Emerging Payments Flashcards
A software intermediary that allows two applications to talk to each other.
Application Programming Interface (API)
Automated means to route/direct a transaction using a set of data often deploying a directory service.
Addressing
The process of generating a message/data-specific code that can be used to positively identify the sender of the message/data, and to protect the message/data from insertion, modification, deletion or replay.
Authentication
Biological measurements or physical characteristics that can be used to identify individuals. Fingerprint mapping, facial recognition, and retina scans.
Biometrics
Close range wireless radio frequency communication
Bluetooth
A means or instrument for payments clearing and settlement to occur to clear between parties rapidly and for funds to be made available to the payee either same day or in real time.
Faster Payments Mechanism
A frequency that is invisible to the naked eye, often used to send payment to a payment terminal.
Infrared
Points when entities or processes interact with a transaction flow.
Interface Points
Ability to process payment instructions across payment systems or platforms. Requires the use of common standards and technical compatibility between systems.
Interoperability
Exchange of data between entities to support a request for or a response to a request a bout a payment or its status (could include authorization).
Messaging
Short range communication technology.
Fear Field Communications (NFC)
Information that flows directly with a payment to describe its purpose and/ or instruct the receiving party how to apply the funds.
Payment related information
A form of wireless communication that incorporates the use of electromagnetic or electrostatic coupling in the radio frequency portion of the electromagnetic spectrum to uniquely identify an object, animal or person.
Radio Frequency Identification (RFID)
