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Documentation

Glossary

Terms and abbreviations used in Rapyd documentation.

Glossary

Accepted and settlement confirmed (ACSC)

Status of a bank transfer to a virtual account. The beneficiary has accepted the transfer and the transaction is final. ISO 20022 code.

Access Control Server (ACS)

A server used by issuing banks to authenticate card users by 3DS authentication.

Access Point Name (APN)

Name of a gateway between a mobile phone network and the Internet.

Acquirer

In card transactions, the merchant's financial institution. The acquirer is a member of one or more card networks, such as Visa or Mastercard. The acquirer contacts the card issuer through the card network for authorization to process the transaction. The card issuer collects the funds from the cardholder and settles the funds to the card network. The card network settles the funds to the acquirer, which then settles them to the merchant's own bank account.

Address Verification Service (AVS)

For card transactions, a service that checks whether the cardholder's billing address matches the address for the cardholder's account.

Anti-Money-Laundering (AML)

Legal restrictions against hiding or disguising money obtained through illegal activities.

Authentication header

In the HTTP protocol, a parameter that provides the user's credentials to the server.

Authorization (Auth)

The first phase of processing a card transaction, also known as pre-authorization. The funds are placed on hold until the transaction is captured or cleared. The authorization confirms whether a card is valid, business rules and regulations are met, or the required funds exist.

Automated Clearing House (ACH)

The primary method for bank transfers in the United States.

Bankers' Automated Clearing Services (Bacs)

A United Kingdom service for processing direct debit and other bank transfer transactions. Average time to clear a transaction is 3 business days.

Bank Identification Number (BIN)

A numeric identifier for financial institutions. It appears as the first four to six digits on a payment card.

Bank Identifier Code (BIC)

An alphanumeric identifier for financial institutions, also known informally as a SWIFT code or SWIFT/BIC code.

Beneficiary

A person or business that receives funds from a disburse (payout) transaction.

Business-to-Business (B2B)

Commerce between business entities.

Business-to-Consumer (B2C)

Commerce between businesses and consumers.

Capture

The second phase in completing a card transaction, also known as clearing or completion.

Card

A device for making or receiving payments. A credit card is funded by loans, and a debit card is funded by a bank account. A physical card is made of plastic and can be used for transactions on line or in person. It has the following features:

  • A card number, usually 14 to 19 digits.

  • Personal identifying information, including the cardholder's name and the card expiration date.

  • Most cards have an electronic chip that contains the card information and is read by physical contact with a card reader.

  • Some cards have Bluetooth circuitry for contactless transactions.

  • A magnetic stripe that contains the card information.

  • Card verification value (CVV), printed on the front or back of the card and encoded in the stripe and chip.

  • A PIN that is encoded in the stripe and chip.

A virtual card is used for online transactions. It consists of the following information:

Card Code Verification (CCV)

A numeric code printed on the card, consisting of 3 or 4 digits. Use of the code indicates that the person making the transaction has access to the physical card. This value cannot be stored in any way. Also known as CID, CSC, CVC and CVV.

Cardholder Verification Method (CVM)

A method of verifying the identity of the person using a card at a payment terminal, for example, a PIN or signature.

Card Identification Number (CID)

A numeric code printed on the card, consisting of 3 or 4 digits. Use of the code indicates that the person making the transaction has access to the physical card. This value cannot be stored in any way. Also known as CCV, CID, CSC and CVC.

Card Network

A network of financial institutions that process card payments and transfer money from the cardholder to the merchant. The main actors in the scheme are the acquirer, which is the merchant's bank, and the issuer, which is the cardholder's bank. The network is also known as card scheme.

card-not-present (CNP)

A card transaction where the customer is not present but has placed the order by mail or telephone, and the sensitive personal information is manually entered by the merchant. Also known as a MOTO transaction.

Card Number

A unique number for a payment card, usually 14 to 19 digits in length. Also known as a payment card number, primary account number (PAN) or funding primary account number (FPAN).

Card-on-File Token (CoFT)

An alphanumeric code that represents sensitive card information or PII. The PII is stored in a vault, and the token can be used by a specific company. See Create Card Token.

Card Scheme

A network of financial institutions that process card payments and transfer money from the cardholder to the merchant. The main actors in the scheme are the acquirer, which is the merchant's bank, and the issuer, which is the cardholder's bank. The scheme is also known as card network.

Card Security Code (CSC)

A numeric code printed on the card, consisting of 3 or 4 digits. Use of the code indicates that the person making the transaction has access to the physical card. This value cannot be stored in any way. Also known as CCV, CID, CVC and CVV.

Card Verification Code (CVC)

A numeric code printed on the card, consisting of 3 or 4 digits. Use of the code indicates that the person making the transaction has access to the physical card. This value cannot be stored in any way. Also known as CCV, CID, CSC and CVV.

Card Verification Value (CVV)

A numeric code printed on the card, consisting of 3 or 4 digits. Use of the code indicates that the person making the transaction has access to the physical card. This value cannot be stored in any way. Also known as CCV, CID, CSC and CVC.

Chargeback

Money that is returned to the customer after the customer wins a dispute of a card or bank transaction.

Chip Card

Standard for payment cards that store their data on integrated circuit chips, also known as Europay, Mastercard, Visa (EMV).

Clave Bancaria Estandarizada (CLABE)

The standard for numbering bank accounts in Mexico. Each account is represented by an 18-digit identifier. The term translates to 'standardized bank code' in English.

Clearing

The second phase in completing a card transaction, also known as capture or completion.

Collect

The process of moving money from a customer's payment method to the Rapyd Wallet. Also known as payment.

Completion

The second phase in completing a card transaction, also known as capture or clearing.

Creditor Identification Number (CID)

A unique identifier of a beneficiary of a SEPA direct debit bank transfer.

Device Primary Account Number (DPAN)

A tokenized version of the PAN that can only be used with one electronic device, such as a tablet or smartphone.

Digital Wallet

An electronic means of storing payment methods for use in commerce. The digital wallet can be funded by one or more payment methods. Some ewallets receive or store funds. Also known as an eWallet.

Direct debit

A transaction where funds are withdrawn directly from a bank account by electronic means.

Directive on Payment Services (PSD2)

In the European Union (EU) and European Economic Area (EEA), legislation for protecting consumers and making payments more secure.

Disburse

A transaction that transfers money from a Rapyd Wallet to a third party, also known as a payout transaction.

Electronic Point of Sale (EPOS)

Point-of-sale terminal, including a card reader and support applications.

Enterprise

A product provided with the full range of features and services.

Europay, Mastercard, Visa (EMV)

Standard for payment cards that store their data on integrated circuit chips, also known as chip cards.

eWallet

An electronic means of storing payment methods for use in commerce. The eWallet can be funded by a variety of different payment methods. Some ewallets receive or store funds. Also known as a digital wallet.

First Data Merchant Solutions (FDMS)

A third-party acquirer partnered with Rapyd.

Foreign exchange (FX)

Conversion of money from one currency to another.

Funding Primary Account Number (FPAN)

A unique number for a payment card, usually 14 to 19 digits in length. Also known as a card number, payment card number or primary account number (PAN).

Global System for Mobile Communication (GSM)

Protocol for second-generation (2G) cellular telephone networks. Also refers informally to all mobile phone technologies.

Idempotency

A property of two or more identical messages that cause changes to data in the recipient's database. See Idempotency.

Independent Sales Office (ISO)

An agent that sets up a merchant's account directly with an acquirer. Onboarding, identity verification, transaction processing and risk are all assumed by the acquirer. Also known as an independent sales organization or merchant service provider (MSP).

Independent Sales Organization (ISO)

An agent that sets up a merchant's account directly with an acquirer. Onboarding, identity verification, transaction processing and risk are all assumed by the acquirer. Also known as an independent sales office or merchant service provider (MSP).

Independent Software Vendor (ISV)

A company that provides a software integration package for a merchant to work directly or indirectly with Rapyd.

International Bank Account Number (IBAN)

A number for a bank account that is used for international transfers.

International Organization for Standardization (ISO)

An international organization that develops and publishes standards for business and manufacturing.

IP address

Internet protocol address. A numeric identifier for the network interface for a computer host.

Issuer

A financial institution that issues payment cards to cardholders. The issuer is a member of one or more card networks, such as Visa or Mastercard.

Know Your Business (KYB)

The process of verifying the identity of a business customer.

Know Your Customer (KYC)

The process of verifying the identity of an individual consumer.

Load Library Tools (LLT)

An error message on Ingenico point-of-sale terminals indicating that the software has become corrupted.

Magnetic Stripe Reader (MSR)

A part of the point-of-sale terminal that reads the magnetic stripe on payment cards.

Mail-Order Telephone-Order (MOTO)

A card transaction where the customer is not present but has placed the order by mail or telephone, and the sensitive personal information is manually entered by the merchant. Also known as a card-not-present transaction.

Major Currency Unit

The main unit of a currency, which might be divided into minor currency units. For example, the major currency unit of the EUR currency is the euro.

Mandate
  1. Formal consent of a bank account holder for making SEPA bank transfers to a creditor.

  2. A group of rules for a card network on a specific subject, for example, Visa's rules for allowing customers to cancel subscriptions online.

Media Access Control Address (MAC)

A unique 48-bit identifier for hardware in a network, usually written as six pairs of hexadecimal digits.

Merchant Identification (MID)

Identification number of a merchant.

Merchant Service Provider (MSP)

A company that connects a merchant with an acquirer, card issuers and customers, processing card payments and conducting 3DS authentication as required. Also known as a payment processor.

Message Authentication Code (MAC)

Password for interacting securely with the acquirer.

Minor Currency Unit

The subdivision of the main unit of a currency. For example, the minor currency unit of the EUR currency is the cent. Most currencies have a minor currency unit that is 1/100 of the value of the major currency unit. Some, such as the millime of TND, are worth 1/1000. Some currencies do not have a minor currency unit, such as JPY.

Mobile Point of Sale (mPOS)

An electronic device that performs point-of-sale functions wirelessly, through cell-phone connection, wireless Ethernet or Bluetooth technology. For more information about Rapyd's mPOS solutions, see POS Terminal Guides.

Multi-Factor Authentication (MFA)

An authentication process that uses two or more different ways to securely identify a user.

Network Time Protocol (NTP)

An industry-standard protocol for synchronizing clocks of computers and telephones.

One-time password (OTP)

A string of numbers or letters to authenticate a user.

Original credit transaction (OCT)

Payout from the Rapyd Wallet to a card.

Payment

The process of moving money from a customer's payment method to the Rapyd Wallet. Also known as collect.

Payment Account Reference (PAR)

An alphanumeric code that identifies the payment account linked to the card.

Payment Card Industry (PCI)

All financial institutions that issue cards or process card transactions. The Payment Card Industry Security Standards Council develops and publishes regulations for the industry.

Payment Card Industry Data Security Standard (PCI-DSS)

Regulations developed for the payment card industry for data security and protection against fraud.

Payment Card Number

A unique number for a payment card, usually 14 to 19 digits in length. Also known as a card number or primary account number (PAN).

Payment Facilitator (PayFac)

An intermediary between the merchant and the acquirer. The PayFac sets up an account for the merchant (onboarding) and conducts identity verification. The PayFac uses its own account to process all of the merchant's transactions on behalf of the acquirer, which oversees the PayFac and is accountable to the card networks.

Payment network

A network of banks or other parties that facilitate a transaction between the issuer and the merchant. Examples: VISA, Mastercard.

Payment Processor

A company that connects a merchant with an acquirer, card issuers and customers, processing card payments and conducting 3DS authentication as required. Also known as a merchant service provider (MSP).

Payment service provider (PSP)

A company that helps merchants accept payments through methods such as cards, eWallets, and bank transfers.

Payout

A transaction that transfers money from a Rapyd Wallet to a third party, also known as a disbursement transaction.

PCI Level 1

Most stringent compliance level under the Payment Card Industry Data Security Standard (PCI-DSS). Clients with Level 1 clearance can handle personal identifying information for cards, such as card number, expiration date and cardholder name.

Personal Identification Number (PIN)

A secret number that a cardholder uses to prove that he or she is the authorized user of the card for monetary transactions. It usually consists of four digits.

Personally Identifying Information (PII)

Sensitive personal information that can be used to identify or locate an individual. PII is protected by law and PCI industry rules.

PIN Entry Device (PED)

Point-of-sale terminal that handles chip-and-PIN payments.

PIN Transaction Security (PTS)

A PCI standard for point-of-sale terminals that accept PIN codes.

Plan

In Rapyd, a pricing structure for a product of type service.

Point of Sale (POS)

A retail location where a business or consumer can initiate a transaction in exchange for goods or services.

Power Supply Unit (PSU)

An electronic device that converts AC electricity from wall current to DC power required for electronic equipment such as computers.

Pre-Authorization (Pre-auth)

The first phase of processing a card transaction, also known as authorization. The funds are placed on hold until the transaction is captured or cleared. The authorization confirms whether a card is valid, business rules and regulations are met, or the required funds exist.

Primary Account Number (PAN)

A unique number for a payment card, usually 14 to 19 digits in length. Also known as a card number, payment card number or funding primary account number (FPAN).

Private key

The secret, private part of the key pair in asymmetric cryptography.

Production

In Rapyd, the environment that transfers real funds.

Public key

The public part of the key pair in asymmetric cryptography.

Rapyd Wallet

In Rapyd, an electronic wallet for receiving, storing and disbursing funds.

Real-Time Payment (RTP)

A financial transaction that is completed in a few moments.

Reconciliation

The process of comparing records to make sure that the outgoing and incoming funds are balanced with the funds that are spent or received.

Redirect URL

A web address that points the user to a different web page.

Reset Factory Settings (RFS)

Procedure for resetting all configuration parameters to the default factory settings.

Sandbox

In Rapyd, the sandbox environment provides most of the functionality of the production environment, without using real money. Interested persons can use the sandbox to explore Rapyd's product offering or to test software integrations with Rapyd's API.

Scheme

A network of financial institutions that process card payments and transfer money from the cardholder to the merchant. The main actors in the scheme are the acquirer, which is the merchant's bank, and the issuer, which is the cardholder's bank. The scheme is also known as card network.

Short Message Service (SMS)

A text-messaging service for telephones and other electronic devices.

Single Euro Payments Area (SEPA)

An initiative of European countries for simplification of local and cross-border bank transfers.

Small and Medium Business (SMB)

A business with up to a few hundred employees and annual revenue of a few hundred million dollars or less. Also known as Small and Midsized Business.

Smart Card Reader (SCR)

A part of the point-of-sale terminal that reads payment cards with chips.

Society for Worldwide Interbank Financial Telecommunication (SWIFT)

International banking cooperative that provides:

  • A messaging network for the global payments system.

  • Registration of Bank Identifier Codes (BIC) under ISO 9362, also informally known as SWIFT codes or SWIFT/BIC codes.

  • Registration of IBAN numbers under ISO 13616.

  • A standard syntax for financial messages under ISO 20022.

Special characters

Printable characters that are not alphanumeric or spaces.

` ~ ! @ # $ % ^ & * ( ) _ + - = { } | [ ] \ ; ' : " < > ? , . /

Stock Keeping Unit (SKU)

A unit of tangible, physical products for sale.

Sub-Merchant

A merchant that is a customer of a payment facilitator.

Subscription

A scheme for recurring charges to a customer. For example, a monthly parking fee or annual software license.

Terminal ID (TID)
  • Identifier for a Rapyd POS terminal. 8 digits.

  • Identifier for a merchant's store. 8 digits.

Terminal Management System (TMS)

Online system for managing your Rapyd point-of-sale terminal.

Three-Domain Secure (3DS)

A protocol that provides increased security for card-not-present transactions. Rapyd supports version 2.2.

Time-based one-time password (TOTP)

A one-time password that is generated by an algorithm that uses the current time.

Tokenization

The process of generating a unique identifier for sensitive personal data. The data is stored in a secure location and the token is used to use it without directly accessing it.

Token Primary Account Number (TPAN)

A tokenized version of the PAN, such as a DPAN or card-on-file token.

Top-up

To add money to an account or card for enough funds to make a payment. For example, to pay bills or make online purchases.

Unique Mandate Reference (UMR)

An identifier that uniquely identifies the relation between a payer and a beneficiary of a SEPA direct debit bank transfer.

Unix time

The number of seconds elapsed since the beginning of the Unix epoch, which was 00:00:00 GMT on January 1, 1970. 10-digit integer.

UUID

Universally Unique Identifier. A 36-character alphanumeric string used to identify information. For example: The operation_id for each response is a UUID.

Vault

A secure server that stores PII information such as card details. The Rapyd vault is fully compliant with PCI Level 1 requirements.

Virtual account (VA)

A virtual IBAN number issued to a Rapyd Wallet.

Virtual International Bank Account Number (vIBAN)

A unique identifier for a bank account. A bank account can have several vIBANs. The account holder can use each vIBAN for a different purpose, which can simplify account reconciliation.

Webhook

A notification of a specific event, independent of the normal HTTP/HTTPS request-response cycle.

White-label

A product or service that can be rebranded by someone else.

Whitelist

A list of trusted IP addresses.