TERMS AND DEFINITIONS
Automated Banking System (ABS) – a software and hardware system designed to automate banking activities.
Bearer Share – a share whose owner is not registered by the company, in any register, or on the share itself; instead of the name, it states the word “bearer”, while the title and other rights to the share are verified based on the share certificate.
API REST – a software mediator connecting the system with any other services.
Bank card – a plastic card usually connected to one or several settlement accounts opened with a bank. It is used to pay for goods and services (including online) and to withdraw cash.
Banking system – an aggregate of various types of national banks and lending institutions operating within a common monetary system. The banking system includes the central bank, a network of commercial banks, and other lending and cash centers. The central bank is in charge of the government monetary and foreign exchange policy, acting as the core of the reserve system. Commercial banks perform all types of banking transactions. The International Banking System is a global economic category reflecting relations between various interconnected banks and other lending institutions of various countries, operating within an international financial system to provide banking services.
World Intellectual Property Organization (from French Organisation Mondiale de la Propriété Intelectuelle, OMPI) – international organization administrating a number of key international intellectual property conventions. Since 1974, it has also been acting as a specialized institution under the United Nations Organization, in charge of arts and intellectual property. WIPO has 191 member countries.
Debit card – a bank payment card used to pay for goods and services, and well as withdraw cash at ATMs. The card allows its holder to spend funds within the balance of the current (settlement) account to which it is connected.
Device – a contraption or accessory used in many industries, designed for a specific task. A standalone device not requiring additional connection to other devices.
IBAC GB – international bank account code in the GBPay system. It is used in international payments to facilitate payment processing.
Fedwire – (English Federal Reserve Wire Network, the Federal automated system of money transfers) — an electronic system for implementation gross - calculations in real time, managed by the Federal Reserve Banks and allowing to make money transfer between participants (as of 19.03.2009 over 9289). The credit institutions connected to Fedwire network make over 99% of all payments in the USA.
Fed – abbr. from Federal Reserve System the Federal Reserve System, FRS (performs functions of national bank of the USA).
FED OF NEW YORK – The Federal Reserve Bank of New York is one of 12 federal Reserve Banks of the USA.
IBOE – is the International bill of exchange issued by the U.S. Treasury. IBOE is the legal means of payment of the U.S. Treasury released directly the U.S. Treasury. Security of such International bond is guaranteed by a gold reserve of the U.S. Government according to the Constitution of the USA.
Internet acquiring – a type of acquiring technology enabling online card payments. The main difference between retail and mobile acquiring is the absence of a POS (or mPOS) card reading terminal. Therefore, Internet acquiring can be used by users of virtual bank cards and electronic wallets that have no plastic card media.
Clearing – a means of cashless payment under reciprocal obligations between countries, companies, or enterprises for goods, securities, or services sold and supplied to each other, based on the set-off of reciprocal claims and obligations, following from the reciprocal payment balance. It is also used in banking as the “clearing” of reciprocal obligations, often operating in cycles, with banks often using clearing centers to perform these functions. In this case, clearing acts as a form of cashless bilateral or multilateral settlements in the payment system.
KTT Transfers (Key Tested Telex is the key checked telex) – is what banks used for the translation and receiving means to the SWIFT system. It is older form of bank money transfer in which the messages authenticated with use of code (key) numbers were used telex (instead of modern digital transmission of data).
Leasing – a type of financial services, a crediting form at acquisition of fixed assets by the enterprises or very expensive goods natural persons.
Loan – a credit provided by a lender to a borrower, which accrues interest.
Correspondent account – an account opened by a banking organization (respondent bank) within its own division or with another banking organization (correspondent). It is designed to reflect payments made by a banking organization at the instruction and at the expense of another pursuant to a correspondent agreement signed between them.
LLC (Limited liability company) – corresponds to “Общество с ограниченной ответственностью” (ООО) in Russian.
International Payment System – a system for payments between banks in different countries using unified standards regulating means of payment.
NACHA – (National Clearing House of the USA) – non-profit sales association which develops rules of performing transactions and practical questions of business for the Automated Clearing House.
NFC (Near Field Communication) – the technology for wireless high-frequency short-radius communication (10 cm or closer), enabling contactless data exchange between devices across short distances, e.g., between a scanning terminal and a mobile phone or smart card.
Processing center – the technological core of a payment system. It operates under demanding conditions, unfailingly processing intensive transaction flows in real time. A processing center can also answer to the demand of issuing banks for new cards, fulfilling their orders and personalizing clients. An intricate payment system may have several processing centers, whose functions may be performed by acquiring banks at the regional level.
Processing – the processing of information used in payment transactions. This is done by processing centers (payment service providers).
RTGS (Real-Time Gross Settlement) – the system of gross calculations of national payment service providers with participation of Central Banks in real time.
SEPA – the Single Euro Payments Area, where all difference between domestic and international euro payments has been eliminated. The first changes related to SEPA became effective on 28 January 2008. The introduction of the SEPA should result in lower overall costs of moving capital across the European economy (2%-3% of total GDP).
Swap – a trade finance transaction in the form of exchanging various assets, where the transaction to buy (sell) securities or a currency is accompanied by a counter transaction for a back sale (purchase) of the same product after a certain period of time, on the same or other terms.
C.I.C.C. – Crypto Information Channel Connect. Communication between banks through a specifically designed encrypted channel enabling encrypted notifications and data transfers in the GBPay system.
SWIFT – Society for Worldwide Interbank Financial Telecommunications (SWIFT), an international interbank system for information transfer and payments. Also known as SWIFT-BIC, BIC code, SWIFT ID, or SWIFT code. SWIFT processes around 4 billion payment transactions.
GBCN token – a unit of account which is not a cryptocurrency, designed to represent the digital balance in an asset; in other words, functioning as a “substitute for securities” in the digital world.
Token shares – designed to raise investments required by existing development projects or for building a network from scratch. They act as a company’s digital shares.
Transaction (from Latin transactio – agreement, contract) – generally, any deal involving a bank account, including transactions performed by a card holder with his/her account. Put simply, every time you use your card to pay for goods or services, transfer money, withdraw cash, etc., you perform a transaction on that card.
Franchise (from French franchise – benefit) – the subject of a franchise agreement, a set of goods comprising the right to use the franchiser’s brand and business model, as well as other goods necessary for setting up and running a business.
Acquiring – the acceptance of payment cards as a means of payment for goods, works, or services. This is done by an authorized acquiring bank through providing point-of-sale terminals (in case of traditional merchant acquiring), mPOS terminals (in case of mobile acquiring), or imprinters at merchants’ points of sale.
Issuer – an organization issuing securities to grow and fund its business.Issue – combines two functions: the authorization to issue securities and the obligation to provide the rights attached to the securities issued. In certain cases, the issuer provides the right to issue securities to third parties, reserving the obligations attached to the securities. In such a case, the third party will, de facto, receive the securities issued as consideration. Such an arrangement is common in the issue of euro cents and Bitcoins.