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GlossaryReference
Glossary Reference
Use Case Term | Industry Term(s) | References |
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entity
A person, organization, or software agent that is capable of interacting with the world. |
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payer
An entity that provides a source of funds as required by a transaction. |
cardholder
Any individual that has been issued a financial account provisioned to a Card by a Card Issuer |
EMVco Payment Tokenisation Specification |
cardholder
The person who presents the card to the acceptor for provision of goods or services. The cardholder signs the agreement with the card issuer to use a card linked to an account. |
ISO 20022 CAPE | |
payee
An entity that receives funds as required by a transaction. |
card acceptor
The entity that initiates a payment transaction and presents transaction data to the Acquirer, typically a Merchant |
EMVco Payment Tokenisation Specification |
merchant
An entity receiving payment for goods, services, or other things of value; abstractly known as a payee. |
An entity which provides goods and/or services at one or several sites (physical or virtual). The merchant signs a contract with one or several acquirers. The merchant can perform the role of an acceptor or delegate it to another party (agent). |
ISO 20022 CAPE |
acceptor
An entity accepting payment related cards |
ISO 20022 CAPE | |
customer
An entity paying to receive goods, services, or other things of value; abstractly known as a payer. |
A party purchasing goods or services at a merchant |
ISO 20022 CAPE |
transaction
An instance of an exchange of value such as buying or selling something. |
An economic transaction is the whole of transfer of products, the rendering of services and transfers of money which are needed to complete a purchase or any other economic trade. An economic transaction can be seen as the complete economic session from start to finish between two or more parties. |
[UETP] |
Financial transaction
The act of a cardholder and a merchant or acquirer that results in the exchange of goods or services against payment. |
EMV | |
purchase
Activities surrounding and including a transaction (e.g., discovery of an offer, negotiation of terms, selection of payment instrument, delivery, etc.). |
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payment |
A payment is the transfer of an item of value from one party (such as a person or company) to another in exchange for the provision of goods, services or both, or to fulfill a legal obligation. Thus, a payment is a transfer of one form of good, service or monetary unit in exchange for another form of good, service or monetary unit in proportions that have been previously agreed upon by all parties involved. payment can be made in the form of funds (including cryptocurrencies) or assets. |
[UETP] |
A financial transaction is an agreement, communication, or movement carried out between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals. |
Wikipedia: Financial transaction | |
The basic service which allows the cardholder to pay for the purchase of goods and services from a card acceptor using their card applications or credentials |
EPC Volume.1 | |
payment scheme
Sets of rules and technical standards for the execution of payment transactions that have to be followed by adhering entities (payment processors, payers and payees). |
payment network
An electronic payment system used to accept, transmit, or process transactions made by payment cards for money, goods, or services, and to transfer information and funds among Issuers, Acquirers, Payment Processors, Merchants, and Cardholders. |
EMVco Payment Tokenisation Specification |
Four Party Scheme
A Card Scheme which includes the following stakeholders: The Cardholder, the Issuer (who has a relationship with the Cardholder), the Acceptor and the Acquirer (which has a relationship with the Acceptor). The Scheme defines the rules which apply to all parties; there are no limitations as to who may join the scheme, as long as the requirements of the scheme are met. See also the Context page |
EPC Volume.1 | |
Three Party Scheme
A Card Scheme including the following Stakeholders: the Cardholder, the Issuer (who has a relationship with the Cardholder), the Acceptor and the Acquirer (who has a relationship with the Acceptor), but the Issuer and the Acquirer are the same entity. |
EPC Volume.1 | |
payment instrument
A mechanism used to transfer value from a payer to a payee (payment method). |
Debit card
A card enabling its holder to make purchases and/or withdraw cash and have these transactions directly and immediately debited from the accounts |
EPC Volume.1 |
Credit card
A card that enables a cardholder to make purchases and/or withdraw cash up to a prearranged credit limit. The credit granted may be either settled in full by the end of a specified period, or settled in part, with the balance taken as extended credit (on which interest is usually charged). |
EPC Volume.1 | |
Other account
E.g. PayPal |
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Crypto Currency
Virtual Currency is a digital representation of value, not issued by a central bank, credit institution or e-money institution, which, in some circumstances, can be used as an alternative to money. |
ECB Virtual Currency Schemes - a further analysis | |
payment processor
Submits and processes payments using a particular payment instrument to a payment network. |
payment processor
An entity that provides payment processing services for Acquirers and / or Issuers. A Payment Processor may in addition to processing provide operational, reporting and other services for the Acquirer or Card Issuer. |
EMVco Payment Tokenisation Specification |