Transaction What is Transaction? The transaction is a deal between the trader and the customer which denotes a trade of goods, services along with financial instruments. A large business agreement can also be called a transaction. They are the real...

Tokenisation What is Tokenisation? Tokenisation is a series of procedures at the end of which the confidential data is changed by one-of-a-kind identification characters so that the user’s information wasn’t threatened by any dangers. The base unit is called a...

SWIFT Code What is a SWIFT code? A SWIFT code is a term that defines a universally recognized code used by a financial institution. The code labels a certain financial institution worldwide. It includes from 8 to 11 digits: first...

Software as a Service (SaaS) What is SaaS? Software as a Service (SaaS) is a kind of software distribution example where the third-party provider manages the apps and makes them accessible to the users through the computer network. Commonly, Saas can...

Smart Routing What is Smart Routing? Smart routing eases the procedure of purchasing for the shopper. Smart routing indicates conducting the transfer to the bank that is in charge of the payment processing. Then the system establishes the success of...

Smart Recurring Billing What is Smart Recurring Billing? First of all, let’s sort out what recurring billing is. It is a payment type when the merchants withdraw money on the pre-arranged schedule. To put is simple, the user shops in...

Single Euro Payments Area (SEPA) What is a Single Euro Payment Area? Single Euro Payments Area is an eagerness to simplify the payment method among the members of the EU. This project makes the transfers of funds in Euro uncomplicated....

Shopping Cart What is Shopping Cart? Shopping Cart is a term that serves in e-commerce software on the website, usually linked with commodities, and services. It permits guests of the web page to choose items for possible purchases. It is...

Sharing Economy What is Sharing Economy? The sharing economy refers to a new way of goods and services distribution. In this type of economy, individuals share or rent things like homes, cars, or time to other individuals in a peer-to-peer...

Settlement What is a settlement? Settlement used to define the concluding step in getting the payment for some services, the receiver or the financial institution obtains the payment, after this procedure the money is available for the trader. This word...

SEPA – Single Euro Payments Area SEPA (Single Europe Payments Area) is the remittance transfer payment system created by the European Union. It simplifies cashless payment transact in the euro countries. The main goal of the single euro payments area (SEPA)...

Sandbox What is a sandbox? A sandbox is a software that was designed as a testing environment for software developers or editors that have an opportunity to establish and examine brand-new content as additional content which is separated from other...

Rules Engine What is Rules Engine? Rules Engine is a software that uses business rules during the actions. Those rules may have a legal base or come from the company’s policy. The structure commonly provides a set of rules, conditions...

Rolling Reserve What is a rolling reserve? A rolling reserve is a strategy targeted to take care of the merchant and its financial institution as well as to keep away from the possible loss because of chargebacks. The RR functions...

Risk Analyst Who is a risk analyst? Risk Analyst is a person who is involved in the process of analyzing probable questions that tend to influence business deals as well as significant undertakings and as a result to stay away...

Reversal What is Reversal? In banking, the term reversal is applied to define a process during that the payment structure obtains an inquiry for a refund of the transfer which was funded by the account. Generally, the customer who holds an account...

Response Code What is a response code? Every transaction usually needs several steps to succeed. One of them is a response code. When the transfer goes through the payment system to the financial institution, this institution sends a 2-digit cipher as...

What is a Recurring Transaction? A recurring transaction is a payment that occurs repeatedly according to a set schedule. Typically, this happens when a customer subscribes to a service, becomes a member, or signs up to receive goods or services...

Real-time Processing What is Real Time Processing? Real-time processing is a processing which is applied when it is necessary and is found in structures with computer control. This type of processing includes continuous input, process, and output of data. ATMs, customer...

Procure to pay (P2P) What is P2P? Procure to Pay (P2P) is the sequence of procurement and financial processes. From the first steps of procuring goods/services to the final steps of paying, P2P that includes: requisitioning; purchasing; receiving; paying for...