Payments glossary

Definitions for the terms you'll hear when boarding a merchant account, routing payments, or fighting a chargeback. Written by the Cardflo team.

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The regulatory regime that obligates payment institutions to detect and report suspicious activity.

Regulated identity-verification of the merchant (KYB) and, where relevant, the merchant's customers (KYC).

The Payment Card Industry Data Security Standard, the scheme-mandated framework for handling cardholder data.

The EU's Payment Services Directive 2, which mandates SCA, opens banking APIs, and reshapes payment liability.

PSD2 requirement that customer-initiated electronic payments in the EEA and UK be authenticated with two of: knowledge, possession, inherence.

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