce — payments are made directly through the vehicle, not the
Read more smartphone.
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A virtual terminal enables you to take payments over the phone through web-based software — without the need for a physical point-of-sale (POS) terminal. You can log in to your virtual
Read more terminal from any device connected to the internet.
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