An acquirer is a provider in the (credit) card business who concludes a contract on acceptance of card payments with a dealer.
AOS, Additional Optional Services
Additional services that can be offered in connection with the bank's SEPA products
APC, Austrian Payments Council
The Austrian Payments Council is the Austrian counterpart to the European Payments Council (EPC). In the APC, international requirements are examined and analysed to find a common position on the issues in EPC and to prepare a coordinated implementation.
Foreign Payment Transactions
Foreign payment transaction
Bank Identifier Code. The BIC is an 8- or 11-digit alphanumeric key that identifies a bank or bank branch.
Creditor Identification, Creditor ID The Creditor ID is an 18-digit alphanumeric key that identifies the entity submitting the SEPA direct debits.
EBA, Euro Banking Association
The EBA operates a clearing and settlement mechanism under the designation STEP2 for processing inter-European credit transfers.
EDIFACT, Electronic Data Interchange For Administration Commerce And Transport
EDIFACT is a cross-sector, international standard for the format of electronic data in business transactions.
EMV Standard, EuroCard/Mastercard/VISA Standard
The EMV Standard is a norm created by Mastercard and VISA to simplify the technical standard for chip cards and the payment processing associated with them.
EPC, European Payments Council
Work platform of 42 European banks, including European financial institution associations as well as several payment transaction service providers (EBA).
ESCB, European System of Central Banks
Currency authorities that consist of the European Central Bank and the central banks of all EU Member States. Thus, the central banks of any country that did not introduce the euro at the beginning of the third stage of the economic and monetary union belong to the ESCB.
The EU Commission is the political driving force of Community policies and it works on bills for Directives, Regulations, and other Community legislation. It has a monopoly on initiating legislation. It controls compliance with Community law and represents the interests of the Community to national organisations and third countries.
EU, European Union - Member States
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and United Kingdom
Austria, Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain and Cyprus.
EEA, European Economic Area - Member States
In addition to the EU Member States: Iceland, Liechtenstein and Norway
EMU, European Economic and Monetary Union
The EMU is an essential component of the European Union. Among other things, it made it possible to introduce the euro. All EU countries belong to the EMU.
ECB, European Central Bank
Founded on 1 June 1998 as the successor institution of the European Monetary Institution, the European Central Bank with headquarters in Frankfurt lays out the common currency and monetary policy in the euro currency zone in the third stage of the economic and monetary union. The ECB forms the Euro-system together with the national central banks of each of the Member States that have taken up the Euro.
IBAN, International Bank Account Number
Globally standardised, unambiguous information of an account relationship (ISO Norm). It generally consists of a country code, a bank code (bank sorting code), an account number and a check digit.
Domestic Payment Transaction
Domestic payment transactions
Mandate basically means an order or an authorisation, which nonetheless contains no exact instruction.
Mandate reference is an unambiguous reference number that is individually assigned by the creditor and consists of up to 35 alphanumeric digits.
PACS, Payments Clearing & Settlement
UNIFI (ISO 20022) formats for processing SEPA payment transactions between banks (inter-bank format).
PAIN, Payments Standards-Initiation
UNIFI (ISO 20022) Types of messages for the customer-bank relationship.
PSD, Payment Services Directive
Payment Services Directive is the directive for the uniform European legal framework for payment transactions.
PSD, Payment Services Directive II
Payment Service Directive II is the EU Directive for the uniform payment transaction area with the goal of creating a uniform set of regulations for all providers and users of payment transaction services.
SEPA, Single Euro Payments Area
Uniform euro payment transactions area
SEPA Member States
Member States of the EU and the EEA as well as Switzerland, Monaco and San Marino.
SC, SEPA Cards
SEPA card payments
SCT, SEPA Credit Transfer
SEPA credit transfers
SDD, SEPA Direct Debit
SEPA direct debits
STP, Straight Through Processing
Direct data processing, fully automatic processing of transactions.
SWIFT, Society for Worldwide Interbank Financial Telecommunication
International professional association of financial institutions that maintains a telecommunication network (SWIFT network) for exchanging messages between them. This professional association forwards financial transactions between banks, brokerages, stock exchanges and other financial institutions.
UNIFI (ISO20022), Universal Financial Industry message scheme
Under the designation UNIFI (ISO 20022), the International Organisation for Standardisation (ISO) published a library of new types of messages for the loan business on the basis of XML syntax. These types of messages are to replace the current MT formats (message types (MT)) that are used in the SWIFT community. UNIFI formats are also designated as MX formats.
XML - Format, Extensible Markup Language
XML is a computer language for the exchange of data. By standardisation, formats for transmitting payment transaction data are defined in this language.
ZaDiG 2018, Payment Services Act 2018
ZaDiG 2018 (Payment Services Act) is the implementation of the Payment Services Directive into Austrian law.