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Terms and abbreviations used in Rapyd documentation.


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.

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 in the United States for bank transfers.

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.

Bank Identifier Code (BIC)

An alphanumeric identifier for financial institutions.


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.


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


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

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.


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

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A transaction where funds are withdrawn directly from a bank account by electronic means.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


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


A digital wallet that receives, stores, and disburses funds. The eWallet can be funded by a variety of different payment methods.

Foreign exchange (FX)

Conversion of money from one currency to another.


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

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.

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.

Multi-Factor Authentication (MFA)

An authentication process that uses two or more different devices belonging to the same 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.


A transaction that transfers money from a customer to a Rapyd Wallet, also known as a collect transaction.

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 network provider

A network of banks or other parties that facilitate a transaction between the issuer and the merchant.

Payment service provider

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


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.

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.


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.


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.


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.


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.

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.

Special characters

Printable characters that are not alphanumeric or spaces.

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

Stock Keeping Unit (SKU)

A unit of tangible, physical products for sale.


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

Three-Domain Secure (3DS)

A protocol that provides increased security for card-not-present transactions. Rapyd supports version 2.0.

Time-based one-time password (TOTP)

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


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.


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

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.


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 an simplify account reconciliation.


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


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


A list of trusted IP addresses.