An acquirer is a service provider in the (credit) card business who signs a contract with a merchant on the acceptance of card payments.
AOS, Additional Optional Services
Additional services that banks can offer in connection with SEPA products.
APC, Austrian Payments Council
The Austrian Payments Council is the Austrian counterpart to the European Payments Council (EPC). The APC assesses and analyses international requirements to find a common position on the topics in the EPC and to prepare for coordinated implementation. See also Austrian Payment Council
German abbreviation for international payment transactions.
BIC, Bank Identifier Code
The BIC is an 8 or 11 character alphanumeric code that identifies a bank or branch of a bank.
CID, Creditor Identifier
The creditor ID is an 18 character alphanumeric code that identifies the customer giving a SEPA Direct Debit mandate.
EBA, Euro Banking Association
The EBA´s activities include the operation of a clearing and settlement mechanism known asSTEP2 for processing transfers within Europe.
ECB, European Central Bank
Founded on 1 June 1998 as the successor of the European Monetary Institute, the European Central Bank is based in Frankfurt and manages the single currency and the common fiscal policy of the euro currency zone at the third level of the Economic and Monetary Union. The ECB forms the euro system together with the central banks of the member states that have adopted the euro.
EDIFACT, Electronic Data Interchange For Administration Commerce and Transport
EDIFACT is an international, multi-industry standard that defines formats for the electronic exchange of business data.
EEA, European Economic Area - Member States
In addition to the EU member states: Norway, Iceland and Liechtenstein.
EEMU, European Economic and Monetary Union
The EEMU is an important component of the European Union. One of its attributes is the introduction of the euro. All EU member states belong to the EEMU.
EMV Standard, EuroCard/MasterCard/VISA Standard
The EMV standard was created by MasterCard and VISA to establish a uniform technical framework for chip cards and the related processing of payments.
EPC, European Payments Council
A working platform of 42 European banks including the European associations of financial institutions and a number of payment services providers (EBA).
ESCB, European System of Central Banks
A currency authority comprising the European Central Bank (ECB) and the central banks of all EUmember states. The central banks of all countries that did not adopt the euro at the beginning of the third phase of the Economic and Monetary Union (EMU) are also members of the ESCB.
Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta,
the Netherlands, Portugal, Slovakia, Slovenia, Spain.
The EU Commission is the political force behind the EU´s Community policies and prepares drafts for directives and regulations, and contributes to the Community´s law-making process. It holds a monopoly on legislative initiative, monitors compliance with Community law and represents the interests of the Community vis-à-vis national organisations and non-member countries.
EU, European Union - Member States
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Germany, Estonia, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, the United Kingdom.
IBAN, International Bank Account Number
Internationally standardised, clear account designation (ISO standard). Generally consists of a country code, a bank code (country routing code), account number and a check digit.
German abbreviation for domestic payment transactions.
A mandate is generally an order or an authorisation to act on a party´s behalf that does not contain precise instructions on the action to be taken.
The mandate reference is a reference number assigned by the payee, which consists of up to 35 alphanumeric characters.
PACS, Payments Clearing and Settlement
UNIFI (ISO 20022) formats for the processing of SEPA payment transactions between banks (interbank format).
PAIN, Payments Standards Initiation
UNIFI (ISO 20022) message types for customer-bank interaction.
PSD, Payment Services Directive
The Payment Services Directive contains guidelines for the uniform European legal framework for payment transactions.
SEPA, Single Euro Payments Area
SEPA Member States
Member states of the EU, the EEA, Switzerland, Monaco and San Marino.
SC, SEPA Cards
SCT, SEPA Credit Transfer
SDD, SEPA Direct Debit
STP, Straight Through Processing
Straight through processing of data, fully automated processing of transactions.
SWIFT, Society for Worldwide Interbank Financial Telecommunication
International association of financial institutions which maintains a telecommunications network (SWIFT network) for the exchange of messages between these member institutions. The association forwards financial transactions between banks, brokers, stock exchanges and other financial institutions.
UNIFI (ISO20022), Universal Financial Industry message scheme
UNIFI (ISO 20022) is the designation for a library of new message types for financial institutions created by the International Standardization Organization (ISO) on the basis of XML syntax. These message types are to replace the MT (message type) formats used in the SWIFT network. The UNIFI formats are also called MX formats.
XML format, Extensible Markup Language
XML is a computer language for data exchange. Formats are defined in this language through standardisation for the transmission of payment transaction data.