Glossary

Public Key

A cryptographic key which is used for data encryption and which cannot be used for decryption. Public keys can be freely published.

Public Key Cryptography

A form of asymmetric encryption where all parties possess a pair of keys, one private and one public, for use in encryption and digital signing of data.

QR (Quick Response) Code Mobile Payments

This technology allows customers to display a QR code (trademarked name for a two-dimensional bar code) on their mobile devices that can then be scanned by a merchant’s optical scanner to read the code
and facilitate a payment.

Receipt

A hard copy document recording a transaction that took place at the point of sale, with a description that usually includes: date, merchant name/location, primary account number, amount, and reference number.

Recurring Billing

Transactions for which a cardholder grants permission to the Merchant to periodically charge his account number for recurring goods or services.

Reference Number

Number assigned to each monetary transaction in a descriptive billing system. Each reference number is printed on the monthly statement to aid in retrieval of the document, should it be questioned by the cardholder.

Refund

Create a credit to a cardholder account, usually as a result of a product return or to correct an error.

Regulation E

Electronic Funds Transfers – Establishes the rights, liabilities, and responsibilities of parties in electronic funds transfers and protects consumers when they use such systems.

Regulation Z

Truth in Lending – Prescribes uniform methods for computing the cost of credit, for disclosing credit terms, and for resolving errors on certain types of credit accounts. This federal regulation governs all aspects concerning credit cards. It pertains to the issuer and cardholder, as well as any organization involved in the processing of credit cards.

Repudiate

To deny that you have done something when you have.

Request Auth

Submits a transaction for Authorisation Only.

Retail Merchant

A merchant that provides goods and/or services in the retail industry, but is not a mail/phone merchant, a recurring services merchant, or a T&E merchant.

Retrieval Request

An issuers request for a transaction receipt, which could include the original, a paper copy or facsimile, or an electronic version thereof.

Reversal

An online financial transaction used to negate or cancel a transaction that has been sent through interchange in error.

Sales Draft

A paper record evidencing the purchase of goods or services by a cardholder.

Secure Code

The Mastercard equivalent of the Visa VBV scheme.

Service Charge

A component of some finance charges, such as the fee for triggering an overdraft checking account into use.

Settlement

The reporting of settlement amounts owed by one member to another, or to a card issuing concern, as a result of clearing. This is the actual buying and selling of transactions between the merchants, processors, and acquirers; along with the card issuing entities.

Settlement Bank

A bank, including a correspondent or intermediary bank, that is both located in the country where a members settlement currency is the local currency, and authorized to execute settlement of interchange on behalf of the member or the members bank.

SIC Code

Standard Industry Classification Code. A system used to categorize businesses by industry group. This system is being replaced by the NAICS Coding system.