Glossary

Common terms and definitions in digital payments and fintech.

Automated Clearing House - An electronic network for financial transactions in the U.S.

Bank Identification Number - The first 6-8 digits of a payment card that identify the issuing bank

A transaction reversal meant to serve as consumer protection from fraudulent activity

Europay, Mastercard, and Visa - The global standard for chip-based credit and debit cards

Fees paid between banks for the acceptance of card-based transactions

Independent Sales Organization - Third-party payment processor authorized by card networks

Know Your Customer - Process of verifying the identity of clients or customers

Payment Card Industry Data Security Standard - Security requirements for card processing

Payment Service Provider - Companies that help merchants accept electronic payments

Replacing sensitive data with non-sensitive placeholders called tokens