Discover the terms that change the financial technology industry.
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.
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.
Payment Card Industry Security Standards Council (PCI SSC)
The council's goal is to develop standards and services that improve the account data security for global payments by driving the adoption of the guidelines and resources for the different financial stakeholders.
Payment Card Industry Data Security Standard (PCI DSS)
A framework created by the PCI SSC for all entities that store, process, or transmit cardholder information. By establishing a minimum set of requirements for protecting cardholder information, this framework gives measures for security incident prevention, detection, and reaction.
Also called PayFacs, are authorized entities that process transactions between consumers and merchants, even small ones, enabling payments with debit and credit cards. The Payment Facilitator has a MID that groups the "sub-merchants", which do not necessarily have their unique MID, allowing the merchants to access more payment solutions.
A technological service for eCommerce that enables the processing of reading the information of the payment method (ex. Credit card) and transferring to the payment processor, under high security standards.
Payment Service Provider (PSP)
A third-party entity that facilitates and enables payments for merchants. For instance, the payments can be through credit, debit cards, bank account transfers, P2P, P2M. Typically offered on a SaaS model, PSP provides a single payment gateway for their customers to receive multiple payment methods.
A payout is usually a large sum of money that is due for payment. A company may make large-amount payouts to employees as regular payments for services or reaching specific goals, such as bonuses. Insurance plans may have maximum payout clauses limiting the amount that can be disbursed for a service. NovoPayment's cash management solutions help deliver the best possible payout services. A large amount of money is due for payment. A company may make large-amount payouts to employees as regular payments for services or for reaching specific goals, such as bonuses. Insurance plans may have maximum payout clauses limiting the amount that can be disbursed for a service. NovoPayment's cash management solutions help deliver the best possible payout services.
Electronic transactions between two people that a third party processes. The uses can go from money transfer to splitting a bill.
Personal Identification Number (PIN)
Secure numerical code set by the cardholder used to verify their identity, usually at the moment of the transaction.
Criminal technique to steal customer's cardholder, account, and financial information. The most common attempt is through fraudulent emails copying the customer's financial institution. These emails redirect to a webpage where the customer is asked for sensitive information.
Services exposed over the Internet or private internal networks for the use of selected users only.
Entity responsible for establishing relations between the different entities involved in the payment value chain. Usually, a program manager is also responsible for establishing pooled accounts at banks, managing disputes, and preventing fraud.
Services exposed over the public Internet and available to anyone who wants to use them.