Withdrawal 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...

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....

A virtual card is a digital payment card primarily used for online and remote transactions. Unlike traditional physical debit or credit cards, a virtual card exists electronically and is commonly used for internet purchases, subscriptions, and mobile payments. Virtual cards...

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

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...

What Are Unbanked Countries? Unbanked countries are countries with a large percentage of people who do not have access to or do not use traditional banking services. An unbanked person is someone who does not maintain an account with a...

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,...

Transaction fees are charges applied when a payment is processed electronically. Businesses typically pay these fees every time a customer completes a purchase using a credit card, debit card, or digital payment method. In most cases, the fee is a...

Transaction Date What is a Transaction Date? A transaction date is the specific date on which a financial transaction takes place, regardless of whether it was successful or not. It marks the exact moment a transfer, purchase, or withdrawal is...

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...