TOPIC 3 Flashcards
BACS
The central payment system used to process different types of electronic payment.
Cash card
A card used to withdraw cash from ATMs or branch counters.
CHAPS
Clearing House Automated Payment System, a same-day payment system for high-value transactions, such as a house purchase.
Cheque
A written instruction to the provider (e.g the bank or building society) to pay a specified amount to a specified person or organisation.
Debit card
A card that can be used to withdraw cash, to make face-to-face transactions in, for example, shops, and to make payments online or over the phone.
Direct credit
An electronic payment into an account, for example a salary or benefit payment.
Direct debit
An electronic payment out of an account. The amount and frequency of a direct debit payment can vary.
Faster payments
An electronic payment service that enables payments to be made within two hours.
Mandate
A paper or online instruction to a provider (e.g bank or building society) to make a payment from an account.
Prepaid cards
A card that has to have money credited to it before the card holder can use it to pay for goods.
Standing order
An electronic payment out of an account. Standing orders are used to make regular payments of the same amount.
Travellers Cheque
A pre-printed cheque for a set amount of currency, e.g 50 or 100 US dollars or euros. A traveller’s cheque can be exchanged for local currency or used to make payments while abroad.
