22.07.2020

Payment Services Dictionary (Jargon)

This Payment Services Dictionary (Jargon) is a section of a financial regulatory dictionary. And it has a specific regulation. The language of the financial regulatory field is complex and an entry barrier to understanding its regulation. This work is informative and lacking in scientific character. It is only an approach that facilitates access to a complex subject. This same work and this particular section are available in Spanish.

Por Sanz González , María

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Concept	Definition
DIRECT DEBIT	A payment service for debiting a payer’s payment account, where a payment transaction is initiated by the payee on the basis of the consent given by the payer to the payee, to the payee’s payment service provider or to the payer’s own payment service provider;
ACQUIRING OF PAYMENT TRANSACTIONS	A payment service provided by a payment service provider contracting with a payee to accept and process payment transactions, which results in a transfer of funds to the payee;
AGENT	A natural or legal person who acts on behalf of a payment institution in providing payment services
AUTHENTICATION	A procedure which allows the payment service provider to verify the identity of a payment service user or the validity of the use of a specific payment instrument, including the use of the user’s personalised security credentials
STRONG CUSTOMER AUTHENTICATION	An authentication based on the use of two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data;
PAYEE	A natural or legal person who is the intended recipient of funds which have been the subject of a payment transaction;
CLIENT	Any prospective or actual investor or project owner to whom a crowdfunding service provider provides or may provide crowdfunding services
MARKETING COMMUNICATIONS	Any information or communication from a crowdfunding service provider to a prospective investor or prospective project owner about the services of the crowdfunding service provider, other than investor disclosures required under this Regulation
CONSUMER	A natural person who, in payment service contracts covered by PSD2 Directive, is acting for purposes other than his or her trade, business or profession
DIGITAL CONTENT	Goods or services which are produced and supplied in digital form, the use or consumption of which is restricted to a technical device and which do not include in any way the use or consumption of physical goods or services
FRAMEWORK CONTRACT	A payment service contract which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account
PERSONALISED SECURITY CREDENTIALS	Personalised features provided by the payment service provider to a payment service user for the purposes of authentication;
PAYMENT ACCOUNT	An account held in the name of one or more payment service users which is used for the execution of payment transactions
SENSITIVE PAYMENT DATA	Data, including personalised security credentials which can be used to carry out fraud. For the activities of payment initiation service providers and account information service providers, the name of the account owner and the account number do not constitute sensitive payment data
BUSINESS DAY	A day on which the relevant payment service provider of the payer or the payment service provider of the payee involved in the execution of a payment transaction is open for business as required for the execution of a payment transaction
ISSUING OF PAYMENT INSTRUMENTS	A payment service by a payment service provider contracting to provide a payer with a payment instrument to initiate and process the payer’s payment transactions
PAYMENT INSTITUTION	A legal person that has been granted authorisation in accordance with Article 11 of PSD2 Directive to provide and execute payment services throughout the Union
SPECIAL PURPOSE VEHICLE OR SPV	Entities whose sole purpose is to carry on a securitisation within the meaning of Article 1(2) of Regulation (EU) No 1075/2013 of the European Central Bank
HOST MEMBER STATE	The Member State other than the home Member State in which a payment service provider has an agent or a branch or provides payment services;
VALUE DATE	A reference time used by a payment service provider for the calculation of interest on the funds debited from or credited to a payment account;
FUNDS	Banknotes and coins, scriptural money or electronic money as defined in point (2) of Article 2 of Directive 2009/110/EC
OWN FUNDS	Funds as defined in point 118 of Article 4(1) of Regulation (EU) No 575/2013 where at least 75 % of the Tier 1 capital is in the form of Common Equity Tier 1 capital as referred to in Article 50 of that Regulation and Tier 2 is equal to or less than one third of Tier 1 capital
GROUP	A group of undertakings which are linked to each other by a relationship referred to in Article 22(1), (2) or (7) of Directive 2013/34/EU or undertakings as defined in Articles 4, 5, 6 and 7 of Commission Delegated Regulation (EU) No 241/2014 , which are linked to each other by a relationship referred to in Article 10(1) or in Article 113(6) or (7) of Regulation (EU) No 575/2013
UNIQUE IDENTIFIER	A combination of letters, numbers or symbols specified to the payment service user by the payment service provider and to be provided by the payment service user to identify unambiguously another payment service user and/or the payment account of that other payment service user for a payment transaction;
PAYMENT INSTRUMENT	An investment firm which, on an organised, frequent systematic and substantial basis, deals on own account when executing client orders outside a regulated market, an MTF or an OTF without operating a multilateral system
INVESTOR	Any person that, through a crowdfunding platform, grants loans or acquires transferable securities
PAYMENT BRAND	Any material or digital name, term, sign, symbol or combination of them, capable of denoting under which payment card scheme card-based payment transactions are carried out;
MEANS OF DISTANCE COMMUNICATION	A method which, without the simultaneous physical presence of the payment service provider and the payment service user, may be used for the conclusion of a payment services contract
MICROENTERPRISE	An enterprise, which at the time of conclusion of the payment service contract, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC
CROWDFUNDING OFFER	Any communication by crowdfunding service providers that contains information which enables prospective investors to decide on the merits of entering into a crowdfunding transaction
PAYMENT TRANSACTION	An act, initiated by the payer or on his behalf or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee
REMOTE PAYMENT TRANSACTION	A payment transaction initiated via internet or through a device that can be used for distance communication
PAYER	A natural or legal person who holds a payment account and allows a payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a payment order
CROWDFUNDING PLATFORM	An electronic information system operated or managed by a crowdfunding service provider
PROJECT OWNER	Any person that seeks to fund its crowdfunding project through a crowdfunding platform
CROWDFUNDING SERVICE PROVIDER	A legal person who provides crowdfunding services and has been authorised for that purpose by the European Securities and Markets Authority (ESMA) in accordance with Article 11 of COM(2018) 113 final proposal for Regulation
ACCOUNT INFORMATION SERVICE PROVIDER	Apayment service provider pursuing business activities as referred to in point (8) of Annex I of PSD2 Directive
PAYMENT INITIATION SERVICE PROVIDER	A payment service provider pursuing business activities as referred to in point (7) of Annex I of PSD2 Directive
PAYMENT SERVICE PROVIDER	A body referred to in Article 1(1) or a natural or legal person benefiting from an exemption pursuant to Article 32 or 33 of PSD2 Directive
ACCOUNT SERVICING PAYMENT SERVICE PROVIDER	A payment service provider providing and maintaining a payment account for a payer;
CROWDFUNDING PROJECT	The business activity or activities that a project owner funds or seeks to fund through the crowdfunding offer
ELECTRONIC COMMUNICATIONS NETWORK	Transmission systems and, where applicable, switching or routing equipment and other resources which permit the conveyance of signals by wire, by radio, by optical or by other electromagnetic means, including satellite networks, fixed (circuit- and packet-switched, including Internet) and mobile terrestrial networks, electricity cable systems, to the extent that they are used for the purpose of transmitting signals, networks used for radio and television broadcasting, and cable television networks, irrespective of the type of information conveyed;
ELECTRONIC COMMUNICATIONS SERVICE	A service normally provided for remuneration which consists wholly or mainly in the conveyance of signals on electronic communications networks, including telecommunications services and transmission services in networks used for broadcasting, but exclude services providing, or exercising editorial control over, content transmitted using electronic communications networks and services; it does not include information society services, as defined in Article 1 of Directive 98/34/EC, which do not consist wholly or mainly in the conveyance of signals on electronic communications networks
MONEY REMITTANCE	A payment service where funds are received from a payer, without any payment accounts being created in the name of the payer or the payee, for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee, and/or where such funds are received on behalf of and made available to the payee
CROWDFUNDING SERVICE	The matching of business funding interest of investors and project owners through the use of a crowdfunding platform and which consist of any of the following: (i) the facilitation of granting of loans; (ii) the placing without firm commitment, as referred to in point 7 of Section A of Annex I to Directive 2014/65/EU, of transferable securities issued by project owners and the reception and transmission of client orders, as referred to in point 1 of Section A to Annex I to Directive 2014/65, with regard to those transferable securities
ACCOUNT INFORMATION SERVICE	An online service to provide consolidated information on one or more payment accounts held by the payment service user with either another payment service provider or with more than one payment service provider
PAYMENT INITIATION SERVICE	A service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider
PAYMENT SERVICE	Any business activity set out in Annex I of PSD2 directive
PAYMENT SYSTEM	A funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions
DURABLE MEDIUM	Any instrument which enables the payment service user to store information addressed personally to that payment service user in a way accessible for future reference for a period of time adequate to the purposes of the information and which allows the unchanged reproduction of the information stored
BRANCH	A place of business other than the head office which is a part of a payment institution, which has no legal personality and which carries out directly some or all of the transactions inherent in the business of a payment institution; all of the places of business set up in the same Member State by a payment institution with a head office in another Member State shall be regarded as a single branch
REFERENCE EXCHANGE RATE	The exchange rate which is used as the basis to calculate any currency exchange and which is made available by the payment service provider or comes from a publicly available source
REFERENCE INTEREST RATE	The interest rate which is used as the basis for calculating any interest to be applied and which comes from a publicly available source which can be verified by both parties to a payment service contract
CREDIT TRANSFER	A payment service for crediting a payee’s payment account with a payment transaction or a series of payment transactions from a payer’s payment account by the payment service provider which holds the payer’s payment account, based on an instruction given by the payer
PAYMENT SERVICE USER	A natural or legal person making use of a payment service in the capacity of payer, payee, or both;
CO-BADGING	The inclusion of two or more payment brands or payment applications of the same payment brand on the same payment instrument.