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21 Banking Terms That You Need to Know. A Glossary
3D Secure A security protocol developed by VISA andMasterCard designed to combat debit/creditcard fraud online. The system requires usersto provide parts of their banking password or pin to verify online transactions.
ATM Acronym standing for automated tellermachine; more commonly referred to as a cash machine in the UK
BACS An acronym standing for Bank AutomatedClearing System. It is the system in place that banks use to make direct transfer between accounts. BACS is used for both debit and credit transfers.
Card Security Code Sometimes referred to as the CVV2, CVC orCV2 number. This refers to the 3-digit number on the back of MasterCard and VISAcredit/debit cards. The code is located on the right of the signature strip and is used as a security protocol when making online payments.O
CHAPS An automated system for processingpayments within the UK. The system is usually used by corporate clients that make multiplehigh value payments at once. The system canbe used by anyone although there is usually a charge of between £25 and £30.O
Chip and Pin A security measure that requires the cardholder to enter a pin to authorise thepayment. Chip and Pin is used in situations when the cardholder is presentO
Digital Receipt A receipt sent by E-mail usually after makingan online payment. A digital receipt serves the same purpose as a physical receipt.
Direct Debit A pre-authorised debit on an account that is authorised by the customer. Direct debit is apopular way to pay for recurring debts such as utilities and bills.
E-CommerceThe buying and selling of goods over the internet
EPOSAcronym standing for Electronic Point of Sale. A card reader used to receive payments by card. They usually require the consumer to enter a pin.
Faster Payments A service allowing users to make payments including direct debits, direct credits andstanding orders almost instantly. The service is available 24/7 and was launched in May 2008.
Hacking Gaining unauthorised access to data orinformation (including bank account details) through the use of computers
In-house payment A payment that is made between two bank accounts that are part of the same financialinstitute e.g. a payment between 2 people who belong to the same bank.
IPSPAcronym standing for Internet Payment Service Provider
Mobile banking A term that refers to the act of checking a bank balance, transferring money betweenaccounts or making a payment using a mobile device (usually a phone or tablet).
Mobile Payment A term that refers to the act of making a payment using a mobile device (usually aphone or tablet. This can be done through thebank’s website using a mobile browser, usinga banking app, using a business’s website to make a purchase or, less commonly, making use of contactless technology to use your phone as an alternative to a card payment.O
PayPalA web based application built to transfer fundssecurely between member accounts. PayPal is free to join and sending money is freehowever, there is a payment structure in place for members who wish to receive money. PayPal makes use of existing financial infrastructure and advanced fraud security.PayPal is the preferred method of payment ona number of online ecommerce sites including eBay.
PIN Acronym standing for Personal Identification Number. A PIN is a security measure thatrequires the cardholder to enter a 4-digit code in order to authorise a payment.
POS An acronym standing for point of sale. Aphysical location where a customer can make a purchase.
SafeKeyAmerican Express’ branded version of the 3D secure security service.
Standing OrderAn instruction from an accountholder to their bank to pay a pre-arranged amount into another account electronically at regular intervals.
More InformationO For more information on banking, payment methods, internet banking and paying with your mobile phone please visit Pay Your Way