Glossary

Payment Glossary

Key terms and definitions for cross-border payments, international banking, and fintech.

A

AML/KYC

Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations that financial institutions must follow.

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B

Bid-Ask Spread

The difference between the highest price a buyer will pay and the lowest price a seller will accept for a currency.

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Blockchain

A decentralized, distributed ledger technology that records transactions securely and transparently across multiple computers.

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C

Cross-Border Payment

A financial transaction that involves transferring money from one country to another, across international borders.

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E

Exchange Rate

The price at which one currency can be exchanged for another currency.

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F

Foreign Exchange (FX)

The global market where currencies are traded. Also the rate at which one currency can be exchanged for another.

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I

IBAN

International Bank Account Number - a standardized international bank account identifier used across European and many other countries.

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M

Mid-Market Rate

The real exchange rate between two currencies as determined by the global market, without any markup or margin.

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S

Stablecoin

A cryptocurrency designed to maintain a stable value, typically pegged to a currency like USD or a basket of assets.

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SWIFT Transfer

An international bank transfer using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network.

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T

Trade Remittance

A cross-border transfer that settles a commercial obligation - a supplier invoice, contractor fee or intercompany payment.

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V

Virtual Account

A bank account that exists only in digital form, without a physical presence or location. Used for collections and payments.

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W

Wire Transfer

An electronic method of transferring money directly from one bank account to another, usually internationally.

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