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Welcome to our Glossary

Discover the terms that change the financial technology industry.

Platform

A platform is a software-basedenvironment or infrastructure where other applications or processes are developed for a client or user.Platform-based servicesallow clients and end users to develop and deploy apps or services without the need to create all the infrastructure required for such developments. NovoPayment’s cloud-based Banking-as-a-Service platform provides clients with the digital banking, payment infrastructure and card solution services they require, without the need for complex legacy infrastructure. The platform model uses open API infrastructure to allow the client to configure and adjust his service offering as required.

Point of Sale (POS)

A critical piece of a point of purchase, it is the place where a customer executes the payment for goods or services, and where sales taxes may become payable. It can be in a physical store, where POS terminals (cash registers) and systems are used to process card payments, or a virtual sales point such as a computer or mobile electronic device.

Processor

A company that provides card transaction services by operating transactions between merchants and financial institutions. A processor may authorize transactions and makes sure that merchant payments are delivered on time, making fund transfers easier and seamless. As a preferred and experienced processor, at NovoPayment we provide card acceptance, security solutions, assistance for meeting PCI compliance requirements and ongoing client service, among other value-added services.