Dictionary of Payment Terminology

The Dictionary of Payment terminology is a tool that is designed to be used to look up the definitions of commonly used terms and acronyms in the Electronic Payments Industry.

Index


Payment Industry Term
Acronym
Payment Application
A software application contained within a Chip or payment data encoded on a Magnetic Stripe that defines the parameters for processing a Visa Transaction.
Payment Card Industry Data Security Standard
PCI DSS
PCI DSS is a proprietary information security standard for organizations that handle branded credit cards
Payment Card Industry Data Security Standard (PCI DSS)
A set of comprehensive requirements that define the standard of due care for protecting sensitive Cardholder information.
Personal Identification Number
PIN
The PIN is a numeric password that is used to authenticate a cardholder during transactions
PIN
A personal identification numeric code that identifies a Cardholder in an Authorization Request.
PIN Verification
A procedure used to verify Cardholder identity when a PIN is used in an Authorization Request.
Plus Symbol  
A Mark consisting of the Diamond Design combined with the Plus wordmark denoting ATM access only. One of the Visa-Owned Marks.
Plus System, Inc.
A subsidiary of Visa U.S.A. Inc. sublicensed to administer the Plus Program in the United States and certain other countries, in accordance with the affiliation agreements between that entity and Visa.
Point of Transaction  
The physical location or online address where a Merchant or Acquirer completes a Transaction.
POS  
Point of Sale.
Project Manager
PM
The PM is the overall coordinator for the NCO process and manages the project plan, coordinates cross-functionally between all stakeholders, ensures timelines and deliverables are on track and ensures that issues are escalated appropriately
Quality Security Assessor
QSA
QSAs are organizations that have been qualified to assess compliance to the PCI DSS standard
Registered Jack 45
RJ45
This is an unkeyed 8P8C modular connector used for Ethernet computer network cables
Retail Merchant  
A Merchant that is not one of the following:
  • Mail/Phone Order Merchant
  • Merchant that processes Recurring Transactions for the sale of recurring services
  • T&E Merchant
Retail Transaction
A Transaction at a Retail Merchant outlet.
Settlement Account Management
SAM
SAM is a system that provides Visa Regional staff and Clients with a convenient way to enter and modify settlement funds transfer instructions. Additionally, SAM generates the legal forms required for setup and accepts data entered on the forms electronically through email.
Settlement Funds Transfer
SFT
Section of the Onboarding form with instructions and relevant information for funds transfer setup
Spanning Tree Protocol
STP
STP is an older network protocol that ensures a loop-free topology for any bridged Ethernet local area network
Subject Matter Expert
SME
A subject-matter expert or domain expert is a person who is an authority in a particular area or topic
Third Party Processor
TPP
A Member, or a Visa-approved non-member acting as the agent of a Member, that provides Authorization, Clearing, or Settlement services for Merchants and other Members
Token  
A numeric identifier issued in accordance with the EMV Payment Tokenization Specification that can be used in place of an Account Number to initiate a Transaction.
Transaction Country
The Country where a Merchant Outlet is located, regardless of the Cardholder’s location when a Transaction occurs. For Transactions completed aboard an aircraft or a Cruise Line vessel, the Transaction Country is where the Merchant deposits the Transaction Receipt.
Transaction Currency
The currency in which a Transaction is originally completed.
Transaction Date
The date on which a Transaction between a Cardholder and a Merchant or an Acquirer occurs.
Transaction Receipt
An electronic or paper record of a Transaction (or a copy), generated at the Point-of-Transaction.
Virtual Private Network
VPN
A VPN extends a private network across a public network, such as the Internet. It enables a computer or network-enabled device to send and receive data across shared or public networks as if it were directly connected to the private network, while benefiting from the functionality, security and management policies of the private network
Visa
Visa International Service Association and all of its subsidiaries and affiliates, and subsidiaries and affiliates of Visa Inc., excluding Visa Europe. When used within the Visa Rules, Visa refers to any Visa Inc. subsidiary, affiliate, regional office, management, or committee as applicable.
Visa ATM
An ATM that displays the Visa Brand Mark or the Visa Flag Symbol, but not the Plus Symbol.
Visa Card
A Card that bears the Visa Brand Mark as specified in the Visa Rules, enabling a Visa Cardholder to obtain goods, services, or cash from a Visa Merchant or an Acquirer or facilitate the loading of funds to a Prepaid Account.
Visa Checkout  
Where available, a Visa platform that enables a Visa Checkout Account Holder to store and manage accounts in a secure centralized location, make purchases with Visa Checkout Merchants, and use other forms of financial and non-financial services.
Visa Inc.
A Delaware stock corporation.
Visa Test System
VTS
VTS is a a subscription-based software to simulate an endpoint’s VIP system connection, as either an acquirer or issuer, in order to respond to or generate transactions for self-testing
VisaNet
VisaNet is Visa’s secure, centralized, global processing platform which enables Visa to provide financial institutions and merchants with a wide range of product platforms, transaction processing, and related value- added services. It is the world’s largest electronic payments network, connecting more than 2 billion cards, nearly 14,000 financial institutions clients, and capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.
VisaNet Certification Management Service
VCMS
VCMS is a test system that allows members to test and certify for the VisaNet production systems and their various services
VisaNet Integrated Processing
VIP
VIP is Visa's main transaction processing system which provides a vehicle for processing Visa transactions between Merchants, Issuers, and Acquirers/Processors