Glossary
This page provides definitions for key terms used throughout the PSD2 API. If you come across any unfamiliar terms while reading our docs, you can refer back to this page for clarification.
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A​
Account​
A financial arrangement that allows a customer to deposit, withdraw, and track funds.
Account Balance​
The amount of money present in a financial account at a given time.
Account Holder​
The person or entity who owns and controls a financial account.
ASPSP (Account Servicing Payment Service Provider)​
A bank or other financial institution that provides and maintains a payment account for a customer.
B​
Balance​
The amount of money available or owed in an account at a specific point in time.
Beneficiary​
The person or entity who receives a payment or funds transfer.
BIC (Bank Identifier Code)​
An international standard code used to identify specific banks worldwide.
C​
Card Account​
A financial account associated with a payment card, such as a debit or credit card.
Consent​
Authorization given by an account holder to allow access to their financial information or to perform transactions on their behalf.
Credit Transfer​
A method of payment where money is sent from one bank account to another.
Creditor​
The party to whom money is owed or to whom a payment is made.
Currency​
The system of money used in a particular country or region.
D​
Debtor​
The party who owes money or from whose account a payment is made.
E​
End-to-End Identification​
A unique reference assigned by the initiating party to unambiguously identify a transaction.
F​
Funds​
Money or other financial assets held in an account or available for transactions.
Funds Availability​
The status of whether sufficient money is present in an account to cover a transaction.
I​
IBAN (International Bank Account Number)​
A standardized international numbering system used to identify bank accounts across national borders.
Initiation​
The process of starting or setting up a financial transaction, such as a payment.
M​
Mandate​
An authorization given by a customer to a company, allowing them to collect payments directly from the customer's account.
P​
Payment​
The transfer of money from one party to another in exchange for goods, services, or to satisfy an obligation.
Payment Initiation​
The process of starting a payment transaction.
Payment Service Provider (PSP)​
An entity that offers services enabling the deposit, withdrawal, and transfer of funds.
Payment Status​
The current state of a payment transaction (e.g., pending, completed, rejected).
PSU (Payment Service User)​
The person or entity making use of a payment service, typically the account holder.
R​
Remittance Information​
Details provided with a payment to explain the reason for the transaction.
S​
SCA (Strong Customer Authentication)​
A security process that requires two or more authentication factors to verify a user's identity.
SEPA (Single Euro Payments Area)​
A system for processing cross-border payments within the European Union.
SEPA Credit Transfer​
A type of payment transfer within the European Union that uses the SEPA system.
T​
Transaction​
A financial operation or exchange involving the movement of money between accounts.
Transaction Amount​
The sum of money involved in a particular financial transaction.
Transaction ID​
A unique identifier assigned to a specific financial transaction.
V​
Value Date​
The date when funds from a transaction become available to the recipient or are debited from the sender's account.