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Payment Service Provider
A payment service provider (PSP) is a third-party company that assists businesses to accept electronic payments, such as credit cards and debit cards payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers. Some of the most renowned PSPs are: * Adyen * PayPal * Stripe Operation PSPs establish technical connections with acquiring banks and card networks, enabling merchants to accept different payment methods without the need to partner with a particular bank. They fully manage payment processing and external network relationships, making the merchant less dependent on banking institutions. PSP can also offer risk management services for card and bank based payments, transaction payment matching, reporting, fund remittance and fraud protection. Some PSPs provide services to process other next generation methods (payment systems) including cash payments, wallets, prepaid cards or vouchers, and even pap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Cards
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium), and a few gemstone-encrusted metal cards. A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle. In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit card diffe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Voucher
A voucher is a bond of the redeemable transaction type which is worth a certain monetary value and which may be spent only for specific reasons or on specific goods. Examples include housing, travel, and food vouchers. The term voucher is also a synonym for receipt and is often used to refer to receipts used as evidence of, for example, the declaration that a service has been performed or that an expenditure has been made. Voucher is a tourist guide for using services with a guarantee of payment by the agency. The term is also commonly used for school vouchers, which are somewhat different. In tourism Vouchers are used in the tourism sector primarily as proof of a named customer's right to take a service at a specific time and place. Service providers collect them to return to the tour operator or travel agent that has sent that customer, to prove they have given the service. So, the life of a voucher is as below: # Customer receives vouchers from tour operator or travel agent f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payments As A Service
Payments as a service (PaaS) is a marketing phrase used to describe a software as a service to connect a group of international payment systems. The architecture is represented by a layer – or overlay – that resides on top of these disparate systems and provides for two-way communications between the payment system and the PaaS. Communication is governed by standard APIs created by the PaaS provider. History Since the 1980s, credit cards and international wire transfer systems like the Society for Worldwide Interbank Financial Telecommunication (SWIFT) were primary methods for making and receiving electronic cross-border payments. Within individual countries, payers and payees have used various electronic systems to make such payments. In the United States, for instance, the Federal Reserve Bank operates the automated clearing house (ACH) system. In the Eurozone the Single Euro Payments Area (SEPA) defines the rules for credit transfer (SCT) and direct debits (SDD) fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
E-commerce Payment System
An e-commerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking. Credit cards remain the most common forms of payment for e-commerce transactions. As of 2008, in North America, almost 90% of online retail transactions were made with this payment type.Turban, E. King, D. McKay, J. Marshall, P. Lee, J & Vielhand, D. (2008). Electronic Commerce 2008: A Managerial Perspective. London: Pearson Education Ltd. p.550 It is difficult for an online retailer to operate without supporting credit and debit cards due to their widespread use. Online merchants must comply with stringent rules stipulated by the credit and debit card issuers (e.g. Visa and Mastercard) in accordance with a bank and financial regulation in the countries ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Gateway
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. The payment gateway may be provided by a bank to its customers, but can be provided by a specialised financial service provider as a separate service, such as a payment service provider. A payment gateway facilitates a payment transaction by the transfer of information between a payment portal (such as a website, mobile phone or interactive voice response service) and the front end processor or acquiring bank. Payment gateways are a service that helps merchants initiate ecommerce, in-app, and point of sale payments for a broad variety of payment methods. The gateway is not directly involved in the money flow; typically it is a web server to which a merchant's website or POS system is connected. A payment gateway often connects several acquirin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PCI DSS
The Payment Card Industry Data Security Standard (PCI DSS) is an information security standard used to handle credit cards from major card brands. The standard is administered by the Payment Card Industry Security Standards Council and its use is mandated by the card brands. The standard was created to better control cardholder data and reduce credit card fraud. Validation of compliance is performed annually or quarterly, by a method suited to the volume of transactions handled: * Self-Assessment Questionnaire (SAQ) * Firm-specific Internal Security Assessor (ISA) * External Qualified Security Assessor (QSA) History Originally, the major card brands started five different security programs: *Visa's Cardholder Information Security Program * MasterCard's Site Data Protection * American Express's Data Security Operating Policy *Discover's Information Security and Compliance * JCB's Data Security Program The intentions of each were roughly similar: to create an additional level ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Data Protection
Information privacy is the relationship between the collection and dissemination of data, technology, the public expectation of privacy, contextual information norms, and the legal and political issues surrounding them. It is also known as data privacy or data protection. Data privacy is challenging since attempts to use data while protecting an individual's privacy preferences and personally identifiable information. The fields of computer security, data security, and information security all design and use software, hardware, and human resources to address this issue. Authorities Laws Authorities by country Information types Various types of personal information often come under privacy concerns. Cable television This describes the ability to control what information one reveals about oneself over cable television, and who can access that information. For example, third parties can track IP TV programs someone has watched at any given time. "The addition of any informati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Services Directive
The Revised Payment Services Directive (PSD2, Directive (EU) 2015/2366, which replaced the Payment Services Directive (PSD), Directive 2007/64/EC) is an EU Directive, administered by the European Commission (Directorate General Internal Market) to regulate payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). The PSD's purpose was to increase pan-European competition and participation in the payments industry also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users. The key objectives of the PSD2 directive are creating a more integrated European payments market, making payments more secure and protecting consumers. Overview The SEPA (Single Euro Payments Area) is a self-regulatory initiative by the European banking sector represented in the European Payments Council, which defines the harmonization of payment products, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crime
Financial crime is crime committed against property, involving the unlawful conversion of the ownership of property (belonging to one person) to one's own personal use and benefit. Financial crimes may involve fraud (cheque fraud, credit card fraud, mortgage fraud, medical fraud, corporate fraud, securities fraud (including insider trading), bank fraud, insurance fraud, market manipulation, payment ( point of sale) fraud, health care fraud); theft; scams or confidence tricks; tax evasion; bribery; sedition; embezzlement; identity theft; money laundering; and forgery and counterfeiting, including the production of counterfeit money and consumer goods. Financial crimes may involve additional criminal acts, such as computer crime and elder abuse and even violent crimes such as robbery, armed robbery or murder. Financial crimes may be carried out by individuals, corporations, or by organized crime groups. Victims may include individuals, corporations, governments, and e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In US law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as "taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property". In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Offic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of The Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes. The depart ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FinCEN
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes. Mission FinCEN's director expressed its mission in November 2013 as "to safeguard the financial system from illicit use, combat money laundering and promote national security." FinCEN serves as the U.S. Financial Intelligence Unit (FIU) and is one of 147 FIUs making up the Egmont Group of Financial Intelligence Units. FinCEN's self-described motto is " follow the money." The website states: "The primary motive of criminals is financial gain, and they leave financial trails as they try to launder the proceeds of crimes or attempt to spend their ill-gotten profits." It is a network bringing people and information together, by coordinating information sharing with law enforcement agencies, regulat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
