Payment Operations & Banking Technology

Free study material · concepts, shortcuts & solved questions

Select any text to highlight or save it

20 key terms | One-line exam reference

Abbreviation	One-line meaning
INTERCHANGE	Fee or rate charged between participants in a card or payment transaction.
3DS	Three-Domain Secure — security protocol for authenticating online card payments.
API	Application Programming Interface — defined way for software systems to communicate.
ATM SWITCH	Technology platform routing ATM transactions between banks and networks.
CBS	Core Banking Solution — centralized software enabling banking across branches.
CTS	Cheque Truncation System — electronic clearing of cheques using cheque images.
ECS	Electronic Clearing Service — electronic bulk transfer and collection mechanism.
ECS CREDIT	Electronic system used to credit salaries, dividends, pensions and similar payments.
ECS DEBIT	Electronic system used to collect recurring payments from customer accounts.
FINTECH	Financial Technology — technology used to deliver or improve financial services.
MDR	Merchant Discount Rate — fee charged to a merchant for processing a payment.
NACH	National Automated Clearing House — platform for recurring and bulk electronic transactions.
PCI DSS	Payment Card Industry Data Security Standard — security standard for cardholder data.
REGTECH	Regulatory Technology — technology used to support compliance and reporting.
TAT	Turnaround Time — time required to complete a service or process.
TPAP	Third-Party Application Provider — non-bank app provider participating in UPI services.
TSP	Technology Service Provider — provider of technology services to a financial institution.
UPI PIN	Personal identification number used to authorize UPI transactions.
UTR	Unique Transaction Reference — identifier used to track a financial transaction.
VPA	Virtual Payment Address — UPI address used to send or receive money.

Page 1 of 1

← Chapter 12 TOC Index Chapter 14 →