Payment Processors (Payments)

OTC Desk

What Is an OTC Desk. An OTC desk (over‑the‑counter desk) is a service that helps people or institutions buy and sell large amounts of assets directly, without using a public exchange order book.

OMAD Number

What Is an OMAD Number. An OMAD number is a unique tracking reference used for identifying and tracing wire transfer transactions; especially in systems like Wire transfer and SWIFT‑based international transfer networks.

Halal Payments (HP)

What is Halal Payments. Halal payments refer to payment methods, systems and processes that are designed to comply with Islamic financial principles. These payments ensure that money transfers, collections and settlements are conducted in an ethical, transparent and religiously permissible manner.

Marketplace Payments (MP)

What are Marketplace Payments. Marketplace payments refer to the systems and processes that enable money to move between buyers, sellers and platform operators within an online marketplace.

Transaction Cycle

What is a Transaction Cycle A transaction cycle represents the complete end-to-end journey of a financial transaction, starting from initiation and authorization and ending with final settlement and confirmation.

Transaction Management System (TMS)

What is Transaction Management System A transaction management system is a centralized platform that manages the end-to-end lifecycle of financial transactions, from initiation and authorization to processing, settlement, and reporting.

Payment Service Provider (PSP)

What is Payment Service Provider (PSP) A payment service provider (PSP) is a third-party company that facilitates and processes payment transactions on behalf of businesses by acting as an intermediary between merchants, customers, banks and other financial institutions.

Payment Scheme (PS)

Discover the role of payment schemes in banking, payments, and global financial services. This article provides a concise overview of payment schemes, covering their definition, current applications, stakeholders, advantages vs. disadvantages, and future trends. Essential reading for finance professionals.

Payment Processor (PP)

What is Payment Processor A payment processor facilitates the electronic transfer of funds between customers and merchants by acting as the technical and operational intermediary that connects payment methods, merchant systems and financial institutions.

Payment Processing (PP)

What is Payment Processing Payment processing is the automated handling of financial transactions between buyers and sellers, ensuring that payments are completed securely and efficiently.

Payer

What is Payer A payer is an individual or entity that initiates and makes a payment to another party as part of a financial transaction, fulfilling an obligation such as paying for goods, services, debts, or transfers.

Pay Out

What is Pay Out A pay out refers to the process of distributing money from one entity to another, typically as part of fulfilling financial obligations.

Payable Through Accounts (PTA)

Payable Through Accounts (PTA) is a banking structure where banks process corporate-issued payments while funding is drawn from the client’s primary account.

Pay In

What is Pay In Pay in refers to the process of adding funds or deposits into a bank account or financial system, typically carried out by individuals, businesses, or organizations.

Hybrid Payments (HP)

What Are Hybrid Payments. Hybrid payments refer to a payment approach that combines multiple payment methods, channels and technologies into a single, unified framework.

Reverse Bill Aggregation

What is Reverse Bill Aggregation Reverse bill aggregation is a payments model in which multiple small charges or micro-payments; often originating from different customers, services, or transaction types are combined into a single, larger payment.

Orchestration

What Is Orchestration. Orchestration in payments refers to the technology and processes that coordinate how transactions move across multiple systems, providers, and financial institutions.

Open-Loop

What Is Open-Loop. Open-loop refers to a type of payment system that allows transactions to move across a broad network of participating institutions rather than being restricted to a single company or closed environment.

Open Payment Network

What Is an Open Payment Network. An open payment network is a payment ecosystem that allows multiple financial institutions, technology providers, and service platforms to connect and transact using shared standards and infrastructure.

Off-us Transactions

What Are Off‑us Transactions. Off‑us transactions are payments where the bank or financial institution that issued the card or account is not the same institution that processes the payment.

Payment Orchestration (PO)

Discover the essentials of payment orchestration, its definition, current uses, key impacts, main stakeholders, and future trends in the financial sector. Dive into how it enhances global transactions and compliance.

Total Payment Volume (TPV)

Explore the essentials of Total Payment Volume (TPV) in finance, covering its definition, current importance, stakeholders, and future trends. Learn how TPV shapes banking, payments, and compliance globally.

Authorization & Settlement

What is Authorization & Settlement. Authorization & settlement are two closely linked stages in the lifecycle of a financial transaction, especially within payment services, money services businesses, and global payment networks.

3rd Party Payments

What is 3rd Party Payments 3rd Party Payments in the banking and finance sector refer to transactions where a separate entity, distinct from the payer and the payee, facilitates or manages the payment.