Terminology

Acquiring bank
The financial institution that maintains the merchant’s bank account. The acquiring bank is a registered member of the card associations/networks. A contract with the acquiring bank enables merchants to process credit and debit card transactions.


Cardholder
Owner of a debit card who receives it through an issuing bank.


Card network
The card networks play several roles in the processing of payments. They are:

  • Govern a large community of members (financial institutions) and set fees and regulations
  • Facilitate the electronic transfer of funds and information
  • Act as the intermediary between the issuing and acquiring banks
  • Authorize or deny transactions

Cash balance requirement (reserve)
The minimum cash balance that a merchant is required to keep in their account at CRB.


Issuing bank
The financial institution that offers payment cards to consumers on behalf of the card networks. The issuing bank acts as the middle-man for the consumer and the card network by contracting with the cardholders for the terms of the repayment of transactions. They can also reject or approve transactions.


MCC
A 4-digit number that credit card networks assign to businesses that apply to accept card payments. The number denotes the type of business or service it is in.
Card networks use the merchant category codes to categorize, track or restrict certain types of purchases. The codes follow the standards of ISO-18245.


Merchant
For the purposes of P2C, a merchant is an entity that initiates payment to a recipient by pushing the payment to their debit card, or requests a payment from a recipient by pulling the payment to their debit card.


Merchant services
Category of financial services used by businesses. In the context of P2C, it refers to processing services that enable a business or individual to accept a transaction through a debit card.


P2C
Payment-to-Card disbursement solution is a payment gateway that transfers funds to debit card accounts through participating debit card networks.


Payment gateway
The intermediary system between the payer and payment processor. PTPE [this is where calling this p2c fails] functions as a payment gateway and can perform additional services such as card validation, limit checks, and smart routing, among other services.


Payment processor
The system that authorizes and executes the transfer of funds between the payer and the payee by transferring the money from the payer's account to a payee's account.


Payment rail
Method of sending the funds such as ACH, wire transfer, and P2C.


Prepaid card
A prepaid card that isn't tied to a bank account.


Sub merchant
A merchant can allow other merchants to use their relationship with CRB to issue pushes and pulls via an interface to access the system. This is known as a sub merchant. The merchant is responsible for KYC.


Transaction limit
The aggregated maximum amount of money that can be passed over P2C in one day.


Velocity limit
The largest number of transactions that can be initiated in one day. No. A limit placed on transfers to a single card in a given time period.


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