Tax incl.

Payment Gateway India TOP 10

In this article, we will give you at least 20 ways of payment that you can integrate into your online commerce to offer your user a variety of payment methods and thus obtain a greater possibility of achieving the sales process in your electronic commerce.

Keep in mind that this list is directed to the payment channels for India, however, if you are from another country and your business has Indian visitors, you should consider integrating these payment platforms within your payment gateway.

Next, we present the top 20 payment channels that you can integrate into your online commerce in the year 2019:

1) INSTAMOJO: Free payment Gateway for India.

Instamojo is a service that works as a payment platform between individuals and companies in India. Instamojo is one of the first options of the electronic commerce when receiving and sending payments, you can pay using your debit card, credit card or electronic purses.

It is one of the options that can easily be integrated into a payment gateway and one of the most accepted by e-commerce today.

Instamojo works in the following way: For every payment made, the platform charges a commission of 2% + ₹ 3, a commission that compared to other global platforms such as PayPal (5.4% + .30 USD) are much more attractive at the moment to receive payments in electronic stores.

Creating and activating an Instamojo account is very simple, and it is a process that will not take more than 2 minutes in your configuration.

Instamojo allows the linking of the following cards: Visa, Master, AMEX, Diners, JCB, and Discover.

The commission charged Instamojo for maintenance is zero, that is, does not charge commission for maintenance. Sounds great! Do not you believe it?

You should keep in mind that Instamojo is designed solely to support INR, so if you thought you had multiple currency options, it is not.

If you want to withdraw money from Instamojo to your bank account, you will not have to pay any commission, you just have to wait 3 days for your order to run and you can use your funds freely in your bank account.

To start using this payment method, you will need a series of personal documents that Instamojo will indicate you once you sign up for the service, these documents serve to identify and protect your identity within the platform. Once you register correctly, you should not wait for a specific amount of time to start receiving payments, once registered, you can start sending and receiving payments.

Instamojo is one of the preferred platforms to receive payments in India, and one of the favorites of electronic stores.

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2) CCAvenue Payment Gateway Services

CCAvenue Indian payment gateway

CCAvenue is another payment method that is widely used in India and electronic commerce. It has an excellent interface, making it look quite safe for anyone who wants to use the platform.

CCAvenue Payment Gateway Services can be integrated with CMS software such as Wordpress, Prestashop, Drupal, Magento, among others. CCAvenue has its own API that allows the interaction and purchase-sale of articles on websites, making it one of the preferred options for digital business owners.

Among its fees and commissions, we have the following information:

• CCAvenue allows transactions with Visa, MasterCard, American Express, JCB, Diners Club and EZE Click cards.

• CCAvenue has installation and maintenance costs in India, has 2 levels of services for different needs: Startup Pro and Privilege

• The annual software update fees are INR 1200, which are paid every first day of April (01/04 / xxxx)

• CCAvenue has commissions of 2% for the following services:

- All MasterCard and Visa cards that are from India (i.e. national)

- Main banks of India: Axis, SBI, HDFC, ICICI, Kotak, Indusind, HSBC and Central Bank of India.

- MasterCard, VISA, Maestro and RuPay and more than 100 compatible debit cards.

- TZCash, PayCash, ICash and Oxicash

- Paytm, Freecharge, Mobikwik, SBI Buddy among others

- 53 net banking

- 46 Banks that are part of the IMPS

• CCAvenue has 3% commissions for the following services:

- International banking and Visa, MasterCard, American Express, among others...

Like Instamojo, the activation of the account lasts at least a week in full to start working correctly; therefore, if we are looking at the option to include CCAvenue as our payment gateway, then we must correctly choose the dates and advance the integration of this service.

When you want to withdraw money from the platform, CCAvenue will not charge you any commission for doing so, so do not be afraid to withdraw large sums of money.

Among the 27 currencies that CCAvenue accepts, are: Indian Rupiah Pounds Sterling, US Dollar Dinar, Euro, Canadian Dollar, Baht, Malaysian Rupiah, Dirham, Canadian Dollar, Swiss Dollar and many others.

CCAvenue has customer service 24 hours a day, 7 days a week, being useful for any time you have a question with this service.

Without a doubt, CCAvenue is an excellent platform to receive payments in multiple currencies, with the option of multiple currencies, low commissions and excellent integration with websites.

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3) Atom Payment Gateway services:

Atom Payment gateway India

FT Group brings us Atom Payment Gateway Services; one of the most important and popular services in India, with more than 100 payment options, something that makes it totally unique and interesting.

More than 4,500 major merchants in India are using Atom, producing at least 15 million transactions, a number that should not be taken lightly for a national payment service.

To make payments for Atom, you must affiliate your account with a credit card or due, wallet, or banking system of your choice. It has payment services through the internet, has its own mobile application and IVR.

Among the national credit cards compatible with Atom we have: Visa, Master, AMEX, Diners, JCB, and Discover.

Among the commissions of the payment method we have the following:

• Initial configuration charges: ZERO for the standard plan and INR 5000 for the business plan.

• Annual maintenance charges: ZERO for the standard plan and INR 2400 for the business plan.

• Minimum annual business requirement: ZERO

STANDARD PLANS:

• National credit cards with Visa, MasterCard, Maestro, and RuPay have flat rate of 2.1%

• National debit cards with Visa, MasterCard, Maestro, and RuPay have flat rate of 1.25%

• Portfolios: 2.2% flat rate

• EMI bank options: flat rate of 2.35%.

• NEFT, IMPS, cash cards and UPI have a flat rate of 2%

• Amex, ezeClick, JCB and Diners have a flat rate of 3%

• International credit cards with Visa, MasterCard: flat rate of 4%

• Some Taxes will be charged from time to time.

BUSINESS PLANT:

• National credit cards with Visa, MasterCard, Maestro, and RuPay have 1.9% flat rate

• National debit cards in Visa, MasterCard, Maestro, and RuPay have flat rate of 0.75% for transactions below 2000 and 1% per transaction equal to or higher than INR 2000

• Wallets: flat rate of 2%

• EMI banking options have a flat rate of 2.15%.

• Wallets: flat rate of 2%

• NEFT, IMPS, cash cards and UPI have flat rate of 1.8%

• Amex, ezeClick, JCB and Diners have flat rate @ 2.85%

• International credit cards with Visa, MasterCard: flat rate @ 3.75%

• Some taxes apply.

The only thing that is not so efficient in Atom, is the customer service, therefore, if you have questions about the service, you should try to contact them at the time they are available.

The Atom payment path is compatible with different CMS; among them we have Wordpress, Prestashop, Drupal, Magento, Shopify, etc...

Atom, although it is a platform that still needs to evolve and reach another level, is not far from being one of the best alternatives for all those who wish to make or accept INR payments.

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4) EBS payment Gateway

Payment gateway India - EBS

EBS Payment Gateway is a creation of E-Billing Solutions Pvt. Ltd, which facilitates the digital purchase process between buyers and electronic stores.

One of the things that make EBS special is the fact that it manages to carefully guard against attacks on the customer database, thus having a strict relationship with the security and trust of who pays for the platform.

EBS Payment Gateway allows an e-commerce store to use the collection service offered by several banks, cash cards and many other payment processors in a single platform in order to satisfy their final customers in a much more comfortable way.

Each EBS platform has the languages ​​of the regions of India, designed for all those users who are in another place but want to purchase the products online from a company.

Among the commissions and positions that EBS has are:

• Initial configuration charges: Free as a special promotion instead of INR 9599 that usually charge.

• Annual maintenance charges: INR 2400

• Minimum annual business requirement: Free



Applicable Rate per Transaction:

• National credit and debit cards with Visa, MasterCard, Maestro, RuPay: flat rate of 2%

• Portfolios: flat rate @ 2%

• IMPS, cards of cash and UPI: flat rate of 2%

• Amex, ezeClick, JCB and Diners: flat rate of 3%

• International credit cards with Visa, MasterCard: flat rate from 3.5% to 6%

• Additional taxes as appropriate from time to time

Currencies supported by EBS:

• Indian Rupee (INR)

• American Dollar (USD)

• Pound sterling (GBP)

• Euro (Eur)

• Arab Emirates Dinar (AED)

• Qatari Rial (QAR)

• Rial of Oman (OMR)

• Canadian Dollar (CAD)

• Hong Kong Dollar (HKD)

• Singapore Dollar (SGD)

• Australian Dollar (AUD)

The customer service is maintained with EBS, the weekends do not work, so it would be better to get your question cleared during the week.

Among the CMS that allows EBS, are those mentioned above, Wordpress, Drupal, Joomla, Prestashop, Shopify, etc...

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5) HDFC Payment Gateway Services

HDFC Payment gateway India

HDFC Bank Limited (Housing Development Finance Corporation) is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. They have been working since August 1994, with almost 100,000 employees, making it an important institution for payment gateways. It is one of the main financial institutions that exist in India, and one of the most loans granted to its users. HDFC Bank is one of the largest banks that exist in India today. There is a high volume of transactions per day that are executed in HDFC, and one of the advantages of this service is that it has its own payment method, which can be integrated in your website or in your mobile application, allowing users of the same to pay with HDFC Bank your products and services.

Although HDFC Payment Gateway Services is characterized by the fact that it is only the large stores that use these payment gateways, since they handle many transactions during the day. The main advantages that a merchant has when using HDFC Payment Gateway Services are the following:

• Instant Liquidity.

• They can return the money in full, 100%.

• You can accept payments in 15 international currencies.

• Cards that are accepted by HDFC Payment Gateway: Visa, Master, AMEX, Diners, JCB, Discover

• It is easily integrated into our applications and offers support for several shopping cart applications.

The charges and commissions that HDFC Payment Gateway Services handles are the following:

• Initial configuration of the Payment Gateway: INR 20000

• Annual maintenance charges: INR 10000

• Minimum annual business requirement: ZERO

Among the Rates that can be charged for HDFC Transaction are:

• For national credit and debit cards in Visa, MasterCard, Maestro, RuPay has a flat rate of 3.5% to 6%.

• For Portfolios PayZapp has a flat rate of 3.5% to 6%.

• IMPS & UPI charges absolutely nothing.

• For international credit cards with Visa, MasterCard has a flat rate of 3.5% to 6%.

• Sometimes it charges additional taxes.

Among HDFC's international transaction fees and fees are:

• Payment in multiple currencies of products and services: 4.99%

Among the best advantages that HDFC has, there is the option that in the payment gateway, a product is shown in USD, but if the client wishes to pay with INR, the same payment gateway establishes an exchange rate of INR to USD and allows you to pay for products and services that are in another currency using INR.

To purchase a payment gateway from HDFC Bank, you must provide evidence that your electronic commerce meets the standards of use, policies and security that HDFC requires. In case the institution manages to verify that you comply with all the mentioned aspects, then it will be easier for you to start using HDFC Payment Gateway Services in your online business.

Among the main CMS in which you can use HDFC Payment Gateway are Wordpress, Drupal, Magento, Opencart, CScart, Prestashop and other options.

As you saw, HDFC Bank is a broad institution that provides its payment gateway services to large businesses. If your business is still small, we recommend another of the options in this article, but if you have a large customer base and most of them are international, then you have the support of HDFC Payment Gateway Services.

6) DirecPay Payment Gateway:

India payment gateway DirecPay

DirecPay is a company hosted in India that integrates multiple payment options for Indian merchants, it is characterized by integrating credit and debit cards, online banking, and electronic wallets and above all, low commissions and charges for transactions within the interface, and it is also one of the safest for electronic stores.

Characteristics of the payment gateway:

• National credit cards compatible with DirecPay: Visa, Master, AMEX, Diners, JCB, Discover.

• Compatibility with credit card for international payment: it is supported with an additional refundable security deposit of INR 30000.

Configuration charges for the country DirecPay payment gateway:

• Initial configuration fees: there is not.

• Annual maintenance charges: there is not.

• Minimum annual business requirement: there is not.

Existing fees and charges for transactions or uses of the DirecPay Payment Gateway service:

• National credit and debit cards in Visa, MasterCard, Maestro, RuPay: flat rate of 2%.

• Electronic wallets comply with a flat rate of 2%.

• NEFT, IMPS, cash cards and UPI comply with a flat rate of 2%.

• Amex, ezeClick, JCB and Diners comply with a flat rate of 3%.

• Additional taxes, as appropriate.

One of the disadvantages of DirecPay is that it only allows two currencies, the Indian rupee and the US dollar, has no support for international currencies other than those mentioned above.

Customer service is not available on weekends; it is only available on business days at a pre-established time.

To start using DirecPay you need the registration documentation of the company and the bank accounts to be associated.

Among the CMS that are allowed in DirecPay are the most popular: Wordpress, Drupal, Prestashop, Magento, and Magento go, Shopify, Opencart, Zencart, Xcart, Joomla, Cubecart and many others.

DirecPay can be integrated into both Android and iOS operating systems.

To contact DirecPay, call 9619712858; or to the email contact@direcpay.com

DirecPay is one of the most useful platforms in terms of e-commerce, it is essential for your sales strategy in 2019 and your e-commerce, integrates DirecPay today to your online payment gateway.

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7) PayUMoney Payment Gateway:

PayUmoney payment gateway India

PayUMoney is a company responsible for offering electronic solutions for online payments in India. It is one of the references in the Indian market and has an incredible support of the leading companies in the sector, such as Rechargeitnow, Jabong, Goibibo, Bookmyshow, Ferns n Petals, Travelyaar, Snapdeal, and many others.

On the payment gateway we have the following information:

• PayUMoney's type of payment gateway is hosted payment gateways.

• National credit cards compatible with PayUMoney are: Visa, Master, AMEX, Diners, JCB, Discover

Between the configuration and maintenance charges of the payment gateway with DirecPay we have:

• Initial configuration fees: does not have.

• Annual maintenance charges: no.

• Minimum annual business requirement: it does not have

Charges and commissions for transfers within the DirecPay payment gateway:

• National credit and debit cards with Visa, MasterCard, Maestro, and RuPay have a flat rate of 2%

• Electronic wallets have a flat rate of 2%

• IMPS, cash cards and UPI have a flat rate of 2%

• Amex, ezeClick, JCB and Diners have a flat rate of 3%

• International credit cards with Visa, MasterCard have a flat rate of 3.5% to 6%

• Additional taxes as appropriate from time to time

• Compatibility with credit cards for international payments: it is not allowed.

• Multi-currency support: Not allowed.

• Transaction fees in multiple currencies: Not applicable since it does not support multi-currency

• Withdrawal fees: There are no withdrawals.

PayUMoney allows merchants to start using the payment gateway when they present the necessary documents and bank accounts. Once all the documents have been approved, in 2 working days you will be able to start managing your payment gateway.

PayUMoney's customer service system works all week, so you have the support of trained professionals to solve your problems with payment gateway.

Among the main CMS that integrate PayUMoney as a payment system are Wordpress, Joomla, Drupal, Prestashop, Opencart, Magento, Zencart, Shopify (Pre-installed) and many others.

In addition to working in CMS, PayUMoney has integration kits for open source systems such as Ruby on Rails, PHP, JSP, ASP.NET, and others.

PayUMoney is an excellent option for your Online Commerce, and we recommend it to start receiving even more income in your business.

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8) PayUBiz (Business version of the PayUMoney payment gateway)

Payment gateway India PayUbiz

PayUBiz is a solution for 70 of 100 major retailers in India, being one of its most reliable payment gateway service providers in the Indian market.

This business version brings new commissions and fees for businesses, it is also developed to supply correctly all the demand for electronic payments of Indian users.

Among the features of PayUBiz Gateway:

• The type of payment gateway is an integrated payment gateway.

• Compatible national credit cards are Visa, Master, AMEX, Diners, JCB, Discover, and RuPay.



Charges and fees of the PayUBiz payment gateway:

• Initial configuration charges: INR 4900 for the start and INR 19900 for the Platinum plan.

• Annual charges of maintenance: INR 2400.

• Minimum annual business requirement: it does not.

Charges and commissions that apply to the initial PayUBiz plan:

• National debit cards in Visa, MasterCard, Maestro, and RuPay have a flat rate of 0.75% below INR 2000 and 1% above INR 2000.

• National credit cards in Visa, MasterCard, Maestro, and RuPay have flat rate of 2.95%.

• Electronic wallets have a flat rate of 2.95%.

• IMPS, cash cards and UPI have a flat rate of 2%.

• Amex, ezeClick, JCB and Diners work with flat rate of 3.7%.

• International credit cards with Visa, MasterCard have a flat rate of 3.7%.

• Additional taxes, as appropriate.

Charges and commissions that apply for PayUBiz's Platinum plan:

• National debit cards in Visa, MasterCard, Maestro, RuPay: flat rate of 0.75% below INR 2000 and 1% above INR 2000.

• National credit cards with Visa, MasterCard, Maestro, and RuPay have 2.25% flat rate

• Portfolios: flat rate of 2.25%.

• IMPS, cash cards and UPI have a flat rate of 2%.

• Amex, ezeClick, JCB and Diners: flat rate of 3%.

• International credit cards with Visa, MasterCard have flat rate of 3%

• Additional taxes as applicable from time to time.

Among other characteristics of the PayUBiz payment system we have:

• Compatibility with credit cards and international payments and supports all types of credit cards.

• Compatibility with multiple currencies, PayUBiz admits 13 currencies, including American dollars, sterling pounds, euros, Indian rupees and others.

• Transaction fees in multiple currencies.

PayUBiz customer service system works all week, so you have the support of trained professionals to solve your problems with payment gateway.

Among the main CMS that integrate PayUBiz as a payment system are Wordpress, Joomla, Drupal, Prestashop, Opencart, Magento, Zencart, Shopify (Pre-installed) and many others.

In addition to working in CMS, PayUBiz has integration kits for open source systems such as Ruby on Rails, PHP, JSP, ASP.NET, and others.

If your business is growing and you need a payment gateway with more configuration and customization options, then you must purchase the PayUBiz platinum version, it is an excellent option to receive payments through the internet.

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9) Zaakpay Payment Gateway:

India payment gateway Zaakpay (Mobikwik)

Zaakpay is a company that distributes payment gateway services for financial institutions and businesses. Zaakpay is one of the preferred options for users since it has the integration of various credit and debit cards, it is also fully adaptable to electronic stores, allowing it to be an easy-to-use application for everyone.

Among the features of the payment gateway we have:

• The type of payment gateway is an integrated payment gateway.

• Accepts national credit cards such as: Visa, Master, Maestro, Amex, Discover and Diners.

• Works with international credit cards such as: Visa, Master, Maestro, Amex, Discover and Diners.

Commissions and fees charged by Zaakpay for payment gateway services:

• The initial configuration fees are negotiable; they will always be different and depending on the needs.

• Annual maintenance charges are negotiable. Based on your requirement

• Minimum annual business requirement: does not have.

Commissions and fees for payment services of Zaakpay:

• National debit cards in Visa, MasterCard, Maestro, and RuPay always vary.

• National credit cards in Visa, MasterCard, Maestro, and RuPay always vary.

• Electronic wallets always vary.

• IMPS, Cash Cards & UPI: They always vary.

• Amex, ezeClick, JCB and Diners: They always vary.

• International credit cards in Visa, MasterCard: They always vary.

• Additional taxes, as appropriate.

Other aspects of the Zaakpay Gateway service:

• Compatibility with credit cards for international payments: it accepts all types of credit cards.

• Compatibility with multiple currencies: 13 currencies are accepted, including American dollars, euros, sterling pounds, Indian rupees.

• Transaction fees in multiple currencies: negotiable.

• Withdrawal fees: do not own.

The Zaakpay customer service system works all week, so you have the support of trained professionals to solve your problems with payment gateway.

Among the main CMS that integrate Zaakpay as payment system are Wordpress, Joomla, Drupal, Prestashop, Opencart, Magento, Zencart, Shopify (Pre-installed) and many others.

In addition to running on CMS, Zaakpay has integration kits for open source systems such as Ruby on Rails, PHP, JSP, ASP.NET, and others.

If you want to contact Zaakpay Payment Gateway, write them to the following email address or call them at the number that you give them. jamos soon: contact@zaakpay.com or + 91-9599221289 or + 91-9810360280.

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10) Paytm

PayTM payment gateway India

Paytm is a solution to receive online payments for small businesses or people. It is ideal to offer on your website, since it is one of the most used by businesses in the sale of their products and services online.

Paytm is integrated as a payment platform in common devices and operating systems such as Android and iOS. In addition, it issues reimbursements in a practical way, and you can start receiving payments quickly.

The process to pay for articles or services is reduced to a minimum number of clicks, providing a gratifying experience to the user, which is why it is a favorite when it comes to integrating payment options.

Among the features of the payment gateway we have:

• The type of payment gateway is an integrated payment gateway.

• Compatible national credit cards are Visa, Master, Maestro, Amex, Discover and Diners.

• Compatible international credit cards are Visa, Master, Maestro, Amex, Discover and Diners.

Paytm configuration and maintenance fees and charges:

• Initial configuration charges: INR 5000. Waived from now

• Annual maintenance charges: INR 5000. Waived from now on

• Minimum annual business requirement: Does not have

Commissions and Paytm service charges:

• National debit or credit cards with Visa, MasterCard, Maestro, RuPay: 1.99%

• Amex, ezeClick, JCB and Diners: 1.99%

• International credit cards with Visa, MasterCard: Not valid.

• Additional taxes, as appropriate

• Compatibility with credit cards for international payments: it accepts all types of credit cards.

• Multi-currency support: Not valid.

• Charges for transactions in multiple currencies: Not valid.

• Withdrawal fees: Do not own.

Paytm's customer service system works all week, so you have the support of trained professionals to solve your problems with payment gateway.

Among the main CMS that integrate Paytm as a payment system are Wordpress, Joomla, Drupal, Prestashop, Opencart, Magento, Zencart, Shopify (Pre-installed) and many others.

In addition to working in CMS, Paytm has integration kits for open source systems such as Ruby on Rails, PHP, JSP, ASP.NET, and others.

If your business is still small and you want to grow it, we recommend that you think about the needs of your customers. Paytm is one of the most used platforms to pay in Indian online stores; therefore it is essential that you have the necessary tools to grow your business.

Also, there are other payment gateways that operate around the world, are much more developed institutions than the previous ones and are useful when accepting online payments are concerned.

In this section, we will talk about the international payment gateways that you can integrate into your electronic commerce to be able to offer the most payment options to your future customers.

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11) PayPal Payments Pro:

India payment gateway Paypal

When it comes to online payments, PayPal is the benchmark leader in the market. PayPal is a service to make online payments to people or companies; it is so simple and safe that you only need the email to start sending and receiving payments. You can also affiliate your account with a bank account and withdraw funds from the platform to your bank account.

PayPal is the platform that most electronic stores use, because it is designed to receive multiple currencies of different nationalities, and if you wish, PayPal will also convert that balance to your regular currency.

The payment method of PayPal is called Payments pro, and it is one of the options that can be integrated into your website or mobile application. At least 184 Million users are using PayPal to make online payments.

Accepts 26 different currencies to make or convert payments from one currency to another, is one of the advantages that makes Payment Pro one of the gateways of preference for electronic stores.

Prices and Rates of PayPal Payment Pro:

• Web transactions - 2.9% + $ 0.30 per transaction

• Swiped Mobile and in-store - 2.7% percent of transactions

• With mobile and in-store technology - 3.5% + $ 0.15

• Virtual terminal transactions - 3.1% + $ 0.30 per transaction

• Chargebacks - You pay a fee of $ 20

Regarding the security of the system, usually in regard to payments, when there are problems to make payments, usually the status of the payment is presented as "pending" and the platform blocks the use of funds.

PayPal allows you to claim cases where you have been scammed and gives you the option to recover your money. In a process called a dispute, PayPal allows you to discuss the case in order to get your money back.

If you issued a payment to an incorrect person, or if you received money from someone you do not know, you have it charges them commissions competitive against the rest of the platforms.

There is no doubt that PayPal Payment Pro is one of the most complete platforms when accepting payments over the internet, PayPal is available in most CMS systems such as Wordpress, Drupal, Joomla, Wix, Prestashop, Magento and many other more options that undoubtedly make PayPal indispensable for the strategy of your online commerce.

Start using PayPal today and receive payments from all over the world.

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12) Stripe

Stripe Payment gateway India

Stripe is a service that allows users to pay with their credit card or any other bank affiliated with the service in online commerce payment gateways. Whenever someone makes a payment through a store, it is redirected to the bank's website and allows you to enter your credit card information.

Among the commissions that Stripe collects we have the following:

• European cards have a commission of 1.4% + 0.25 €

• Non-European Cards have a commission of 2.9% + 0.25 €

• Other Payment Methods: 0.8% + 0.25 € (€ 5 is the limit with other payment methods, for example: Giropay, Sepa, Sofort, among others)

• Disputes: If the disputes are resolved, all the money will be returned.

Stripe has been operating since 2011 in the United States, California, San Francisco, and has just 1300 employees but its market value is more than 20 billion dollars, a figure that cannot be taken lightly.

When we integrate Stripe to our online commerce, user safety is paramount, since the Stripe API ensures that the access data to the bank account is not registered on the website, but that data is only available Stripe platform, and allow creating greater security in terms of payments in online stores is concerned.

If you have not yet thought about integrating Stripe to your online business, we recommend that you start doing it. The advantages offered by this payment method are unique and from what we see, it will be for a long time.

In getapp.es, one of the reviews of this service was the following:

"I love Stripe. I would use them for all of my merchant processing needs whenever possible. They have a solid platform that just works. Even if you are technically challenged, you can set up a Stripe account and plug it into your business. "

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13) Neteller

Payment gateway for India Neteller

It is a payment processor like the ones mentioned above, very similar to PayPal. Neteller is being used in thousands of stores worldwide; it allows you to associate credit and debit cards withdraw your payments by check and by other currencies.

Among the commissions Neteller has in terms of deposit refers, are 2.50%. Neteller allows around 60 institutions to deposit money in their platform and then be used within the platform.

Regarding the retirement commissions, we have the following options:

• Bank Transfer: $ 10 withdrawal fee

• Member Wire: $ 12.75 withdrawal fee

• Merchant Sites: Free.

• Money Transfer: 1.45%, Min 0.50 Usd

Other commissions to be charged for the purchase and sale of crypto currencies:

• EUR, USD: 1.50% for purchase and sale of crypto currencies.

• Other currencies: 3.00% for purchase and sale of crypto currencies.

NOTE: You must remember that when writing the commissions are those that are present in the article, any change between the platform and the article will be something else.

Neteller has 2 types of cards, a digital one, which you can ask for absolutely free, has no cost, and another that is a physical card that has a cost, but has different benefits than the digital card; likewise, its Purchase will be related to your requirements.

Neteller gives you the option to belong to a VIP group where you can pay commissions up to 1% for currency exchange or transfers to banks.

It is one of the options that you cannot miss to boost your e-commerce in this 2019, since it offers multiple registration options and with a few simple steps you will be ready to receive and send payments for this platform, it is compatible with multiple CMS systems and has programming kits for you to include in your online commerce.

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14) Skrill

Skrill payment gateway India

Skrill is an e-commerce business that allows payments and money transfers to be made through the internet. It serves as an electronic alternative to traditional media such as paper money, checks and money orders. Skrill performs the processing of payments for websites, online auctions and corporate sites. It has its own payment processor and can be integrated into the website.

The balance of Skrill can be obtained through the transfer of another user or the deposit or the affiliation of a credit card; you can put money to use it in online stores.

Surely you have seen payment platforms in internet businesses where you have options to pay through Skrill, and in fact, it is common to see it since both merchants and users charge them competitive commissions compared to the rest of the

Commissions and fees of Skrill Payment Gateway:

• Charge funds: Btc, Klarna, Fast Bank Transfer, Bank Transfer, Neteller, Paysafe cash. 1%

• Charge Funds: Amex, Visa, MasterCard, Maestro, JCB, Diners.

• Withdraw Funds: Bank Transfer, Swift. 5.50 Eur

• Withdraw funds: Visa 7.50%

• Send money: 1.45%

• Receive money: Free

• Currency conversion: 3.99% difference rate according to independent currency reference.

• Maintenance: Free, as long as at least one operation is done in 12 months.

Skrill belongs to the Paysafe group, where Neteller and Paysafe cash are also located. In fact, it is the official provider for EBay payment, then. Is Skrill really an opportunity for payment methods in online stores? Definitely yes.

On Payment Gateway India

15) Payonner

Payoneer India payment gateway

Payonner is an electronic payment company that helps people and companies pay and receive payments worldwide. This company was founded since 2005 and operates in more than 200 countries around the world.

Important companies such as ClickBank, ClixSense, Google, Etoro, Elance, oDesk, among many others, rely on Payoneer's mass payment services. Its expansion is constant, since the companies that use it are increasingly.

Many online businesses are already including it in their payment gateways, so if your store does not yet have a payment gateway with Payonner option, opening an account is an almost mandatory step.

Fees and fees charged by Payonner for its services:

• Receive payments: it is totally free, except if you reside in the United States; in that case you pay 1%.

• Send money: it's totally free.

• Withdraw funds to bank account: 2% by total rate or conversion rate,

• Withdraw funds using ATMs: $ 3.15 for withdrawals in cash, $ 1 if a transaction was rejected and $ 1 if you want to check your bank account.

You can also earn money with Payonner referral system. In fact it is one of the best paid. Each time a person registers through our invitation, we will win both us and the guest, the generous sum of $ 25.

There is a requirement for this referral bonus to be added to our balance. Our guest must have reached $ 1,000 in transactions in his Payonner account. It is for this reason that it is important to register from an invitation link.

You have to keep in mind that if you register from the official website without a link from a sponsor you will not get the $ 25. I invite you to inquire more about this reference system.

Payonner is an option that cannot be missing in your payment gateway, at least, a lot of the users on the internet use Payonner to buy items and services in online stores.

16) Payza

Payza payment gateway India

Payza (Formerly known as AlterPay) it is an electronic wallet that allows us to send and receive money easily, very similar to those previously mentioned (Skrill, PayPal, Neteller, Etc. ...) we can withdraw the money in different ways: Bank Transfers, Cards de Payza, Crypto currencies, ATMs, among others.

This solution of payment gateways was much earlier than PayPal, and was one of the first options that existed previously.

Payza has a greater presence in North America, Europe and Asia. In Australia, Africa and Central America is not as frequent.

However, if you live in one of the continents that if they accept it, we recommend you to study a little more about these solutions, there will always be someone who will be able to pay with a currency that is not so common.

Payza payment service fees and commissions:

• Receive money has a commission of 2.90% + 0.30 €

• Receive BTC has a commission of 1.2%

• Send money: Free

• Currency conversion: 2.5%

• Add funds: If it is less than € 200, you have a commission of € 1

• Withdraw funds to bank account: 2.50 €

• Withdraw funds (Bitcoin): 2% (0.001 BTC Minimum Withdrawal)

(Note: They apply for both the personal account and the business account)

Payza is one of the options you should have if you live in one of the areas that most frequently use the service. It would not be a bad idea to include it in your payment gateway strategy.

17) Webmoney

Webmoney payment gateway India

Webmoney is an intuitive and simple platform that allows you to send and receive payments. To register for the Webmoney service you just need a phone number and you are ready.

Webmoney is one of the simplest and simplest options on the market; you can send and receive payments with Webmoney from devices that have the option to send a text message.

However, one of the options for which Webmoney is not so frequent, is that it was directed mostly to mobile devices.

You can have different currencies, from INR to BTC; you can change them and also send them to other users within Webmoney.

Fees and fees charged by Webmoney:

Webmoney has multiple and different rates depending of the currency, zone and region where you are, we leave you the link below to enter and review the fees charged by this platform.

If your product or service consists of a mobile application or your customers are much easier to pay for the phone, then do not hesitate to include Webmoney in your payment gateway strategy in your online business.

On Payment Gateway India

18) Qiwi

Qiwi payment gateway India

It is a Russian payment service provider based in Nicosia (Cyprus), which operates electronic online payment systems and payment gateways. His audience is mainly Russian, then followed by Ukraine, Kazakhstan, Moldova, Belarus, Romania, the United States and the United Arab Emirates.

Qiwi is an ideal electronic wallet to manage payments in European and Eurasian countries, although today it is more oriented to blockchain technology and crypto currencies, it is still an option that you can include in your online commerce.

Qiwi is present in poker games, and is one of the most recurrent means of payment in online games.

Charges and Rates of the Qiwi electronic wallet

In this link we leave you the policies and conditions of Qiwi's service, they are in Russian, and so you should translate them to your preferred language.

On Payment Gateway India

19) Ecopayz

EcoPayz payment gateway India

Ecopayz is a company that provides solutions for online payments, with an Ecopayz account; you can enjoy sending and receiving money around the world. It is one of the most common alternatives in terms of mobile payment.

Ecopayz uses advanced security networks to protect your money against fraud and possible attempts at identity theft. It also offers you the option of requesting a card for an ecoAccount and being able to withdraw money and pay through the different offline businesses.

Ecopayz is more focused on services than on merchants, since it is easier to pay for a service through a transfer of funds via phone than to pay a business those bills for a high volume of sales and cannot identify the income in a way as accurate as services can.

Fees and fees charged by Ecopayz for using its payment method services:

Ecopayz is divided into at least 5 types of membership: Free, Silver, Gold, Platinum and VIP. Our recommendation is that you read the one that interests you the most and see the fees charged for these services.

On Payment Gateway India

20) Klik & pay

Klik & Pay payment gateway India

Klik & Pay is the last of this article, and is one of the most powerful in the market. Klik & Pay are from the year 2000 and already have a strong presence in at least 120 countries.

It has a security system and an anti-fraud system that makes it one of the first options for your business, you can make payments directly, by subscription, deferred payment, email, SMS and also manage orders by phone or mail.

The good news of Klik & Pay is that it has its programming kits and is integrated for CMS, something that can make your life easier with online commerce.

Among the main CMS that Klik & Pay manages we have Prestashop, Magento, Magento go, Wordpress (Woo commerce), Shopify, Drupal, Joomla, Wix, Opencart and many other options.

Charges and Rates that Klik & Pay services have:

Again, the services of Klik & Pay vary depending on the area where you live, so we recommend you look for it in your geographical area and thus be able to see the commissions charged by the service.

On Payment Gateway India

Recommendations to do a successful Payment Gateway

6 tips to succeed with a Payment Gateway

1) Use a reliable and automated solution for payment gateway

Usually, online stores work with different suppliers that, in turn, do business with different stores. Because of this, using an efficient automated payment gateway solution is essential. For example, for merchants who use Shopify, PayPal is usually the usual solution. However, the ideal tool will depend on how the business is configured. Therefore, research is the key to choosing the best automated payment solution.

2) Find ways to add value for buyers

This is an important element for all businesses. However, in a competitive business environment, it becomes even more relevant. Traders should keep in mind that they are not only selling products. If businesses find ways to improve the customer experience within the payment gateway and with the products, they will create a successful store.

3) Use effective marketing strategies

Online business models have gained popularity thanks to the evolution of the performance of marketing solutions that provide ecommerce businesses with advanced ways to identify and re-identify their audience. Because of this, it has become more effective to invest in advertising, as well as easier to scale. With time saved with inventory and deliveries, merchants should focus on improving their marketing skills to grow traffic and improve conversions.

4) Stop working with bad suppliers

If you have any kind of problem with a supplier, such as frequent shipping of defective products or using a wrong shipping method, do not hesitate to remove your products from the store. Choosing the supplier carefully is essential to optimize delivery times.

5) Provide excellent customer service

As in any other ecommerce business, providing an excellent service to shoppers is a key factor for success. Remember: consumers are always right (even when they are wrong). Having a well-trained staff is paramount. If you sell to different countries, it is important to also know what consumers expect from other markets.

6) Keep your eyes on the competition

Last but not least, monitor your competition frequently. In addition to checking your web pages, follow them on social networks. Once you have "Like" your pages, you will see ads for your products. In this way, you can see what they are announcing and monitor the commitment that it generates, such as the number of "Like", the "Shared" and the comments obtained by their publications. Keeping an eye on your competition can help you identify the best products for your store and give you good marketing ideas.

Definitely, the payment gateways and online stores have changed the way we do business and buy our items. Solutions like these payment gateways should be more than enough for you to consider doing your strategy and models of payment gateways again.

Remember that the success of the sale rarely depends on the item you sell, but on the emotion you are able to convey, the user's experience within your online business and the external variables such as brand perception and recommendations.

Every aspect that takes good care of your business will be one step closer to achieving more sales. Differentiation is key in these stores, since you must find the way that your client prefers to buy from you and not the competition.

This is only the beginning of business models on the Internet, soon, with the advancement of technology, we will be able to experience more real processes, including certain inventions such as artificial intelligence, home automation and robotics, creation of self-sustaining software, and a large number of tools that we are going to have to study and apply to our businesses, in order to be able to differentiate and live on the income of our or our businesses.

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PAYMENT GATEWAYS FOR INDIA

     Today, online business in India is a success. Many of these platforms that have been developed have contributed greatly to the economic outlook of India. At least, it is estimated that by 2020, the presence of online businesses in India represent 5% in the market, it is estimated a volume of 650 million Indian users on the Internet and at least between 4,000 - 5,000 million dollars in income from the fashion and technology sector.

     Today more than ever, it is necessary for a business to have a presence on the internet, and with the pace of the world moving forward, a decision must be made faster. Most companies have adapted their products and services to online media. In food businesses, we have seen how to integrate various digital options such as delivery through an application, special discounts on social networks by entering codes that work as discount coupons, contests on Instagram to get a Premium part.

    Also, people are going to try on clothes in physical stores, but they end up making the purchase process through the internet, because it is more comfortable, they have delivery systems that allow them to take the product to the client's house, prices through the internet they are much more accessible than the same products placed in physical businesses, and many other advantages.

     The average profile of a Hindu user is male and lives among the main cities of the country. The vast majority of buyers are between 25 - 34 years old, however, it is expected that in the estimated growth, the predominant user is the figure of the woman as an online buyer.

     Online sales are related to the time of year and the festivities that are celebrated, which depend on the region where the user lives. The majority of sales occur in the most popular celebrations in the country, and this prepares the business owner to be able to present exclusive offers to its visitors.

     Although in India it is common to see that most businesses offer discounts or special offers, it must be remembered that users have different personality and there will be some who will sacrifice the price to obtain higher quality products or services, and there will also be those who they will manage their profitability in the best possible way, trying to pay the lowest possible price for the products and services.

     Regarding language, it is estimated that in 2021 at least 536 million users will be from Indian languages ​​and 199 million users of English.

     According to Google, at least 32% of businesses have a digital presence, although new digital solutions are being implemented to grow online businesses.

     In what mobile applications are concerned, they have greater sales potential than the websites themselves. Flipkart is one of the applications that have a greater digital presence than even Amazon or Aliexpress itself.

     In social networks, Facebook and YouTube have the largest active users in the world. Facebook has 250 million Indian users. LinkedIn is also a very popular social network.

The Indian economic landscape shows us an existing potential for online sales. With the information already obtained (Source: Economic and Commercial Office of the Embassy of Spain in New Delhi) we can understand that electronic commerce in India is just beginning, and it is an excellent opportunity to start creating an online business model and sell our products and services to the Indian market.

However, in this article we will talk about one of the processes of online sales that require more attention: Payment methods.

The online payment channels are the platforms or sections of an electronic commerce where we perform the acquisition of a certain product or service for an indicated price, and to be able to make a transaction, we will need to have an electronic wallet or a bank account from which we can make a deposit or payment to the trade for the product or service that we are buying.

For all electronic business, it is necessary to create a complete sales process, from attracting users to electronic commerce, seducing it to perform some actions within the portal, and finally, we can sell our products and services.

All the stages of this process must be seen in great detail, because if none of them is done in a careful way, we can spoil the entire sales process and lose money in our strategy.

One of the most important stages that exist is the payment method, since this is where most of the technical or programming faults exist. Just think about it, you are the user, and you are about to buy some shoes that you like a lot. You are excited that you are already in the buying process and you are paying for them, but suddenly, the way of paying for the business is presenting problems and they ask you to wait until they fix it. Only something will happen: All that emotional process that you felt and the great perception that you had about the shoes will go away. It works that simple.

Therefore, it is necessary, MANDATORY, to CAREFULLY detail each part of the sales process through an online trade.

Customers reviews

04/23/2019
Michell
This is a convenient payment system through which you can make replenishments, wire transfers and so on. The system is not...
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04/23/2019
mschoenholzer
Product itself works ok. But service is terrible. A promised update took 5x longer than promised, still doesn't work...
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Acceptance for settlement: The status of the processing of a payment in which all risk management tests have been carried out and can be settled in accordance with the rules and procedures of the system.

Acceptor: Is any commercial or service store, business, that allows the payment of goods or services in your name or your company through an electronic money instrument.

Access: It is an option that an institution has to use the services of a particular payment system to make the payments on its own account or for the clients.

Access to products: These are payment tools that allow customers to access their deposit accounts and transfer deposits in them. As an example we can talk about home banking services, and electronic transfers at the point of sale.

Accountability: It is the record of electronic money transactions.

ACH: These are the acronyms of the Automated Compensation Chamber.

Acquirer: It is the company or companies that maintain the deposit accounts for the clients that accept the cards and that the client transmits the data related to the transaction.

Acquiring technical operator: test the technical facilities for each company.

Advisory netting: similar to position netting.

Agency relationship: it is a contractual relationship in which a party, the agent, acts on behalf of the director. The agent can execute actions by the director, but is not responsible for the performance of the latter.

Agent: It is a person, as a fund manager, who has a loan of assets and agreements with the lender on behalf of a client-owner.

APS: These are the initials of the secured payment system).

Arbitrage: is to take advantage of a price difference between two or more markets.

Assured payment system: It is an agreement in a system of exchange by value under which the finalization of the timely execution of a payment instruction is backed by an irrevocable and unconditional commitment of a third party (usually a bank, a syndicate of banks or a clearing house).

Asymmetric cryptography: (Cryptography of public key) A set of cryptographic methods in which there are two types of code, private and public code, are used to encrypt and decrypt data, the private code is for the owner while the public is prepared to the communicating entities.

ATM: stands for automated workshop machine.

Auditability: Defines that all the events of a system must be able to be registered for its subsequent control. One of the aspects of the ability to audit is to have sufficient knowledge of the system and its structure, functions, controls, among others, through appropriate documentation. Another important aspect is to make visible all the modifications related to the system and its data. The data record must be able to answer the questions "who", "what" and "when".

Audit trail: Is a history of events that occurred in a system

Authentication: These are the resources used to verify the origin of a message or the identity of a participant connected to a system and to confirm that a message has not been changed or replaced in the process.

Automated clearing house: It is an electronic network for financial transactions in which the payment orders are exchanged between financial institutions. See also compensation / clearance.

Automated teller machine: It is a computer connected to a bank that allows the client to perform certain banking operations (withdraw cash from their accounts and / or access other services, such as balance inquiries, funds transfers or acceptance of deposits) using a magnetic card or notebook that has a personal password assigned to it. ATMs can work online with real-time access to an authorizations database or offline.

Availability: Is the accessibility that users have to services and information.

Back office: It is the part of a company that is responsible for post-trade activities. Depending on how the company is structured, the back office can be a single department or several (such as documentation, risk management, accounting or liquidations). Some organizations have combined a part of these responsibilities. They are usually found in the back office, particularly those related to management risk, in what is called a middle office function. See also front office.

Back-to-back trades: These are a couple of transactions that require an entity to receive and re-deliver the same funds on the same day. The transactions involved can be direct purchases and sales or guaranteed transactions (repurchase agreements or securities loans). For example, a securities trader can buy and sell the same securities for the same settlement date in the course of creating markets for customers or can buy securities for inventory and pay through a repurchase agreement.

Back-to-back transactions: These are a couple of transactions that require an entity to receive and re-deliver the same funds on the same day. The transactions involved can be direct purchases and sales or guaranteed transactions (repurchase agreements or securities loans). For example, a securities trader can buy and sell the same securities for the same settlement date in the course of creating markets for customers or can buy securities for inventory and pay through a repurchase agreement.

Balance-based system: It is an electronic money system in which the funds are stored in a device such as an accounting book, with transactions carried out as debits or credit to a balance.

Bank draft: In Europe, the term generally refers to a bill of exchange issued by a bank. The payer purchases the money order and sends it to the beneficiary, who presents it to his bank for payment. That bank presents it to the payer's bank for reimbursement. In the United States, the term generally refers to a bill of exchange or check drawn by a bank in itself or of funds deposited in another bank. In the case of a cashier, the bank is both the drawer and the drawer. In the case of a cashier's check, a bank is the cashier and a second bank is the cashier. Bills of exchange may be issued by a bank for its own use. or they can be bought by a customer and sent to a customer to fulfill an obligation.

Bank reserves: They are deposits held by banks in the central bank.

Basis risk: It means risk of changes in the base, that is, the difference between the price of a futures contract and the price of the guarantee asset.

Batch: The delivery or processing of several payment orders and / or transfer instructions as a set in discrete terms.

Beneficial ownership / interest: The right to receive benefits from the ownership of a security or other financial instrument (for example, income, voting rights, transfer power). Effective ownership is often differentiated from the "legal property" of a security or financial instrument.

Bilateral credit limit: Similar to credit limit.

Bilateral exposure: It is the presentation of a part to another party.

Bilateral net settlement system: It is a payment system in which the net settlement positions of each participant are settled among all the bilateral combinations of participants.

Bilateral netting: It is an agreement between two entities to compensate their bilateral obligations. The obligations covered by the agreement are due to financial contracts, transfers or both.

Bill of Exchange: It is a written order from one party (the drawer) to another (the drawee) to settle a specific sum a request or a specific date to the drawer or a third party specified by the drawer. It is very useful to finance trade and, when discounted with a financial institution, to obtain credit.

Biometric: It is a method of identifying identity by measuring a unique physical characteristic of the holder, for example, by comparing fingerprints, speech recognition or the retina scanner.

Bit: It is the basic element of data: a binary digit, 0 or 1.

Book-entry system: It is an accounting system that makes possible the transfer of credits (for example, the electronic transfer of securities) in the physical movement of paper documents or certificates.

Bridge: Is the name used for the link between Euroclear and Clearstream that permits cross-system settlement of a trade between a participant in one ICSD (international central securities depository) and a participant in the other ICSD.

Broker: A broker is a company that communicates the volumes of purchase and sale to the main potentials and that otherwise arranges the transactions as an agent in exchange for a commission, without acting as counterpart in the operations.

Broker-dealer: A person or entity that sometimes acts as a broker and sometimes as a principal intermediary in securities transactions. A broker is a company that communicates the volumes of purchase and sale to the main potentials and that otherwise arranges transactions as an agent in exchange for a commission, without acting as a counterpart in the transactions.

Brute force attack: It is a cryptanalysis process in which all the possible cryptographic keys are tested.

Bulk funds transfer system: see retail funds transfer system.

Business continuity: These are agreements of a payment system that are intended to ensure that it meets the agreed service levels, even if one or more system components do not work or are affected by an abnormal external event. Include both precautions and provisions to deal with contingencies.

Buy-in: It is a purchase of assets in the open market by the lender, when the borrower cannot deliver the securities to the lender in accordance with the terms of the transaction (for example, on the settlement date). In this case, the borrower is responsible for all expenses.

Byte: It is a series of eight bits.

Call money: It is a loan contract that is renewed every day automatically, unless the lender or the borrower wishes that the funds be returned in a short period of time.

Capital risk: Similar to principal risk.

Caps: These are the quantitative limits to the transfers of funds of the different agents of the system; the limits can be set by each agent or imposed by the managing body of the system; Limits can be set for the two positions, the net debtor or the net creditor position of the participants in the system.

Card: Similar to cash card, check guarantee card, chip card, credit card, debit card, delayed debit card, prepaid card, retailer card, travel and entertainment card.

Card-based products: These are electronic payment products that provide the customer with a portable and specialized computer device, usually an IC card that contains a microprocessor chip.

Case law: Are those precedents established in previously decided court cases that may influence future interpretations of the law or the resolution of future court cases.

Cash card: It is a card that is only used in ATMs or ATMs

Cash clearing: It is a method to settle futures contracts in which the positions are adjusted periodically to the market value and the resulting obligations are satisfied by cash payments, which is known as margin of variation.

Cash correspondents: These are banks (or similar institutions) used by the SSS to pay or receive payments.

Cash deposit risk: It is the credit risk associated with the possession of cash balances in a mediator in order to perform the settlement of operations with securities.

Cash dispenser: It is an electromechanical device that allows consumers, through plastic cards for mechanical reading, to withdraw bank notes (coins) and, in some cases, coins.

Cash-driven securities lending transactions: These are transactions motivated by the desire to invest an amount in cash through a temporary acquisition (or loan) of securities.

Cashier's check: Similar bank draft.

Cash memorandum accounts: These are records maintained by the SSS of the funds owed to the agents or received by them with respect to their securities settlements; the records are for informational purposes only and do not represent claims or legal obligations between the SSS and its agents.

Cash settlement agent: The organization whose assets are used to settle the final payment obligations that arise from the transfers of funds within the CSD. The accounts with the cash liquidator are maintained by settlement banks that act in their own name and can also provide payment services to participants who do not have accounts with the liquidator.

Central bank bills: short-term assets issued by the central bank that could be tradable or negotiable.

Central bank credit (liquidity) facility: It is a permanent credit facility that can be used by holders of designated accounts (for example, banks) in the central bank. In some cases, the facility may be used automatically at the initiative of the account holder, while in other cases the central bank may maintain a degree of discretion. Loans usually take the form of advances or overdrafts in the current account of the account holder, which can be guaranteed by a pledge of securities (also known as Lombard loans in some European countries), or by the traditional rediscount of effects.

Central counterparty: It is an organization that is the buyer of each seller and the seller of each buyer of a specific group of contracts, for example, those executed in one or several bags in particular.

Central processing unit: It is the area of ​​a computer system (and an IC card) that performs the calculations.

Central securities depository: It is a system (or an institution) of securities holding that allows operations with securities to be processed through book entries. Physical values ​​can be immobilized by the depository or the values ​​can be dematerialized (that is, they exist only as electronic records). In addition to its custody, the central depository of securities may incorporate functions of comparison, compensation and liquidation.

Certificate: It is a physical document that shows a claim of ownership, indebtedness or other financial obligations pending from the issuer.

Certification authority: Is an organization responsible for establishing and assigning public key certificates.

CFD: Similar to contract for difference.

Chaining: It is a procedure used in some transfer systems (mainly for values) for treatment instructions. It consists of manipulating the order in which transfer instructions are processed to increase the number or value of transfers that can be settled with funds and / or balances of funds and / or available securities (or lines of credit or loan) of available values).

Challenge-response: It is a means of identification in which a device responds a challenge from another device, thus demonstrating its authenticity.

Charge card: Similar to "travel and entertainment card".

Check: It is a written order from one party (the drawer) to another (the drawee) to settle a specific sum a request or a specific date to the drawer or a third party specified by the drawer.

Check guarantee card: It is a card granted within the framework of a check guarantee system. This function can be combined with others of the same card, for example, those of a cash or debit card.

Check guarantee system: It is a guarantee of checks, generally up to a certain amount, that has been validated by the merchant on the basis of a card issued to the issuer of the check or through a central database accessible to merchants. Validated checks are guaranteed by the issuer of the guarantee card, the giro bank or the system operator.

Chip card: It is also known as an IC card (integrated circuit). A card containing one or more computer chips or integrated circuits for identification, data storage or special purpose processing used to validate personal identification numbers (PIN), authorize purchases, check account balances and store personal records. In some cases, the memory of the card is updated each time it is used.

Choice of law: It is a contract by which the parties choose the law that will govern their contract or relationship. The choice of law can also refer to the question of which law should govern in case of conflict of laws.

Ciphertext: The encoded form of the data.

Clearance: The term "compensation" has two meanings in the securities markets. It can mean the procedure for calculating mutual obligations of agents in the market, usually on a net basis, for the exchange of assets and money. It can also mean the process of transferring securities on the payment date and, in this sense, the term "compensation system" is sometimes used to refer to securities settlement systems.

Clearing and settling institution: It is an organization that transmits information and funds through a chain of payment systems. You can operate as an agent or as a director.

Clearing / clearance: It is the process of transmission, conciliation and, in some cases, confirmation of payment orders or instructions of transfer of funds before cancellation, which may include compensation of instructions and establishment of positions final for the settlement. Sometimes the term is used (inaccurately) to include the settlement.

Clearing house: It is a central location through which financial institutions agree to exchange payment instructions or other financial obligations. Institutions pay for items exchanged at a given time according to the rules and procedures of the clearing house. In some cases, the clearing house can assume important counterpart, financial or risk management responsibilities for the compensation system.

Clearing house funds: This is the term most used in certain markets in the United States to refer to funds that are typically provisional on the day of receipt and ending on the following day. The term is used to refer to monetary assets firmly the next day that are exchanged by agents in certain clearing house agreements in the cancellation of obligations arising from the compensation process.

Clearing link: It is an agreement in which the same contract is negotiated in the exchanges affiliated to two clearing houses, but all the positions are transferred daily to a single clearing house where they are transported until their expiration.

Clearing member: It is a member of an information exchange center. All negotiations must be settled through a liquidating member. A direct compensation member can only liquidate his own debts. A general liquidator is able to settle its own obligations, as well as those of its clients.

Clearing system: It is a set of procedures in which financial institutions present and exchange data and/or documents in relation to transfers of funds or securities to other financial institutions in a single place (clearing house).

Client: It is a part that is not part of the clearing house and that must pay through a liquidating member.

Closed network: A telecommunications line used for a specific purpose, such as a payment system, and whose access is limited.

Closeout: It is the process of counteracting existing contracts. The closing can be used by the clearing house to prevent additional losses of positions carried out by an agent that has breached.

Closeout netting: It is a special form of compensation that occurs after some predefined events, such as non-compliance. Settlement compensation is intended to reduce exposure to open contracts if one of the parties meets certain conditions specified in the contract (for example, becomes subject to insolvency proceedings) before the settlement date (also called compensation of defaults, compensation of open contracts or compensation of substitution contracts).

Closing (or back) leg: It is the second part of a pair of operations with the same assets, that is, a securities lending operation, one for a close value date and the other for a later value date.

Collateral: It is an asset or a value of third parties accepted by the beneficiary to guarantee an obligation of the guarantor against the beneficiary.

Collateral management service: It is a centralized service that can have several functions related to the guarantees for a client company, among which include the valuation of the guarantees, the confirmation of the valuations with the counterpart entities, the improvement of the use of the guarantees and the transfer of them.

Collateral pool: They are assets owned by members of a payment system that are collectively available to the system as collateral to enable them to obtain funds under the conditions specified in their rules.

Combination of an outright sale with put and call option: It is a derivative financial agreement that has a similar economic relationship effect of a securities lending operation. In this agreement, an agent at the same time (1) sells shares directly to an investor in cash, the market value receiver, (2) purchases OTC to the cash call options of the investor in cash that give the dealer the right to buy the shares on a specified date at the original price, and (3) is sold to the investor in cash at the OTC cash at-the-money put options that they give to the investor in cash has the right to sell the shares at the price original. This has as a result that the agent has a long synthetic position of the shares, retaining any positive or negative return on the shares, while the cash investor is hedged against a loss in the value of the shares, but must also pay any profit to the distributor.

Committed facilities: These are facilities under which the provider is committed by contract to advance money in certain situations.

Comparison: Similar to matching.

Confidentiality: It is the right to be protected against unauthorized disclosure.

Confirmation: The process by which a market participant notifies its customers of the details of an operation and, in general, gives them time to affirm or question the operation.

Confirmation process: It is the procedure of verification of the details of the operation with a part of the contract. This is usually done by faxing or mailing a document that identifies the details of the operation and any legal documentation that regulates the operation and that verifies the accuracy of the information provided by the counterpart.

Conflict of laws: This is a situation in which two or more sets of laws that are appropriately applied to a particular transaction require different results.

Contact cards: These are cards that require physical contact through an electronic connection platform between the card and the card reader or terminal device.

Contactless cards: Cards that do not require physical contact through an electronic connection platform between the card and the card reader or terminal device.

Contract for difference: It is a financial agreement in which the difference between the agreed fixed price of a security and its current market price is paid periodically to the counterparty in money. Since there is no capital transfer, a CFD covers hedging or speculative needs.

Contract law: This is a body of laws that deals with establishing and enforcing agreements.

Contractual income collection: A contract by a custodian to deposit interest payments, dividends or tax refunds into the cash account of a customer on the date the payments are scheduled, regardless of whether the custodian has actually received the pay.

Contractual settlement date accounting: It is a contract by a custodian to deposit and collect the cash and the securities accounts of a client, as applicable, on the date on which the client's contract with its counterparty provides for the settlement (the date of settlement of the established contract), regardless of whether the settlement actually occurred.

Correspondent banking: It is an agreement by virtue of which a bank owns deposits owned by other banks and provides payment and other services to the defendant banks.

Counterparty: Means the opposite of a financial transaction, such as a securities purchase or exchange agreement.

Counterparty credit limits: These are the limits established by a negotiating organization to restrict most of its credit exposures to different counterparties.

CPU: The acronym for central processing unit.

Credit caps: Similar to caps.

Credit card: It is a card that indicates that the owner has obtained a line of credit. It allows the holder to make purchases up to a pre-established maximum limit; the credit granted can be paid in full at the end of a certain period or it can be paid in part, considering the balance as an extended credit. Interest is charged on the amount of any extended credit and sometimes the owner is charged an annual fee.

Credit card company: It is a company that has registered a particular credit card brand, and that can also provide a series of marketing, processing or other services to its members using the services of the card.

Credit institution: Company whose activity consists in receiving deposits or other repayable funds from the public and in granting credits on its own account.

Credit limit: Limit of exposure to the line of credit in which a participant is in the payment system in front of another participant (bilateral credit limit) or in front of all other participants (multilateral credit limit) as a consequence of receiving of payments that have not yet been settled.

Credit risk/exposure: It is the risk that counterparty does not settle an obligation for its total value, either at the time of its expiration or at any later time.

Credit transfer: It is a sequence of payment orders taken with the purpose of making funds available to the beneficiary. Both the payment instructions and the funds described therein pass from the payer's bank to the beneficiary's bank, possibly through several other banks as intermediaries or from more than one credit transfer system.

Credit transfer system: It is a type of fund transfer system through which the payment orders pass from the originator of the transfer message or payer, to the recipient of the message or beneficiary.

Cross-border netting scheme: It is an agreement to compensate positions or obligations between the parties in more than one country or jurisdiction.

Cross-border settlement: An operation that takes place in a country other than the country where one or both commercial counterparts are located.

Cross-border trade: a negotiation between agents located in different countries.

Cross-currency settlement risk: Similar to main risk.

Cross-margining agreement: It is an agreement between the central counterparts to consider the positions and guarantees of support in their respective organizations as a portfolio for the participants that are members of both organizations. In the case of a default on the part of a participant whose account is of crossed margins, the central counterparty may use the positions and guarantees in the cross account in the other central counterparty to cover losses.

Cross-system settlement: The payment of an operation that is carried out through a link between two separate systems of transfer of funds.

Cryptanalysis: Area of ​​cryptography dedicated to the study and development of methods that, without the prior knowledge of the cryptographic code, can be deduced flat text from cryptographic text.

Cryptographic algorithm: Also called encryption. It is a mathematical function used in combination with a key that is applied to the data to guarantee its confidentiality, integrity and / or authentication.

Cryptography: The application of theoretical mathematics to develop methods and algorithms that can be applied to data to ensure objectives such as confidentiality, data integrity and / or authentication.

CSD: Similar to central securities depository.

CSDA: Similar to contractual settlement date accounting.

Current exposure: It is the loss that would occur today in a contract or set of contracts if one of the parties did not fulfill its obligations. Also known as replacement cost, the current exposure is what it would cost to substitute a particular contract if the other party defaulted now.

Custodian: It is an organization, often a bank, that guards and administers assets for its clients and that can provide other services, such as compensation and settlement, cash management, currency exchange and securities lending.

Custody: It is the protection and administration of securities and financial instruments on behalf of third parties.

Custody-only link: It is a connection between two Securities Settlement Systems (SSS) that allows transactions with securities held in the SSS1 to be settled using the SSS2 when both the buyer and the seller are participants in the SSS2. Custody only links do not allow the transfer of funds between SSS1 and SSS2 and cannot be used to settle transactions between a participant in the SSS1 and a participant in the SSS2.

Custody risk: Is the risk of loss of securities held in custody caused by the insolvency, negligence or fraudulent action of the custodian or a sub custodian.

Customer: Is a buyer, seller or holder of securities and financial instruments that do not participate directly in a system. The possessions of a participant in a system usually include securities and financial instruments of which the participant's clients are the actual beneficiaries.

Customer-to-customer transfer: Similar to transferability.

Daily processing: It is a complete cycle of processing tasks that must be completed in a typical business day, the procedures from the beginning of the day to the end of the day, including the generation of backup copies of the data.

Daily settlement: This is the completion of the transaction on the day of the value of all accepted payments for the transaction.

Data encryption standard: It is a symmetric cryptographic algorithm (ANSI standard) commonly used in the financial sector. Triple DES consists of operating three times in a data set (encrypt-decrypt-decrypt-encrypt) using a double-length DES key

Daylight credit: This is a credit extended for a period of time less than one business day; In a credit transfer system with final settlement at the end of the day, the receiving institution tacitly extends the credit in daylight if it accepts and acts in accordance with a payment order, even though it will not receive the final funds until the end of the day. the business day

Day of value: It is the day in which a payment must be paid to the participant receiver in the payment system.

DBV: Acronyms referring to delivery by value.

Dealer: Is an organization that conducts operations as a counterpart on both sides of the market of one or more products.

Debit balance: Similar to net credit (or debit) position.

Debit caps: Similar to caps.

Debit card: It is a card that allows the cardholder to make his purchases directly from his account in a deposit entity.

Debit transfer system: This is a fund transfer system in which the debit orders issued by the payer pass from the payee to the payer and give rise to a charge (debit) in the payer's account.

Debt book-entry system: It is a computerized system for the issuance and registration of debt securities in the form of book entries.

Default: It is the failure to complete a transfer of funds in accordance with its terms for reasons that are not technical or temporary. Non-compliance is often distinguished as a "failed operation".

Defaulter pays: It is a system of distribution of losses in which each participant is obliged to guarantee the exhibitions that he creates for other participants.

Deferred net settlement system: It is a system that effects the cancellation of obligations or transfers between the parties on a net basis at some later time.

Delayed debit card: It is a card issued by banks, which indicates that the cardholder can charge in their account up to a maximum authorized limit. It allows you to make purchases, but does not offer extended credit; the total amount of the debt incurred has to be settled at the end of a specific period. In general, the holder is subject to an annual fee.

Deletion: It is a mechanism by which transfers to or from a participant that has not complied with are excluded from the liquidation process.

Delivery: Final transfer of an asset or financial tool.

Delivery by value: It is a mechanism in settlement systems to help a participant borrow money or lend money to another participant against guarantees maintained in the system.

Delivery versus delivery: It is a link between two systems of transfer of securities that ensures that a delivery occurs if and only if, another delivery occurs and vice versa.

Delivery versus payment: It is a link between a securities transfer system and a fund transfer system that ensures that delivery occurs if, and only if, payment occurs.

Delivery-versus-payment system: It is a securities exchange settlement system that guarantees that the final transfer of a good occurs if and only if the final transfer of another or other assets occurs.

Dematerialization: It is the destruction of the physical certificates or property documents that represent the ownership of the assets, so that the assets only exist as accounting records.

Depository: It is an agent whose main function is to record the property, either physically or electronically, and keep a record of ownership of those goods.

Depository institution: It is the definition of "bank" in the United States,

Depository receipt: An instrument issued in a country that grants the right to a security held in custody in another country.

Derivative: It is a financial contract whose value depends on the value of underlying reference assets, types or indices.

Derived key: A cryptographic key that is obtained by using an arithmetic function in combination with a master code and a unique identification value, such as a serial number of the card.

DES: Similar to data encryption standard.

Digital signature: It is a data string created by a cryptographic method that is attached to a message to guarantee its integrity and protect the recipient against rejection by the sender.

Direct debit: A debit previously authorized in the bank account of the beneficiary initiated by him.

Direct holding system: A securities retention system in which the effective beneficiary of the securities (i) is reflected as the legal owner in the registry or official records of the issuer (and, if certification of the securities is required, it is issued in the name of the owner) or ii) is in possession of securities issued to the bearer.

Direct market participant: It is a stockbroker or partner of a stock exchange that directly executes an order.

Direct participant: It is an agent in an interbank system of transfer of funds (IFTS) that is in charge, before the liquidating agent, of the liquidation of its own payments, those of its clients and those of the indirect participants on behalf of which liquidation is taking place.

Direct participant / member: In the context of the EC, this term has a specific meaning: it refers to the participants in a transfer system who are responsible for the liquidation institution for the settlement of their own payments, those of their customers and those of the indirect participants in whose name they are installed.

Discharge: Exemption from a legal obligation established by contract or by law.

Disclosure see public disclosure: Similar to public disclosure.

Distributing institution: It is a company that distributes or sells electronic money to the customer.

Domestic settlement: This is a settlement that takes place in the country in which both counterparts of the operation are located.

Domestic trade: It is a negotiation between counterparts located in the same country.

Draft: It is an order written from one party to another to pay a party identified in the order or bearer a certain amount, either on request or on a specific date.

DVD: Similar to delivery versus delivery:

DVP schemes as defined by the g10: It is based on three models: in model 1, the transfer instructions for both the securities and the funds are settled individually, and the final transfer of the values ​​from the seller to the buyer occurs at the same time as the final transfer of funds from the buyer to the seller. In model 2, the instructions for transferring securities are settled gross, with the final transfer of securities from the seller to the buyer (delivery) throughout the entire processing cycle, but the funds transfer instructions are settled in net figures, and the final transfer of funds from the buyer to the seller (payment) occurs at the end of the processing cycle. In model 3, the transfer instructions for both securities and funds are settled in net terms, and the final transfers of both securities and funds occur at the end of the processing cycle.

Early termination option: A contract available that gives either party the option to terminate a contract before its expiration date, sometimes through the payment of a commission.

EDI: Similar to electronic data interchange:

EEPROM: It is a programmable, electronically erasable read-only memory: the area of ​​an IC chip used to store data.

EFTPOS: Similar to point of sale.

Electronic data interchange: It is the electronic exchange between companies, in a standard format, of data related to a series of categories of messages, such as orders, invoices, customs documents, notices of remittances and payments. EDI messages are sent through public data transmission networks or channels of the banking system.

Electronic money: It is a value stored electronically in a device such as a chip card or a hard disk of a personal computer.

Electronic purse: It is a rechargeable multipurpose prepaid card that can be used for small retail or other payments instead of using coins.

Electronic wallet: It is a computerized device used in some electronic money systems that can contain an IC card or in which IC cards can be inserted and that can perform more functions than an IC card.

Embedding: The process by which the chip module is mounted on the plastic support when IC cards are manufactured.

Encryption: The use of cryptographic algorithms to encode clear text data in encrypted text in order to avoid unauthorized observation.

End-of-day gross settlement systems: are funds transfer systems in which the payment orders are received one by one by the settlement agent during the business day, but in which the final settlement takes place at the end of the day individually or in aggregate gross terms

Endogenous default: It is the default of a liquidating member that results in losses in the positions of the chamber or the client that the liquidating member carries out in that clearing house, instead of losses from another source.

End user: It is an organization that takes positions in derivatives for investment or hedging purposes. An end user often deals only on one side of the market. End-users include banks, insurance companies, pension funds, other financial institutions, non-financial corporations, governments, supranational entities and individuals with high net worth.

EPROM: It is an electronically programmable read-only memory: the area of ​​an IC chip used to store data. Data in EPROM can only be written once and cannot be deleted by selection.

Equity swap: It is a swap operation consisting of a performance exchange of a recognized stock index or a specific basket of individual shares for a fixed or variable interest rate.

Event of default: It is an event stipulated in an agreement as constituting a breach. In general, the lack of payment or delivery on the due date, breach of contract and insolvency are cases of default.

Exchange-for-value settlement system: It is a system that involves the exchange of assets, such as money, currencies, securities or other financial instruments, in order to comply with settlement obligations. The links between the exchange of assets and the payment system or systems can be manual or electronic.

Exchange member: It is a member of a stock exchange with certain commercial privileges.

Exchange-traded derivative: It is a derivative instrument that is quoted and traded in an organized market. Derivatives exchanges usually offer participants standardized contracts and centralized compensation means.

Exit criteria: These are criteria for an existing member of a payment system to stop participating.

Face-to-face payment: These are the payments made through the exchange of instruments between the payer and the beneficiary in the same physical site.

Fail: It is the failure to perform the settlement of a securities operation on the settlement date of the contract, usually due to technical or temporary difficulties. Also called failed transaction.

Failed transaction: It happens when the operation of securities is not settled on the settlement date of the contract.

Final (finality): irremediable and unconditional.

Finality risk: It is the risk that a temporary transfer of funds or securities will be canceled.

Final settlement: It is an irrevocable and unconditional agreement.

Final transfer: It is an irreversible and indisputable transfer that has the effect of fulfilling the obligation to effect the transfer.

Financial risk: which assumes a series of risks derived from financial operations, both liquidity and credit.

Firewall: It is a system that is based on hardware and / or software and that is used as an interface between the Internet and a computer system to monitor and classify incoming and outgoing communications.

Freckless: It comes from the German "fleckenlos", which means without blemish; it is said that a device or system has no stain when it can provide evidence that it has not been tampered with.

Forced settlement: Settlement of securities or funds that is ordered or executed by the actions of a third party.

Foreign exchange settlement risk: It is the risk that one of the parties to a currency exchange transaction pays the currency that it sold but does not receive the currency that it bought.

Forward contract: It is a contract that obligates one party to buy and the other to sell a guarantee asset at a specific price and date in the future.

Forward rate agreement: It is a contract where its beginning, determines the interest rates in which it must be paid or received for a specific obligation during a certain period of time.

Free-of-payment delivery: It is the delivery of assets without the corresponding payment of funds.

Front office: It is a counterpart entity and other areas that are responsible for developing and managing relationships with counterparts.

FTS: Similar to funds transfer system.

Funds transfer system: It is a formal agreement, based on contractual or private statutory law, with multiple members, common rules and standardized agreements, for the transmission and settlement of pecuniary obligations that arise between members.

Fungibility: It is a concept that characterizes the method of conservation of securities by a CSD or other financial intermediary in which each of the issues of physical or dematerialized securities is held in separate fungible pools.

Futures contract: It is a standardized term contract that is traded on a stock exchange.

Futures-style margining: It is a method of financing derivative contracts in which positions are adjusted to the market and current exposures are extinguished by cash payments known as margin of variation.

Collateral General: Are the securities that meet the general requirements of a cash borrower to guarantee their cash loans.

Giro system: Similar to credit transfer system.

Global custodian: It is a custodian that provides its clients custody services of securities traded and liquidated not only in the country in which the guardian is located, but also in other countries around the world.

Gridlock: It is a situation that can arise in a system of transfer of funds or values ​​in which the non-compliance of some transfer instructions prevents the execution of a substantial number of other instructions of other participants

Gross margining: It is the system of margins in which the liquidator must deposit in the clearing house a sufficient initial margin to cover the gross positions of its clients.

Gross settlement system: It is a transfer system in which instructions for liquidation of funds or transfer of securities are made individually, instruction by instruction.

Haircut: It is the distinction between the market value of a security and its security value. The cuts are applied by a lender of funds in order to protect the lender, in case it is necessary to liquidate the guarantee, of the losses due to the decrease in the market value of the guarantee.

Hedge fund: It is a private investment fund, sometimes indebted and often involved in active commercial strategies.

Herstratt risk: Similar to main risk.

Home banking: banking services that can be accessed by a retail customer of a financial company using a telecommunications link (telephones, computers, among others) with the computer center of the company.

Hot list: It is a card-based system, a list of card numbers or ranges of suspicious card numbers, found in the merchant's terminal or other device.

Hybrid system: It is the payment system that combines the characteristics of RTGS and compensation systems.

IC card: Similar to chip card

IC (integrated circuit card): It is a plastic card in which one or more integrated circuits is embedded. It is also called a chip card.

ICSD: international central securities depository.

LFTS: interbank funds transfer system.

Immobilization: It is the placement of guarantees and financial instruments in a central depository of securities to facilitate the transfers of book entries.

Imprinter: It is a device that is responsible for reproducing the name and account number of the cardholder on a paper receipt.

Imprinter voucher: It is a purchase receipt that must be signed by the customer in which the customer's name and card numbers are printed in card transactions.

Indemnification: It is an agreement to compensate for damages or losses. Custodians sometimes offer it to loan clients in a variety of ways.

Indirect holding system: It is a system of securities retention in which two things can happen: a representative is reflected as the legal owner of the securities in the official record of the issuer and the beneficial owner is reflected as the owner of the securities in the books of the representative or, the bearer securities are deposited in an intermediary and the intermediary maintains an account that reflects the rights and interests of the beneficial owner in the official record of the issuer security.

Indirect market participant: It is a member of the market that uses an intermediary to execute operations on its behalf. In general, institutional and transnational clients are indirect participants in the market.

Indirect participant / member: They are the participants in a transfer system that are only responsible to their direct participants for the settlement of the payments introduced in the system.

Initial margin: It is the cash or guarantee that has been deposited in the clearing house to ensure compliance with the obligations contracted with it.

Inpayment: It is a payment instruction, sent together with the bill of delivery of goods and / or services, prepared by the beneficiary; the payer can pay through their designated bank account or through a cash payment at a designated agent.

Integrity: It is the protection against accidental or fraudulent alterations or to indicate if alterations have occurred or not.

Interbank funds transfer system: It is a mechanism for transferring funds in which the majority (or all) of the direct operators are financial entities, in particular banks and other credit institutions.

Interchange fee: It is a transaction fee payable in the context of a network of payment cards by one participating financial institution to another.

Interlinking: It is the interconnection within the TARGET system, which provides the common procedures and infrastructure that allow the payment orders to pass from a national RTGS to another RTGS.

Internal settlement: It is a transaction that is made through transfers of assets and funds in the books of a single intermediary.

International central securities depository: It is a central repository of securities that compensates and liquidates international securities or border operations of national securities.

Internet: It is an open communication system on a world scale that consists of interconnected computer networks and that allows access to information at a distance.

Interoperability: This is a situation in which the payment instruments belonging to a certain system can be used in other countries and in systems installed by other organizations.

Intraday credit: similar to daylight credit.

Intraday liquidity: These are assets that can be accessed during the business day, generally to allow financial institutions to make payments immediately.

Irrevocable and unconditional transfer: It is a transfer that cannot be canceled by the payer and is unconditional.

Irrevocable transfer: It is an operation that cannot be canceled by the payer.

ISO: International Organization for Standardization: It is an international organization whose members are national standardization bodies and which approves, develops and publishes international standards.

Issuer: Is the entity that receives the payment in exchange for the value distributed in the system and that is obliged to pay or reimburse the transactions or balances that are presented in a prepaid electronic money system of stored value or similar.

Issuing agent: Is an organization that intervenes on behalf of the issuer of securities in the distribution of the same and in the realization of the product thereof for the benefit of the issuer.

Issuing institution: Is the institution that receives funds in exchange for the value distributed in the system and that, in principle, is obliged to cancel or reimburse the client's transactions and the unused funds presented to him.

Key: It is a unique combination of digits used with a cryptographic algorithm.

Key length: The number of bits that make up an encryption key.

Key management: Is the design of the life cycle of the keys and the relationships between the keys that are used in a computer system for cryptographic purposes.

Large-value funds transfer system: It is a transfer system through which transfers of high-value and high-priority funds are made between the participants in the system on their own account or on behalf of their clients, with no minimum value for payments. , since the average is usually relatively large.

Large-value payments: These are payments of large amounts, which are exchanged between banks or between participants in the financial markets and which require urgent and timely liquidation.

L / C: Similar to letter of credit.

Legal ownership: Is the legal recognition as owner of a security or financial instrument.

Legal risk: Is the risk of loss due to the unforeseen application of a law or because a contract cannot be executed.

Legal title: This is a recognizable or enforceable owner of the law or one that is complete and perfect in regard to the apparent right of ownership, and possession, which may not carry any real interest.

Letter of credit: A promise from a bank to a third party to make the payment on

Large-value funds transfer system: It is a transfer system through which transfers of high-value and high-priority funds are made between the participants in the system on their own account or on behalf of their clients, with no minimum value for payments. , since the average is usually relatively large.

Large-value payments: These are payments of large amounts, which are exchanged between banks or between participants in the financial markets and which require urgent and timely liquidation.

L / C: Similar to letter of credit.

Legal ownership: Is the legal recognition as owner of a security or financial instrument.

Legal risk: Is the risk of loss due to the unforeseen application of a law or because a contract cannot be executed.

Legal title: This is a recognizable or enforceable owner of the law or one that is complete and perfect in regard to the apparent right of ownership, and possession, which may not carry any real interest.

Letter of credit: A promise from a bank to a third party to make the payment on behalf of a client according to the specified conditions.

Limit: Similar credit limit.

Limited-purpose prepaid card: It is a prepaid card that can be used for a limited number of well-defined purposes. Its use is restricted to a number of well identified points of sale within a well identified place.

Liquidity risk: The risk that counterparty does not cancel an obligation for its full value at maturity.

Load: It is the action of transferring the electronic balance of a provider to a consumer device.

Loading operator: Is the company that provides the technical platform for loading operations.

Local agent: It is a guardian that provides custody services of securities traded and settled in the country in which it is located to trading counterparties and international liquidation intermediaries.

Local custodian: Is a custodian that provides custody services of securities traded and liquidated in the country in which it is located.

Long-form confirmation: It is a notification that includes fundamental legal provisions of a framework contract.

Long position: It is a condition in which the buyer has more values ​​than those he hires to supply.

Loss-sharing agreement: It is a pact between the participants in a compensation or settlement system regarding the allocation of losses derived from the non-compliance of a participant in the system.

Loss-sharing pools: These are assets that participants provide in advance and that the system maintains to guarantee compliance with the commitments derived from the agreements.

Loss-sharing rule: It is an agreement between participants in a transfer or clearing house system in relation to the attribution of any loss that occurs when one or more participants fail to comply with their obligations: the agreement stipulates how the loss will be distributed among the affected parties in case the agreement is activated.

MAC: Message Authentication Code: a control algorithm defined by a key to generate a number that is attached to the message and used to authenticate it and guarantee the integrity of the transmitted data.

Magnetic link character recognition: It is a technology that uses special MICR reading characters, where documents are read by machines for electronic processing.

Manufactured payment: It is an equivalent payment made by the borrower of securities to the lender, which he would have received if he had not loaned the securities.

Margin: It has more than one meaning. In the futures / commodity markets, the margin is a confidence deposit required by the futures compensation system to ensure yield. In equity markets, the margin is a sum of money deposited by a customer when borrowing money from a broker to buy shares.

Margin call: It is a requirement of additional funds or guarantees, after the evaluation at market prices of a securities lending operation, if the market value of the underlying asset guarantee falls below a certain level in relation to the asset borrowed

Market risk: It is the risk of losses in the positions inside and outside the balance sheet as a result of the variations in market prices.

Market value: It is the profit that would be obtained if a pending contract were replaced at current market prices.

Marking to market: It is the practice of revaluation of assets and financial instruments at current market prices.

Mask: These are the hardware indications that define the physical and functional properties of the IC chip.

Master agreement: It is a contract that establishes the general terms and conditions applicable to all or a defined subset of transactions that the parties may make from time to time.

Master key: It is a cryptographic code, sometimes used to generate other cryptographic keys.

Matched book: It is a portfolio of assets and liabilities with equal maturities. The term refers to money market instruments and money market liabilities

Matching: It is the process of comparing the details of the operation provided by the counterparties to make sure they are in agreement with the terms of the operation.

Memory card: It is an integrated circuit card capable of storing only information.

MICR: Similar to magnetic ink character recognition.

Minimum standards of the lamfalussy report (lamfalussy standards): These are the six minimum standards for the design and operation of schemes or systems of cross-border and multi-currency compensation, and these are:

1) Compensation systems must have a well-founded legal basis in all relevant jurisdictions.

  2) The participants in the compensation plan must have a clear idea of ​​the impact of the specific plan on each of the financial risks affected by the compensation process. (3) Multilateral compensation systems must have clearly defined procedures for the management of credit and liquidity risks that specify the respective responsibilities of the compensation provider and the participants. These procedures must also ensure that all parties have both the incentives and the ability to manage and contain each of the risks they bear and that limits are placed on the maximum level of credit exposure that each participant can produce.

4) Multilateral compensation systems must be able, at a minimum, to guarantee the timely settlement of daily settlements in case the participant with the highest net individual debtor position cannot liquidate them.

5) Multilateral compensation must have objective criteria and be available to the public so that they allow fair and open access.

6) All compensation must guarantee the operational reliability of the technical systems and the availability of backup facilities capable of completing the daily processing requirements.

Monetary aggregate: It is a compound monetary variable used as a measure of the money supply. Monetary aggregates vary from narrow to broad.

Money laundering: It is to hide the origin of the products of criminal activities and to integrate them into legitimate financial systems in such a way that they cannot be distinguished from the assets acquired by legitimate means.

Money order: It is an instrument used to send money to the designated beneficiary, often used by people to pay bills or to transfer money to another person or to a company.

Multifunctional cards: It is a card that can include other payment facilities such as those of a debit or credit card and / or non-payment facilities.

Multilateral credit limit: Similar to credit limit.

Multilateral net settlement position: The sum of the value of all the transfers that a participant in a net settlement system received during a time minus the value of the transfers made by the participant to all the other participants. If the sum is positive, it is a multilateral net credit position; if the sum is negative, it is a multilateral net debtor position.

Multilateral net settlement system: It is a settlement system in which each liquidating participant pays the multilateral net settlement position resulting from the transfers made and received by him, on his own account and on behalf of his clients.

Multilateral netting: It is an agreement between three or more parties to compensate their obligations. The obligations covered by the agreement can be derived from financial contracts, transfers or both.

Multiple issuer scheme: It is a plan in which more than one organization acts as an agent.

Multipurpose prepaid card: It is a prepaid card that can be used in the points of sale of several service providers for various purposes, and that can be used nationally or internationally.

Multipurpose prepaid card scheme: It is an organization in which at least three parties participate: the issuer, the cardholder and the acceptor.

Mutual offset system: It is a link between clearing houses in which the positions subscribed in a stock exchange can be transferred to the clearing house of another stock exchange and vice versa.

 Net credit (or debit) position: It is the sum of the value of all transfers made minus the value of all transfers made, if the number is positive, it is in credit position, if it is negative, it is in debit position this can occur on a unilateral or multilateral basis. Net margining: System of margins where the compensated one must deposit an amount to guarantee the net positions of their clients, and the clients must deposit the compensator to cover their own positions. Net settlement:  It is the liquidation of a series of obligations or transfers between the counterparts on a net basis. Net settlement system: A system designed so that transfer orders are settled on a net basis. The systems distinguish between the types of transfer and settlement orders. Some, such as payment orders, on a net basis and others, such as securities transfer orders, in one instruction per instruction. Netting: It is a previously agreed remuneration of positions or obligations by commercial partners or participants. The network reduces a large number of individual’s positions or obligations to a smaller number of obligations or positions the network can take several forms that have different levels of legal requirement in case of default of one of the members. Netting by novation:They are contractual commitments of time value, to be discharged at the time of confirmation and replaced by new obligations that are part of a single agreement. Amounts due under a contract downloaded will be added to current balances due between the parties in each currency at each future date value. Network money: Money that can be sent and received through the internet Nominee: A person or entity named by another to act on your behalf. Non-bank financial institution: Is an institution related to the aspects of finance but does not grant loans or money deposit services. Non-cash clearing: A method to settle futures contracts in positions marked by the market and the resulting obligations are guaranteed. Non-repudiability: The ability to suppress rejection by the sender or receiver of a payment message. Note-based system: An electronic money system in which funds (records) that are unique identified by a serial number and are associated with a number. Novation: Satisfaction and compliance with existing contractual obligations through new obligations. These parts may be the same as those of existing obligations or, in the context of some information exchange center, there may also be substitution of them. Obligation: Payment Commitment. OCR: Optical character recognition. Off-balance sheet transactions: Financial operations that are not reflected in the balance sheet of the financial institutions that execute them. Offline: In the financial context it refers to the transmission of transfer instructions by users, through non-digital means. Offsetting: Contrary to netting. Omnibus account: Account that stores the funds of other accounts, is responsible for registering the activity of the same. Omnibus customer account: Member of an omnibus account. One-way hash function: Mathematical algorithm applied to a message that generates a number known as Hash Number. Onlend: Borrow a part and borrow that same part. Online: Executions of operations that are transmitted through a device with Internet access. Opening (or front) leg: Loan of values, is the first part of two, the second is executed in the future. Open Market Sales: Sale of negotiable securities. They are carried out in secondary financial markets Open network: Free access networks. Open offer netting: Contractual means by which a third party, it becomes part of a transaction agreed upon by two people. Open outcry trading: Execution of orders without the need for a purchase intermediation. Open transactions: Operations without a fixed maturity term. Operating system: Part of a computer system executes and performs basic input / output operations, calculations, memory management, etc. Operational risk: Future entropic possibility of corrupting a computer system and generating some type of loss. Operational safe custody accounts: Securities accounts managed by the central bank in which institutions can place securities that are considered adequate for backing operations of central banks. Optical character recognition: A technique that uses special characters readable by OCR machines, by means of which the documents are read by the machines for electronic processing. Optimization routine: Processes in a payment system to determine the order in which payments are accepted for settlement. Option contract: A contract that gives the buyer the right, but not the obligation, to buy or sell an asset within a certain time and value. Options-style margining: Method of marginalization of derivative contracts in which positions are exposed to the market and current exposures are guaranteed. Out-of-the-money: An option contract that would produce a negative cash flow if exercised at the time. Overnight money: Loan that is valid for one business day. Also called day-to-day money. Oversight: An activity of a public nature that aims to promote the safety and efficiency of payment and securities settlement systems, in particular to reduce systemic risk. Oversight of payment systems: Activity of the central bank with the objective of promoting the smooth functioning of payment systems and the protection of financial assets. Over the counter: Negotiation that does not involve an exchange. Paperless credit transfers: Transfers that do not involve the exchange of paper documents between banks. Participant/member: A party that has activity in a system of transfer or execution of orders. Paying agent: An institution that acts under the name of an issuer has the ability to make payments to the holders of securities. Payment: Transfer by the payer of a credit to a party acceptable to the beneficiary. Payment Card Company: Company that owns commercial brands of payment cards and can also provide a series of marketing, processing or other services to the institutions that issue their cards. Payment instrument: Tool that allows making payments to another user. Payment lag: Time lapse between start and liquidation of an order. Payment message / instruction: Order or message of transfer of funds to the beneficiary's order. Payment netting: Settlement of payments due on the same date and in the same currency on a net basis. Payment order: An order or message requesting the transfer of funds to the beneficiary's order. Payment system: Payment system consisting of a set of instruments, banking and, in general, inter-bank systems guarantee the circulation of money. Payment versus payment (PVP): Currency settlement system that guarantees that a final transfer of a currency occurs if and only if there is a final transfer of the other currency. PCMCIA card: Personal computer media control interface adapter: It is a device that connects externally to a PC and can perform various functions such as memory storage and modem communications. Personal identification number (PIN): Numeric code that the card holder for identity verification.Personalization: Phase of the manufacturing process of the IC card during which the customer's information is loaded onto the card. Plaintext: Non-encrypted data and, therefore, are in a readable format. Plain vanilla transactions: Most common derivatives and, in general, the simplest of transactions. Pledge: Delivery of goods to guarantee the fulfillment of an obligation owed by part A to part B. (Guarantee). Point of sale (POD): Device that allows the use of cards in a retail store. Position limit: Restriction on the number of contracts or participation in the capital of an entity. Position netting: Compensation of instructions regarding obligations between two or more people who do not meet or discharge the needs of the original parties. Potential future exposure: Additional exposure that could be assumed by a counterparty during the life of a contract or set of contracts beyond the current cost of replacement of the contract or set of contracts.  Prefunding: Funds must be available before liquidation. Pre-matching process: Action to compare commercial or liquidation information. Prepaid card: Card in which an amount has been charged before being used. Prepaid card accepter: It is the member of the transaction that accepts the terms of use of a prepaid card. Prepaid cardholder: Entity that has the prepaid card. Pre-settlement risk (replacement cost risk): Existing risk in the payment of a future obligation that is not necessarily in the contract. Prime brokerage: Provision of hedge funds to clients. Principal: A party to a transaction that acts in its own name to buy or sell positions, has a risk and is dissociated from the institutions themselves. Principal risk: Buyer's payment guarantee but no delivery. Principal-to-main relationship: Contractual relationship in which both parties act under the same name and are responsible for the performance of any contractual obligation. Privacy: No information or privileged access to it. Property interest: Exclusive right of power over a property. Proprietary account: Participant who only has accounts or securities under his name. Proprietary positions: Position that you keep on your own. Proprietary (trading): The negotiation of securities or derivatives on behalf of a company. Protocol: Exchange of messages through communication devices. Provider: Intermediary that coordinates hardware and software efforts to achieve a transaction with electronic money. Provisional transfer: Additional transfer to reserve a right. Public disclosure: Release information to the public. Public key cryptography: See asymmetric cryptography. Queuing: Risk management agreement where pending transfer orders are maintained by the performer or by the system until the available coverage in the compensation account of the originator / deliverer or by the agreements established against the payer is sufficient. RAM: Random memory that is used for calculations and can only store data when electricity is used. Real time: Present time where instructions are executed or displayed. Real-time gross settlement: The continuous (real-time) settlement of funds or securities transfers individually on an order by order basis (without netting). Real-time risk management: Real-time risk management based on acting immediately. Real-time transmission, processing or settlement: Liquidation of funds or securities transfer the instruction at the moment it starts. Rebate: Interest rate paid by a securities lender to the borrower in cash collateral. Recall: Demand from a securities lender for the return of securities. Receiver finality: Describes the point at which an unconditional obligation arises on the part of the recipient participant to make the final funds. Registration: Listing of the property of securities in the records of the transfer agent, issuer or receiver. Remote access to a CSD: Facility for a securities settlement system in a country to become a direct participant in a CSD established in another country and, for that purpose, have a securities account in its own name. Remote access to an IFTS: Facility for a credit institution established in a country to become a direct participant in interbank funds transfer system (IFTS) established in another country. Remote participant: Participant who does not have a physical location to perform or execute orders. Remote payment: Payment that is made by sending payment orders or payment instruments. Replacement cost risk: Existing risk that a counterparty of a transaction pending completion at a future date will not pay in the future. Repo: Repurchase Agreement. Repo rate: Return of a transaction plus an interest in it. Repricing /revaluation: Mark the Market. Repudiation: Deny a negotiation or the process of it. Repurchase agreement: Contract to sell and subsequently repurchase securities at a specified date and price. It is a resale and repurchase contract. Reservable deposits: Bank guarantee Reserve requirement: The bank is obliged to have a reserve fund, similar to a legal reserve. Respondent: See correspondent banking. Retailer card: Card that is intended to be used in retail stores, are issued by non-banking institutions. Retail funds transfer system: Funds transfer system that handles a large volume of low value payments in forms such as checks, transfers, direct debits, transactions with ATMs and EFTPOS. Retail payments: Payments that do not include high value payments. Retail transactions: See retail payments Reuse of collateral (rehypothecation): Commitment of payment or transfer of a part to another part of the guarantee that was promised or transferred to it. Reverse engineering: Analysis of software code to determine if the software works and how it does it. Reverse repo: A contract with a counterparty to buy and then resell values ​​at a specific date and price. Revocable transfer: A transfer that a system operator or a system participant can rescind. Risk factor: Factor that can negatively alter a position or portfolio. Risk management test: Proof that is done to determine the management and risk strategies for the purchase of a future value. Rolling settlement: When the payment is made after the date of the trade. ROM: Read only memory: Contains the operating system and parts of the software. RSA: Rivest, Shamir, Adleman: a commonly used asymmetric cryptographic algorithm. RTGS: See real-time gross settlement. SAM: Security application module: a tamper-resistant computer. Scattering: Mix IC chip components so they cannot be easily analyzed. Scheduling: Management of payment queues by determining the order in the payments that are accepted for settlement. Screen-based trading: Purchase and sale of securities carried out through a network of electronic terminals. Secret key cryptography: See symmetric cryptography. Secured party: Part of a negotiation that is in position to claim payment and not in debit from it. Securities borrowing and lending programme: Facility by which a securities loan is made to facilitate the Payment fulfillment. Securities depository: See central securities depository. Securities driven securities lending transactions: Transactions whose motivation lies in specific loans / loans. Securities loan: A securities loan, with or without collateral, to facilitate the fulfillment of settlement obligations. Securities settlement system: System that manages the transfer of securities. The settlement of securities takes place in the deposit accounts maintained with the CSD or with the central bank. Security interest: A form of interest in the property that establishes that the property can be sold in default to satisfy the obligation covered by the security interest. Segregation: Method to protect the assets and positions of the clients by holding or accounting them separately from those of the company. Seigniorage: Party, rate or tax that the man or superior took to cover the expenses of minting and for profit. Selfcollateralising: An agreement whereby the securities that are transferred can be used as a guarantee to ensure the risks of a transfer. Sell-buybacks (or buy-sellbacks): Repurchase agreement and consisting of two different buy and sell transactions one immediate liquidation and another for future liquidation. Sender finality: The point at which an unconditional obligation arises on the part of the initiating participant in a system of transfer of funds to make final payment to the receiving participant on the value date. Sequence number: Inherent number a message created to avoid duplicates or trace them. Server: A computer that provides services through a network to others computers. Session key: Key for single communication session or transaction, and then expires. Set off: Cancel or compensate reciprocal obligations and claims. Settlement: An act that fulfills obligations in terms of funds or values transfers between two or more parties. Settlement agent: Entity that manages a settlement process on a respective value. Settlement asset: Asset used for the fulfillment of settlement obligations. 

Settlement bank: Bank that makes money by liquidations.

 

Settlement date: Scheduled date for a securities transaction to be agreed upon the settlement to be made.

 

Settlement finality: See Settlement

 

Settlement institution: Institution where the books are transferred among the participants take place in order to achieve the solution within a system agreement.

 

Settlement interval: Time lapse between the date of sale and the date of liquidation.

 

Settlement lag: Lapse of time between the exchange of value.

 

Settlement obligation: See net credit position (or debit).

 

Settlement risk: Risk of default of a settlement.

 

Settlement system: System used to facilitate the settlement of funds transfers or financial instruments.

 

Settling participant/member: Member who can transfer funds to one or more accounts and also receive in the system.

 

Share book-entry system: Computerized system for the issuance and registration of shares.

 

Short sale: Computerized system for the issuance and registration of shares.

 

Single-purpose prepaid card: See also prepaid card.

 

Smart card: Integrated circuit card with a microprocessor, capable of calculations.

 

Software-based products: Electronic or digital products that are used to transfer money.

 

Special guarantee: Values ​​that, for whatever reason, are very sought after in the market by the borrowers. They have high retention rates.

 

SSS: Securities settlement system.

 

Stakeholders: Parties whose interests are affected by the operation of the system

 

Stamp tax: Taxes in the form of stamps that certify the legality or validity of a document.

 

Permanent order: Payment instruction for a fixed amount to a designated creditor.

 

Sterilization: The use by a central bank of operations to reduce the bank reserves (liquidity) that it has created through some other financial transactions, such as the purchase of foreign currency.

 

Stored value card: Electronic wallet.

 

Straight through processing: Leveling of business details directly from commercial systems

 

Stress testing: Risk of implied volatility of a security.

 

Subcustodian: Custodian who has values ​​in another custodian.

 

Substitution: modification and annex of a third party to a contract where the latter becomes a counterpart of the previous two.

 

Supervision of financial institutions: Process that involves the evaluation and control of financial institutions to verify compliance, transparency and the legality of their operations.

 

Surcharge fee: Charge that the ATM service has for the users who perform operations in the.

 

Survivors pay: Distribution of losses among the different holders of a security.

 

Swap: Exchange of future payments between 2 parts of a negotiation.

 

SWIFT: Society for Interbank Financial Telecommunication World: cooperative created and owned by banks that manage a network that facilitates the exchange of payments and other financial messages between financial institutions around the world.

 

Switch fee: Transaction fee for the organization of the network and the cost of routing.

 

Symmetric cryptography: Cryptographic techniques in which the devices share the secret key in combination with algorithms.

 

Systemically important payment system: A payment system is systemically important where, if the system is not sufficiently protected against risk, the interruption within it could activate or transmit new interruptions between participants or systemic interruptions in the financial area in general.

 

Systemic disrruption: Entropic situation of the components or general system that creates a threat against their stability.

 

Systemic risk: Risk of corruption of the system that can lead to problems of liquidity or credit and, as a consequence, could threaten the stability of financial markets.

 

Tamper-evident: The ability of devices to show evidence of physical attack.

 

Tamper proof: The proven ability of the devices to withstand all attacks.

 

Tamper-resistant: The ability of devices to withstand physical attacks to a certain extent.

 

TARGET: Trans-European real-time trans-European transfer settlement: the TARGET system is defined as a payment system consisting of a RTGS system in each of the countries participating in the third phase of the EMU and of the European Central Bank.

 

TCP/IP: Set of used communications and addressing protocols; TCP / IP is the de facto communication standards set of the Internet.

 

Telematics: Data processing and data transmission techniques used both.

 

Teller's check: Similar to bank draft.

 

Term transactions: Conditions and terms of a transaction.

 

Tiering arrangement: Participants in a category requiring services of participants in another category to exchange and / or resolve their minutes.

 

Time stamp: Mark placed on a message that indicates when it was sent.

 

Title transfer: Direct transfer of ownership interest that serves as warranty.

 

Total return swap: When a distributor accepts to receive the total return of the shares sold to the cash of the investor, counterpart of the exchange, and in exchange for paying a variable interest rate for the expiration to the counterparty.

 

Traceability: Traceability property of a transfer.

 

Trade date: Purchase/Sale order and when it was executed

 

Trade-for-trade settlement: Settlement of individual transactions between counterparties.

 

Trade-for-trade settlement system: A system in which each individual transfer order is settled separately.

 

Trade matching: Detail and match the documents, parts and terms of a negotiation.

 

Trade netting: Legal compensation that can be received from the partners, where the net amount of securities is negotiated.

 

Trade registration: Formal registration in clearing houses that act as central counterparts.

 

Transaction log: Orderly record of transactions on a device.

 

Transfer: Action to pass money from one part to another, usually to another individual and previously by a commercial agreement.

 

Transferability: Electronic money's ability to move from one place to another.

 

Transfer system: System that allows to accommodate the transfer and reception of funds orders.

 

Travel and entertainment card: Card issued by non-financial institutions that grant a limited line of credit for their use.

 

Tri-party repo: Counterpart of an independent depositary bank, clearing house or securities depository that is responsible for ensuring the maintenance of an adequate collateral value during the life of the transaction.

 

Truncation: Process in which a bank converts a payment into physical electronic money.

 

Ultimate settlement: Refers to final settlement in central bank money.

 

Unwind: Process by which transfers of securities and funds are settled on a net basis, at the end of the processing cycle, with all provisional transfers until all participants have fulfilled their settlement obligations.

 

Unwinding: See Unwind.

 

User: Participants and clients of these services are considered users.

 

User fee: Transaction fee charged by financial institutions to users for using their services.

 

Value-at-risk: Limit or tolerable value for a company in case of losses.

 

Variation margin: Funds paid to counterparty to settle the losses.

 

Velocity: Average number of times that a specific amount of money passes through a place.

 

White list: List of clients authorized to carry out transactions or acquire payment cards.

 

Wholesale funds transfer system: See large-value funds transfer system.

 

Withholding tax: Deducted income tax that a paying agent is legally required to deduct from its interest payments on deposits, securities or similar financial instruments.

 

Zero hour rule: After midnight any operation executed can be canceled and also eliminate the institution that issues it.

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