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Common Acronyms and Abbreviations for the Payments Industry

ABC_letters_downrightWe toss around a lot of shorthand terms in the industry and outside of it, so here’s a brief primer of common acronyms and abbreviations you may encounter in the payments industry in the U.S. and worldwide.

24/7: 24 hours a day, 7 days a week

ABA: American Bankers Association

ACH: Automated Clearing House

ACS: authorization, clearance and settlement

ADGM: Abu Dhabi Global Market

AFS: alternative financial services, such as nonbank money orders and check-cashing services and prepaid cards

AG: Attorney General

Amex: American Express

AMEX: American Stock Exchange (also ASE)

AML: anti-money laundering

AML/CFT: Anti-Money Laundering/Combating the Financing of Terrorism

ANPR: advanced notice of proposed rulemaking (U.S.)

API: Application Programming Interface

APMEA: Asia, Pacific, Middle East, Africa (region)

APP: application software

APR: Annual Percentage Rate

ARRA: American Recovery and Reinvestment Act (U.S.)

ASE: American Stock Exchange (also AMEX)

ATM: automated teller machine (cash dispenser/machine)

AVS: address verification service

B2B: business-to-business

B2C: business-to-consumer

B2E: business-to-employee

BaFin: German financial services supervisory body (Germany)

BAFT: Bankers Association for Finance and Trade (U.S.)

BDI: Federation of German Industry (Germany)

BEST PRACTICES Act: Building Effective Strategies To Promote Responsibility Accountability Choice Transparency Innovation Consumer Expectations and Safeguards Act (U.S.)

BGA: Federation of Wholesale, Foreign Trade and Services (EU)

BHCs: Bank Holding Companies

BIN: Bank Identification Number

BKA: German federal criminal agency (Germany)

BLE: Bluetooth low energy

BPO: business process outsourcing

BRC: British Retail Consortium (UK)

BRIC: Brazil, Russia, India, China

BSA: Bank Secrecy Act (U.S.)

BSA/AML: Bank Secrecy Act/anti-money laundering

CAGR: Compound annual growth rate

CARD Act: Credit Card Accountability Responsibility and Disclosure Act (U.S.)

CCD: Consumer Credit Directive (EU)

CDD: customer due diligence

CDFI: Community Development Financial Institution (U.S.)

CDH: consumer-directed health care

CDHC: consumer-directed health care

CFA: Consumer Federation of America (U.S.)

CFPA: Consumer Financial Protection Act, Title 10 of the Dodd-Frank Act (U.S.)

CFPB: Consumer Financial Protection Bureau (U.S.)

CFSAA: Community Financial Services Association of America

CFT: Combating the Financing of Terrorism

CID: Civil Investigative Demand

CID: Card Identification Data

CIP: Customer Identification Program

CMIR: currency or monetary instruments reporting

CNP: card not present

CPG: consumer packaged goods

CPTC: Congressional Payments Technology Caucus (U.S.)

CRA: Congressional Review Act (U.S.)

CRM: Customer Relationship Management

CRU: central routing unit

CSBS: Conference of State Bank Supervisors

CTF: counterterrorist financing

CTR: Currency Transaction Report (U.S.)

CUSO: Credit Union Service Organization

CVC: Card Verification Code

CVV: Customer Verification Value (code on back of card)

D: Democrat (usually followed by hyphen and state abbreviation, as in D-Va.) (U.S.)

DCC: Dynamic Currency Conversion

DCVV: Dynamic Card Verification Value

DDA: demand deposit account

DDoS: distributed denial-of-service

DIF: Deposit Insurance Fund

DOL: Department of Labor (U.S.)

DSC: digital signature certificate

e-: electronic, as in e-cards, e-money, e-cash, e-gift, e-payments, etc.

EBA: European Banking Authority

EBF: European Banking Federation

EBITA: Earnings before Interest, Taxes, and Amortization. Earnings before these expenses deducted

EBITDA: Earnings before Interest, Taxes, Depreciation, and Amortization

EBT: electronic benefit transfer

EC: European Commission (EU)

ECB: European Central Bank (EU)

ECON: Economic and Monetary Affairs committee, part of European Parliament (EU)

EDI: Electronic Data Interchange

EEA: European Economic Area

EFT: electronic funds transfer

EFTA: Electronic Fund Transfer Act (U.S.)

EFTA: European Free Trade Association (EU)

EGRPRA: Economic Growth and Regulatory Paperwork Reduction Act of 1996 (U.S.)

EMA: Electronic Money Association (EU)

EMD: Electronic Money Directive (EU)

EMEA: Europe, Middle East, Africa (region)

EMI: electronic money institution

EMV: Europay, MasterCard and Visa, companies that originally started a joint venture to promote global standards for smart cards used in payment transactions.

ENR: automated enrollment entry

EPC: European Payments Council

ERISA: Employee Retirement Income Security Act (U.S.)

ERO: electronic return originator

ERPB: Euro Retail Payments Board (EU)

ETF: Exchange-traded fund

ETP: Exchange-traded product

EU: European Union

FACTA: Fair and Accurate Credit Transactions Act (U.S.)

FASB: Financial Accounting Standards Board (U.S.)

FATCA: Foreign Account Tax Compliance Act (U.S.)

FATF: Financial Action Task Force’s

FBO: for the benefit of, as in a type of account

FCA: Financial Conduct Authority (U.K.)

FCAC: Financial Consumer Agency of Canada (Canada)

FDIC: Federal Deposit Insurance Corporation (U.S.)

Fed: Federal Reserve Board, Board of Governors of the Federal Reserve System (U.S.)

FFI: foreign financial institution

FFIEC: Federal Financial Institutions Examination Council (U.S.)

FFSCC: Federal Financial Services and Credit Companies

FI: financial institution

FinCEN: Financial Crimes Enforcement Network (U.S.)

FINTRAC: Financial Transactions and Reports Analysis Centre of Canada (Canada)

FINRA: Financial Industry Regulatory Authority (U.S.)

FIRA: Financial Institutions Regulatory Administration (U.S.)

FOIA: freedom of information act (U.S.)

FRB: Federal Reserve Board, also called Fed (U.S.)

FRFI: federally regulated financial institution

FSA: Financial Services Authority (U.K.)

FSA: Flexible Spending Account

FSOC: Financial Stability Oversight Council, under Treasury Dept. (U.S.)

FSP: financial services provider

FTC: Federal Trade Commission (U.S.)

FX: foreign transactions

G2P: Government-to-person

GAAP: Generally Accepted Accounting Principles

GAO: Government Accountability Office (U.S.)

GEMA: Gibraltar E-Money Association

Giftco: commonly used term for subsidiary company

GLBA: Gramm-Leach-Bliley Act (U.S.)

GPR: general purpose reloadable (as in cards)

HCE: host card emulation

HCs: Holding Companies

HIDTA: High-Intensity Drug Trafficking Area

HIPAA: Health Insurance Portability and Accountability Act (U.S.)

HOEPA: Home Ownership and Equity Protection Act of 1994 (U.S.)

HR: human resources

HRA: Health Reimbursement Account

HSA: Health Savings Account

HUD: Department of Housing and Urban Development (U.S.)

IAT: International ACH Transaction

ICBA: Independent Community Bankers of America

ICT: information and communications technologies

IDE: integrated development environment

IGCC: Incentive Gift Card Council

IIAS: Inventory Information Approval Systems

IOLTA: interest on lawyers’ trust accounts

IPO: Initial Public Offering

IRS: Internal Revenue Service (U.S.)

ISO: Independent Sales Organization

IVR: interactive voice response

JV: joint venture

KYC: know your customer

KYE: know your employee

L/A/P: loyalty/award/promotion cards

LATAM: Latin America

LD: long distance

LIFFE: London International Financial Futures Exchange (U.K.)

LMI: low and middle income

M&A: merger and acquisition

m-: mobile, as in m-cash, m-card, m-certificate, etc., as in displaying on mobile phone

m-POS: mobile point of sale

M2M: machine to machine

MAS: Monetary Authority of Singapore

MBO: management buyout

MCC: merchant category code

MCX: Merchant Customer Exchange

MDC: mobile remote deposit capture

MEA: Middle East-Africa (region)

MEP: Members of the European Parliament (EU)

MFDN: Merchant Funded Discount Network

MFI: microfinance institution

MIF: multilateral interchange fees (EU)

MIPS: mobile and internet payment services

MIS: Management Information System

MLD: Money Laundering Directive (EU)

MM: million

MMOGs: massively multiplayer online games

MNO: Mobile Network Operator

MOTO: mail order/telephone order

MOU: Memorandum of Understanding

MRC: merchandise refund certificates

MSA: Metropolitan Statistical Area

MSB: Money Services Business; plural as MSBs

MSP: Member Service Provider

MVNO: mobile virtual network operator

NBPCA: Network Branded Prepaid Card Association

NBSP: nonbank service providers

NCUA: National Credit Union Administration (U.S.)

NCUSIF: National Credit Union Share Insurance Fund (U.S.)

NFC: near field communication

NORA: Notice and Opportunity to Respond and Advise

NPR: notice of proposed rulemaking (U.S.)

NPRM: notice of proposed rulemaking (U.S.)

NPS: National Payment Scheme (Russia)

NRF: National Retail Federation (U.S.)

NYSE: New York Stock Exchange (U.S.)

OCC: Office of the Comptroller of the Currency (U.S.)

ODFI: Originating Depository Financial Institutions

OECD: Organisation for Economic Co-operation and Development (France)

OFAC: Office of Foreign Assets Control (U.S.)

OIG: Office of Inspector General (U.S.)

OMB: Office of Management and Budget (U.S.)

OSHA: Occupational Safety and Health Administration (U.S.)

OTS: Office of Thrift Supervision, a U.S. Treasury Department agency (U.S.)

OWASP: Open Web Application Security Program

P-card: purchasing card

P2P: person-to-person

PaaS: platform as a service

PAC: Political Action Committee (U.S.)

PAN: primary account number

PAYG: pay as you go

PCI: Payment Card Industry

PCI DSS: Payment Card Industry Data Security Standard

PCI PTS: Payment Card Industry PIN Transaction Security

PFMI: Principles for Financial Market Infrastructures (international standards)

PI: payment institution

PIF: Prepaid International Forum

PIN: personal identification number

PKI: Public Key Infrastructure

POS: Point of Sale

POSA: point of sale activation

PSD: Payment Services Directive (EU)

PSP: Payment Services Provider

PSR: Payment Services Regulation (U.K.)

PSR: Payment System Risk (U.K.)

PTS: PIN Transaction Security (PCI Security Standards Council)

QR code: quick response code

QSR: quick service restaurant

R: Republican (usually followed by hyphen and state abbreviation, as in R-Fla.) (U.S.)

RAFS Act: Restoring American Financial Stability Act (U.S.)

RAL: Refund Anticipation Loan

RAN: Restricted Authorization Network

RCC: remotely created checks

RDC: remote deposit capture

Reg.: Regulation (U.S.)

RESPA: Real Estate Settlement Procedures Act (U.S.)

RFDI: Receiving Depository Financial Institution

RFI: request for information

RFID: radio frequency identification

RFP: request for proposal

RGCA: Retail Gift Card Association

RSA: A widely used public key algorithm, developed by Rivest, Shamir and Adelman

RTN: routing and transmission number

RTP: remittance transfer provider

RTS: Regulatory Technical Standards

S&L: Savings & Loan

SaaS: Software as a Service

SAR: Suspicious Activity Report (U.S.)

SBREFA: Small Business Regulatory Enforcement and Flexibility Act (U.S.)

SCOTUS: Supreme Court of the United States

SDD: simplified due diligence

SDK: software development kit

SDN List: Specially Designated Nationals list (U.S. OFAC)

SE: secure element

SEC: Securities and Exchange Commission (U.S.)

SEPA: Single European Payments Area (EU)

SIFI: systematically important financial institution

SIM card: Subscriber Identity Module card

SKU: stock-keeping unit

SLA: service-level agreement

SMS: short message service or short messaging system

SNAP: Supplemental Nutrition Assistance Program (formerly known as Food Stamp Program) (U.S.)

SVC: stored value card

SWIFT: Society for Worldwide Interbank Financial Telecommunication

T&Cs: terms and conditions

T&E: travel & entertainment

TAM: Technical Advisory Memorandum

TARP: Troubled Asset Relief Program (U.S.)

TCDO: temporary cease-and-desist order

Telco: telecommunications company

TPA: third-party administrator

TPP: third-party processor

TPPP: Third Party Payment Provider

TPPPA: Third Party Payment Processors Association

UIGEA: Unlawful Internet Gambling Enforcement Act of 2006 (U.S.)

UKGCVA: U.K. Gift Card & Voucher Association (U.K.)

UPC: universal product code

USA PATRIOT Act: Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (U.S.)

VAT: value-added tax

V-card: virtual card

VEBA: Voluntary Employee Beneficiary Association (U.S.)

VPN: virtual private network

WAP: wireless application protocol

ZDH: Federation of German Trade (Germany)

This entry was posted on Thursday, May 1st, 2014 at 11:36 am and is filed under Uncategorized.


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