A transaction is an exchange of goods, services, assets, or funds between two or more parties. In business and financial environments, a transaction records the transfer of value from one party to another and serves as evidence that an agreement...

Tokenisation is a security process that replaces sensitive data with a unique identifier called a token. The token acts as a substitute for the original information and can be used within systems without exposing confidential details such as payment card...

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) is a cloud-based software delivery model in which applications are hosted and managed by a third-party provider and made available to users over the internet. Instead of purchasing and installing software on individual computers or...

Smart routing is a payment processing technology that automatically directs transactions through the most suitable acquiring bank, payment processor, or financial channel to improve transaction approval rates and payment efficiency. Payment systems use smart routing to analyze transaction details such...

Smart recurring billing is an automated payment system designed for businesses that operate on subscription-based or recurring payment models. It allows merchants to charge customers automatically on scheduled billing dates while using payment optimization tools to reduce failed transactions and...

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 a Shopping Cart? A shopping cart is a feature used in e-commerce software that allows visitors of a website to select products and services for potential purchase. It is designed for the convenience of customers, enabling...

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)...

A sandbox is a secure and isolated testing environment used by developers and cybersecurity professionals to run applications, test new code, or analyze suspicious files without affecting the main operating system or production environment. It acts as a controlled space...

Rules Engine What is a Rules Engine? A rules engine is a software system that applies predefined business rules to automate decision-making processes. These rules may be based on legal requirements, regulatory frameworks, or a company’s internal policies. A rules...

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? A risk analyst is a professional responsible for identifying, assessing, and managing potential risks that could negatively affect a business, investment, or financial institution. Their primary goal is to evaluate threats before they...

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...

A response code is a short numeric or alphanumeric code returned by a financial institution or payment processor during a payment transaction. The code indicates whether the transaction has been approved, declined, or requires additional verification. Response codes are generated...

A recurring transaction is a payment that occurs automatically according to a predetermined schedule. Businesses commonly use recurring transactions for subscription services, memberships, installment plans, and regularly billed products or services. Customers authorize the merchant or service provider to charge...

Real-time Processing Real-time processing is a method of data handling in which systems receive, analyze, and process information immediately or within a very short period after input. Businesses use these systems to deliver rapid responses and continuous data handling without...

What Is Procure to Pay (P2P)? Procure to Pay (P2P) is the end-to-end business process that covers purchasing goods and services, receiving them, processing supplier invoices, and making payments. It connects procurement and accounts payable functions to ensure that purchases...