Fintech Glossary

ACQUIRER : This is the name given to financial institutions that enable commercial organisations to receive payments in exchange for their products or services. In short, it is the bank that owns the POS, Virtual POS, or ATM.

ADMINISTRATION PANEL : The administration screen where only users with master authorisation can log in to the Paynet system and where summary information about the use of the screen is available.

APEX MAIN COMPANY : The name of the structure under which more than one main company is housed.

API :  API (Application Programming Interface) is an interface that allows two software components to communicate with each other through protocols. With API, the capabilities of an app/service/platform can be used within the limits allowed from the outside.

ASSET CUSTODIAN : The person responsible for protecting an information asset during storage, transport, processing, or transmission in accordance with the security requirements defined by the asset owner.

ASSET OWNER : The person who determines and communicates security requirements for information assets to asset custodians and is responsible for the maintenance and accessibility of the information asset by overseeing that security controls appropriate to those requirements are implemented by asset custodians.

AUTHORISATION : Authorisation obtained from the issuer prior to a credit or debit card transaction.

BANK COMMISSION : The service fee rate charged by the bank to Paynet for each transaction.

BIG DATA : Çok sayıda kaynaktan beslenerek hacmi sürekli artan karmaşık veri kümesi. Geleneksel veritabanı sistemleriyle depolanması, yönetilmesi ve analizi mümkün olmayan bu verilerin analizi için bu iş için geliştirilmiş araçlar kullanılır.

BIN (BANK IDENTIFICATION NUMBER) : BIN (BANA term that refers to the first six or first eight digits on payment cards such as credit cards, bank cards, and debit cards.

BIOMETRIC AUTHENTICATION COMPONENT : A measurable biological or behavioural characteristic unique to an individual that is used to perform authentication.

BLACKLIST : A control system that prevents certain software, IP addresses, and e-mail addresses from accessing certain resources.

BOM : Back office management panel used by Paynet employees.

BRANCH : A place of business that forms a dependent part of a payment institution or electronic money institution and carries out all or part of its activities on its own.

BRSA :  An independent public institution that regulates and supervises the activities of more than 200 banks and financial institutions operating in Türkiye. It was established in the 1990s in response to the volatility of the banking sector and to overcome the fragmented structure of supervisory institutions.

CARD BRAND : The name given to cards issued by banks as a separate product offering different benefits or promotions to their customers. Example: Axess, World Card, Bonus Card.

CARD NOT PRESENT TRANSACTION :  A transaction that takes place through an e-commerce site or app where the credit card is not scanned by a device. Payments are made after the CVV2 information is verified.

CARD ON FILE : The database where the card stored in the system is kept in the background.

CARD PRESENT TRANSACTION : Card transactions where the card and cardholder are physically present in the location where the transaction takes place.

CARD PROGRAM : Systems that allow users to pay with debit and credit cards. Example: Master Card, VISA.

CARD STORAGE : Card information is securely stored in the Paynet system for re-use by the customer.

CARD's BANK : The bank that owns the credit card.

CBRT : The Central Bank of the Republic of Türkiye is the institution primarily responsible for managing monetary and exchange rate policies in Türkiye. The CBRT is responsible for licensing payment institutions and electronic money institutions and for supervising and monitoring their activities. Paynet is a financial technology company licensed by the Central Bank.

CENTRAL COUNTERPARTY : An institution that undertakes the settlement of transactions between parties to financial contracts traded in one or more markets by assuming the role of seller to buyer and buyer to seller.

CEPPOS / MOBILEPOS : Paynet's mobile app that our customers can download to their smart phones and tablets.

CHARGEBACK :  Charge back is when the buyer disputes the credit card transaction online through the bank. When a cardholder disputes a transaction made with his or her card and requests that the payment be reversed and the amount refunded.

CHATBOX : Software developed using machine learning and artificial intelligence, generally preferred for customer service. When a cardholder disputes a transaction made with his or her card and requests that the payment be reversed and the amount refunded.

CLARIFICATION : The mutual offsetting of receivables and payables resulting from transfer orders sent and received by a participant into a single receivable or payable.

CNP (CARD NOT PRESENT) TRANSACTION : The name given to transactions where the card is not physically used at the time of the transaction. (Mail Order Transactions, Virtual POS Transactions)

CODE 10 : If the merchant suspects that the cardholder or the card is counterfeit, the merchant calls the card's bank and the merchant's bank contacts the card's bank to confirm the transaction. If the member merchant's representative calls the relevant department at the bank and says, 'I have a Code 10 message', the bank officials will understand that there is a suspicious transaction, without alerting the possible fraudster, and take the necessary action.

CP (CARD PRESENT) : TRANSACTION : A transaction where the card is physically used at the time of the transaction.

CVV2, CVC2 : It is a 3-digit security code on the back of credit cards. It is used in online shopping to prove that the card belongs to the user.

CYBER SECURITY : Apps designed to protect computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks.

DATABASE :  The entity that collects and stores data in an organised manner to be used later or for updating.

DEALER :  It is the smallest unit of a network of companies working with the Main Company-Dealer system. It is responsible for selling the products manufactured by the main company to customers.

DEALER COMMISSION : The service fee rate charged by Paynet or the main company to the dealer for each transaction.

DEALER LIMIT :  Monthly transaction execution limit for each dealer.

DEALER REFERENCE NO : Current code of the dealer in the main company

DEALER SEGMENT : Segmentation of the traders under the main company according to the criteria defined by the main company.

DEVICE ID : Serial number of the SLR device.

DIRECT DEBIT : A payment service where the payment transaction is initiated by the payee and the payee's payment account is debited based on the payee's authorisation to its payment service provider, the payee, or the payee's payment service provider.

DIRECTION : The process that determines which POS the card brand will pass through.

DISRUPTION : The interruption of continuity in an organisation's activities, except for planned transitions.

DOMAIN NAME : The name and address that a website has on the Internet. Users can easily access the websites they want by entering these addresses.

ELECTRONIC BANKING SERVICES : Electronic delivery channels such as Internet banking, mobile banking, telephone banking, open banking services, and ATMs and kiosks that allow customers to perform remote banking transactions or direct the bank to perform such transactions.

ELECTRONIC MONEY (E-MONEY) : A security stored on a high-security device, such as a hard drive or digital wallet, and used as a medium of exchange.

ELECTRONIC MONEY ORGANIZATION : A legal entity authorised by law to issue electronic money.

ELECTRONIC WALLET (E-WALLET) : A system that securely stores users' credit, debit, or prepaid card information for use across multiple platforms.

EMV : EMV is the international standard for credit and debit card payments using chip card technology.

END-TO-END SECURE COMMUNICATION : The transmission of data encrypted in such a way that only the recipient can decrypt it so that only the recipient can access it.

ESCROW MODEL : With Escrow, main companies can suspend the amounts collected by dealers using Paynet's payment solutions and organise the share they will receive according to the future payment schedule on a transaction-by-transaction basis.

EXPRESS CONSENT : Consent on a specific subject, based on information, and freely given. Users give their express consent to the processing of their data.

FIREWALL : Hardware or software that controls the flow of traffic between networks or networked devices with different levels of security.

FLOOR LIMIT : It is the limit that is maintained at the POS and manages the maximum amount that can be transacted offline. If there is a connection problem, if the transaction is within the set limits, authorisation is given. It is managed on a terminal basis.

FRAUD : Online shopping fraud using counterfeit, stolen, or copied credit cards.

GMU : Application that provides end-to-end security for transactions performed in the e-certification system.

GROSS TRANSFER MODEL : Model uses for transferring payments to dealers without deducting commission. The dealers invoice the commission to the main company periodically.

HTTPS : A protocol with stronger security than HTTP that allows web pages to be viewed. It is created by adding an SSL certificate to the HTTP protocol.

ICC BLOCKED DEALER : A dealer who is prevented from making transactions through Paynet for various reasons.

IDENTITY IDENTIFIER : A combination of numbers, letters or symbols created by the payment service provider specifically for users to identify and distinguish them from other users.

IDENTITY VERIFICATION : A secure mechanism for verifying identity information provided by an individual or organisation.

INFORMATION ASSET : Data used in the conduct of the organisation's activities and assets of value to the organisation, such as systems, software, network devices, IT hardware, business processes in which such data is carried, stored, transmitted or processed.

INFORMATION CENTRE : A helpful interface where Paynet contracted companies can find answers to all questions about the system.

INFORMATION SYSTEMS (IS) : Human resources, operational activities, and processes for the collection, processing, storage, distribution and use of information, and the information technologies that interact with them. Its purpose is to deliver reliable information where and when it is needed.

INFORMATION SYSTEMS MANAGEMENT : Activities related to the effective, reliable and uninterrupted performance of the activities and services provided by the organisation; the fulfilment of legal obligations; the establishment of an appropriate information systems environment to ensure the integrity, consistency, reliability, timely availability and, where necessary, confidentiality of the information provided by the accounting and financial reporting system; the efficient use of information systems resources; the control and monitoring of risks arising from the use of information systems and the adoption of the necessary systemic and managerial measures for this purpose.

INFORMATION TECHNOLOGIES (IT) : Hardware, software, communications infrastructure, and other related technologies used to input, store, process, transmit, and output data in any form.

INFRASTRUCTURE PROVIDER : The organisation that provides the infrastructure necessary for the installation and use of online payment systems, such as e-commerce sites and virtual point-of-sale.

INSTANT DIGITAL LOAN (ADK) : The payment system offered by Paynet merchants to their customers in cooperation with Mastercard and which can be made using a bank 

INTEGRATION : Paynet member merchants integrating their virtual POSs into their websites via an API.

Interbank Card Center (ICC) : A non-profit organisation that works to create, operate and develop systems, platforms and infrastructures that enable or support all types of cashless payments or money transfers within the payment systems in Türkiye. It was established in 1990 as a partnership of 13 public and private Turkish banks.

INTERNET BANKING : Electronic distribution channels through which customers can access the services offered by banks on a website via the Internet and view, modify, or carry out transactions that involve financial liability for their financial or personal data.

IP ADDRESS : Unique address that identifies a device on the Internet or local network.

ISSUER : Organisations that physically print and deliver credit cards to customers.

JIRA : It is a multi-purpose tracking program for tracking projects and tasks.

LAW (6493) : Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, which entered into force after being published in the Official Gazette No. 28690 on June 27, 2013. The purpose of this law is to regulate the procedures and principles of payment and securities settlement systems, payment services, payment institutions, and electronic money institutions. The Law covers payment and securities settlement systems, payment services, payment institutions, and electronic money institutions.

LEAD : It means potential customers.

MACHINE LEARNING : The general term for artificial intelligence studies that focus on creating systems that learn or improve their performance based on the data they consume.

MAIN COMPANY :  The name given to companies that work with a dealer network.

MAIN COMPANY COMMISSION : The service fee rates that Paynet charges the Main Company for each transaction.

MAIN COMPANY LIMIT :  Monthly transaction execution limit for each main company.

MASAK : Stands for Financial Crimes Investigation Board, the financial intelligence unit of the Ministry of Finance.

MASTER USER : The type of user with the broadest permissions who can log in to the Administration Panel on Paynet screens. Master users can authorise users with respect to screen settings.

MASTERPASS : Masterpass, the card storage solution developed by Mastercard, allows users to store their cards in e-commerce transactions and make purchases without re-entering their card information. Paynet merchants can use their customers' cards registered in the Masterpass infrastructure in accordance with Paynet solutions.

MCC : 4-digit code information used to classify Paynet member merchants according to their line of business.

MEANS OF REMOTE COMMUNICATION : Any means or medium that allows the establishment of a contract without physically meeting, such as letters, catalogues, telephones, faxes, radio, television, electronic mail messages, the Internet, and short message services.

MEMBER MERCHANT WORKSTATION : A company that has signed a contract to use a particular infrastructure or service with the organisation providing that infrastructure or service.

MEMBER MERCHANT WORKSTATION NUMBER : Unique code assigned to distinguish the member merchant from other member merchants.

MOBILE BANKING : A specialised Internet banking distribution channel that allows customers to perform banking transactions through the bank's mobile app installed on a mobile device such as a smart phone or tablet.

MONEY DISTRIBUTION RATIO : A mathematical definition that expresses the division of the transaction amount between the main company and the dealers.

MULTIIBAN : This method allows Paynet member merchants to direct payments made through the same sales channel for merchants, customers or product groups to different IBAN addresses.

MULTIPLE PAYMENT : This method, developed by Paynet for situations where the customer's credit or debit card limits are individually insufficient, allows payments to be easily received from more than one card.

MYHR : An online interface that allows employees to view and modify their personal information maintained by the Human Resources department, and where employees can enter requests such as Advance Pay, Leave, etc.

NFC : Near Field Communication, a wireless communication protocol. This technology is widely used in contactless payments and allows compatible credit cards to be brought close to point-of-sale devices or smart devices with NFC technology to complete the transaction.

NO POS : The name given to companies that use both Paynet POSs and Paynet infrastructure.

NOT-ON-US : Transactions where the issuing bank and the processing bank are different.

ON-US : Transactions where the issuing bank and the processing bank are same.

ONE-TIME PASSWORD: : A randomly generated sequence of letters and/or numbers used only once for authentication.

OPEN BANKING : An electronic distribution channel through which customers or parties acting on behalf of customers can remotely access the financial services offered by the bank through methods such as API, web service, file transfer protocol, etc., and perform banking transactions or instruct the bank to perform banking transactions.

OTP : A one-time password generated via SMS or mobile app required to log in or perform transactions on a digital device.

PARTICIPANT : A legal entity authorised to place transfer orders directly by participating in the system and is obliged to follow the system rules.

PASSWORD : A string of characters consisting of letters, numbers and/or special characters used for authentication.

PATCH : A plug-in designed to fix security vulnerabilities in software or to fix a bug in the software.

Pay QR : PayQR generates customised QR codes for the amount of purchases made by customers at Paynet member merchants. Customers can easily go to the payment page and complete their transactions with the camera or QR code scanner on their smart phones.

PAYCREDIT : Payment system offered by Paynet merchants to their customers and which can be made using a bank account.

PAYLINK : A product that allows Paynet member merchants to receive payments from their customers through a link sent via SMS or e-mail.

PAYMENT ACCOUNT : The account opened in the name of the payment service user and used for the execution of the payment transaction.

PAYMENT INSTITUTION : An entity that provides payment services through the infrastructure it offers during the execution of transactions relating to payments made electronically.

PAYMENT ORDER : The instruction given by the payment service user to the payment service provider for the execution of a payment transaction.

Payment Recording Device (PRD) : A new generation of payment recording device that combines the features of traditional payment recording devices such as cash registers and POS devices. Technical specifications will be determined by the Tax Administration according to new technological developments.

PAYMENT SERVICE USER : A natural or legal person benefiting from a given payment service in the capacity of payer, payee, or both,

PAYMENT SYSTEM : A structure that provides the necessary infrastructure for clearing and settlement transactions to transfer the funds resulting from transfer orders between three or more participants.

PAYMENT TOOL : A personalised instrument, such as a card, mobile phone, password, etc., agreed between the payment service provider and the payment service user and used by the payment service user to place the payment order.

PAYMENT TRANSACTION : The activity of depositing, transferring, or withdrawing funds at the instruction of the payer or receiver,

PAYNET DIRECTORY : Paynet Directory allows member merchants to collect payments by sending Paylink to the mobile phone or e-mail address registered in the directory.

PAYNET PASS : PaynetPass infrastructure securely stores customers' card details in payments made at Paynet member merchants.

PAYPORTAL : A platform where Paynet member merchants can receive payments, track their reports, and manage their Paynet accounts.

PAYPOS : A product that allows Paynet merchants to accept contactless payments in seconds using NFC technology on Android devices.

PAYSMART : Companies in the My Paynet Dealer Network can easily structure and collect their dealers' overdue receivables and set the number of due dates or the amount to be paid to facilitate payments.

PCI/DSS : Standards designed to ensure secure card payments and provide effective protection against fraud and counterfeiting. Institutions that meet the standards as a result of audits conducted by authorised companies are entitled to receive a certificate.

PERMANENT DATA STORAGE : Text messages, electronic mail, the Internet, CDs, DVDs, memory cards and any other similar means or media that allow the payment service user to access the information sent to him in a way that allows him to review and copy that information unchanged for a reasonable period of time consistent with the purpose of that information.

PERSONAL INFORMATION : Information or set of information that, if known, makes the person to whom it belongs specific or identifiable, such as the user's name, surname, Turkish ID number, passport number, tax ID number, social security number, identity identifier, place of birth, date of birth, telephone number, address, e-mail address, image, image and sound recordings, biometric data.

PERSONAL SECURITY INFORMATION : Information that identifies the payment instrument and the identity of the payment instrument user, such as password, expiration date, security number, etc., that can be used to perform transactions with the payment instrument.

POP-UP : A window, usually containing advertisements or informational messages, that appears in users' browsers when they access an Internet address.

PORTAL : Browser-based interface where Paynet-contracted businesses manage their current accounts and receive payments.

POS BANK : The bank through which credit card transactions are processed.

PPS : Standard Paynet POS system. (Paynet POS System)

PRE-PROVISION : A payment solution that allows the credit card limit to be blocked for a certain period of time due to the characteristics of the product or service sold.

PROVİZYON NO : The code by which the transactions passing through the Paynet system are sent to the bank.

PUSH NOTIFICATION : Enables the apps you authorise on mobile devices to send instant notification messages

RATE : Interest rates that vary according to the number of instalments shown in the table. It refers to the service fee rate that Paynet receives on the fee collected.

RECIPIENT : The natural or legal person to whom the funds subject to the payment transaction are to be delivered.

RECONCILIATION : The fulfilling of obligations arising from the transfer of funds or securities between two or more parties.

RECONCILIATION ACCOUNT : An account held at a bank, reconciliation institution, or central counterparty used to hold funds or securities and to reconcile transactions between participants in the system.

RECONCILIATION INSTITUTION : An institution that maintains a reconciliation account with its depository and can provide credit to the participant for reconciliation purposes when necessary.

RECURRING PAYMENT : Paynet solution that enables automatic payments to be made via a defined card for a specified period of time. Future Standing Orders are automatically collected with a single order.

REPEAT POS : A type of POS used to receive payments without the need to enter CVV2.

REPRESENTATIVE : A natural or legal person acting on behalf of a payment institution or electronic money institution.

REVENUE ADMINISTRATION : A government agency under the Ministry of Treasury and Finance of the Republic of Türkiye responsible for collecting taxes and other revenues.

SAAS (SOFTWARE AS A SERVICE) : Software as a Service' is a distribution and licensing model that refers to the delivery of software apps as a service over the Internet or other network.

SAP TRANSFER : The transfer made through SAP so that all payment transactions that pass through the Paynet system are reflected in the merchant's and main company's current accounts.

SDK : Software Development Kit', a term used to describe the tools used to develop apps.

SECONDARY CENTER : A structure in which secondary systems are installed in such a way that they are ready for use and allow personnel to work in the event of an interruption in the primary systems and do not carry the same risks as the primary centre.

SECTOR : A group of people who do the same job.

SECURE CHANNEL : A secure communication channel that an organisation provides to its users and through which users can log in after authentication.

SECURE COMPONENT : Systems such as SIM cards and smart cards that prevent unauthorised access, copying, and removal of confidential data.

SENDER : A natural or legal person who issues a payment order from his/her own payment account or without a payment account.

SENSITIVE DATA : Personal information that belongs to customers and is maintained by institutions for various reasons, which, if compromised by a third party, could allow fraudulent transactions to be made in the customer's name.

SENSITIVE PAYMENT DATA: : Information used by users to place payment orders or verify user identity that, if intercepted or altered, could enable fraud or fraudulent transactions on behalf of users.

SERVICE FEE : The amount charged to the customer, calculated under the service fee rate for each transaction.

SERVICE MODEL : A model in which companies called interface providers can connect to a bank's system through APIs and perform banking transactions on behalf of their customers.

SMART REPORTING : All transactions made by Paynet members are instantly recorded with the Smart Reporting system. Reports can be customised with many categories such as card infrastructure, product group, and high sales days.

SMS OTP : One-time password sent via short message service (SMS).

SoftPOS : Also known as PayPOS. A product that allows Paynet merchants to accept contactless payments in seconds using NFC technology on Android phones and tablets.

SSL CERTIFICATE : SSL Certificates are a product that checks the authenticity of website addresses and ensures that data communications between two points are transmitted securely over an encrypted channel. SSL certificates never guarantee the security of the code you write or your web site.

STATUTORY AUDIT : The periodic examination and reporting of an organisation's financial condition by statutory auditors.

TechPOS : Infrastructure where card acceptance institutions and POS/ECC manufacturers can work together through ICC. With TechPOS, an app developed on a single device allows all banks and organisations participating in the system to provide card acceptance services by running their parameters. This eliminates the need for device manufacturers to perform separate technical integrations with each member merchant organisation. This allows member merchants to work with all the banks they want with a single device.

TERMINAL : An electronic device or software used in the purchase of all kinds of goods and services or the issuance of cash payment documents, payment transactions, and transactions related to electronic money, based on the information on the payment instrument and/or the sensitive payment data of the user.

TERMINAL NUMBER : The number assigned specifically to the POS under the merchant number defined for the company to which the POS belongs for differentiation purposes if there is more than one POS.

TPL (TAX PROCEDURE LAW) : The body of laws that regulates the tax relationship between individuals and institutions and the state, determining the nature of taxes, collection procedures, and the rights of both parties.

TPS : The company's own POS system used via the Paynet infrastructure.

TRANSACTION : The logical link established between parties for data transfer, presentation, or financial transactions.

TRANSACTION CODE : Unique code for transactions that pass through Paynet.

TRANSACTION INFORMATION : Information about users, such as the transaction's amount, time, subject, product, or service.

TRANSACTION TYPE : A concept that indicates whether the transaction is a cancellation-refund, financialisation, sale, or provision.

TROY : Short for 'Türkiye's Payment Method', it is a payment scheme established by the Interbank Card Center in 2015.

TSM : Short for Trusted Service Manager, it is a terminal used by the PRD manufacturer to manage next-generation PRDs, update software, load parameters, and communicate with the RA Centre.

TWO-SIDED IDENTITY VERIFICATION : A method of authentication used to ensure that communicating parties are certain of each other's identity, where each party verifies its own identity to the other party.

UNIFORM RESOURCE LOCATER (URL) : Used to indicate the address of a website on the Internet.

USER : Account holder who has the right to make transactions in Paynet systems.

USER INFORMATION : A set of information consisting of payment information, transaction information, balance information, personal information, and the name and title of legal entity users.

VIRTUAL CARD : A card that is not physically printed, made available for a short period of time, and can be used for payments like a credit or debit card.

VIRTUAL POS : Devices that enable payment with debit or credit cards are called point of sale terminals or POS for short. The digitized version of POS is called Virtual POS or VPOS for short.

VIRTUAL PRIVATE NETWORK (VPN) : A service that provides security by customising users' Internet connections. It is used to transmit data shared over VPN in a secure and unidentifiable manner.

WHITELIST :  A control system that allows predefined and approved software, IP addresses, and e-mail addresses to access designated resources.

WHOLESALER : The name given to persons or companies who buy goods from manufacturers and sell them to retailers.

YES POS : The name given to companies that use the Paynet infrastructure with their own POS.

3D SECURE : XML-based protocol designed to provide an additional layer of security for card transactions over the Internet.