Withdrawal is a financial term that refers to the act of removing funds from a bank account, investment account, or other financial institution. It occurs when a person takes money out of an account that previously held deposited funds or...

White Label Solution What is White Label? Every day brand-new outputs are created. And many innovations appear on the world’s market. With such a wide range of goods and services, sometimes it can be hard to come up with something...

What Is PCI Compliance? The term is introduced by credit card institutions to strengthen the protection of payment processing. PCI DSS is applied to an institution of any size as long as it accepts credit cards issued by Visa, MasterCard,...

MTOT DISC What is MTOT DISC? MTOT DISC is the term that means merchant account total discount fee. MTOT means merchant total, while DISC is the discount fee. This is a monthly payment many merchants pay without even knowing about it....

Virtual Card What is Virtual Card? Virtual Card is a card outlined only for a purpose of paying for purchases via the Internet connection. This special type of card-operated in ATMs as well as in trade and service network. The...

Verified by Visa Inc. What is Verified by Visa Inc? Verified by Visa Inc. (also known as VbV). is a program designed to strengthen the safety of online transactions for both merchants and clients. This supplementary verification process guarantees the security...

User Profile What is a user profile? User profile (also known as a UP) is a term used to describe a digital set of data about a particular cardholder. This information simplifies the work of the bank as well as...

Unified Payments Interface (UPI) What is Unified Payment Interface? UPI stands for Unified Payments Interface. It’s a financial innovation created by the National Payments Corporation of India to facilitate cross-bank transactions. The product was introduced in 2016. Since then, the...

Underwriting is a financial service provided by banks, insurance companies, and other financial institutions to evaluate and manage financial risk. In this process, an organization assesses the potential risk involved in a financial transaction and decides whether it is acceptable...

Unbanked countries What is Unbanked Countries? Unbanked countries are those that have a high percentage of the unbanked population. “Unbanked” is an informal term that refers to adults who do not use banks or banking institutions. Citizens of such areas generally pay...

Two Factor Authentication (2FA) What is Two Factor Authentication?  Two-factor authentication is a subset of the multi-factor authentication. 2FA is an additional security level which eliminates the password-only vulnerabilities. 2FA is also known as two-step authentication. Two-factor authentication confirms the user’s identity...

Triple DES What is Triple Des? Triple DES is a cryptographic term. It uses the DES encryption algorithm to encode the data. But let’s take a deeper look at it. Triple DES is a Triple Data Encryption Algorithm. It uses...

Transaction ID What is Transaction ID? The transaction ID is a special set of numbers that defines each transaction. With its help, bank workers can identify the purchase that was made by the customer. The transaction ID is always unique,...

What are transaction fees? Transaction Fees is a type of a fee when the client needs to pay every moment it processes an electronic payment. Transaction Fees can vary among the services. On average, the fee is a proportion of...

Transaction Date What is a transaction date? A Transaction Date is a term used to define a particular day or time of the week when the transfer was done (successful or not). The word collocation is very important for sorting...

Transaction Currency What is Transaction Currency? Transaction currency is a currency in which the client performs the payment. Initially, a transaction currency is the final currency in case of a conflict with the base currency. From USD to ILS, the...