Words we use, explained
In shortThe terms you will meet in the app and in these articles, each in one plain sentence.
Money has its own vocabulary. Here is ours, one line each, in alphabetical order.
| Term | What it means |
|---|---|
| 2FA (Two-Factor Authentication) | A second security layer beyond the email OTP, via an authenticator app. |
| 3DS (3D Secure) | Extra online card-payment verification step. |
| ACH | US domestic payment rail. |
| API (Application Programming Interface) | How two systems communicate automatically without a human typing data between them. |
| BIC (Bank Identifier Code) | Identifies a specific bank, used alongside an account number in non-IBAN countries; same code used for SWIFT routing. |
| Blockchain | A shared, tamper-resistant digital transaction record copied across many computers. |
| CHAPS | UK high-value same-day payment rail. |
| Chargeback | A formal card-transaction dispute run through the card network. |
| Confirmation (blockchain) | A block added on top of a transaction’s block, making it progressively more final. |
| Custody | Who actually holds the private keys controlling crypto. |
| Deactivated | The confirmed account status for a closed account. |
| Fedwire | US high-value real-time payment rail. |
| FPS (Faster Payments Service) | UK instant domestic payment rail. |
| Gas Fee | Payment required to get a blockchain transaction processed. |
| IBAN (International Bank Account Number) | A single standardised code identifying a bank account, used in Europe and elsewhere. |
| Network Tokenisation | Card-network-wide replacement of the real card number with a substitute token. |
| OTP (One-Time Passcode) | A single-use code, e.g. sent by email at sign-in. |
| Payment Rail | A specific network money moves across, e.g. SWIFT, SEPA, FPS. |
| Pre-Authorization/Capture | A temporary hold followed by the final charge for the same purchase. |
| QCT (Quality and Control Team) | The team that owns QA scoring and calibration only, does not action live customer tickets. |
| Reversal | Cancelling an authorised-but-not-yet-captured card transaction. |
| Scheme Fees | Fees charged by the card network itself. |
| SEPA | Euro payment rail across SEPA-participating countries. |
| Stablecoin | Crypto designed to hold a stable value, usually pegged to a currency like USD. |
| Suspended | The confirmed account status for a restriction. |
| SWIFT | Global messaging network underlying international bank transfers. |
| Tokenisation (card) | Replacing a real card number with a substitute token for Apple Pay/Google Pay. |
| Travel Rule | Requirement to share sender/recipient information on larger crypto transactions. |
| UBO (Ultimate Beneficial Owner) | Anyone owning 25%+ of a business (100% for sole proprietorships). |
| vIBAN (Virtual IBAN) | An IBAN generated and managed by a banking partner behind the scenes for a specific customer/purpose. |
If a word in the app is not here and it is not obvious, message us and we will add it.
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