Glossary and list of abbreviations

  • Glossary of terms related to payment, clearing and settlement systems

List of abbreviations

ACH Automated clearing house Features: Compliance – Infrastructures
BIC Business identifier code, formerly known as bank identifier code Features: Standards
CSM Clearing and settlement mechanism Features: Compliance – Infrastructures
EPC European Payments Council Stakeholders
eSEPA Innovative products and services using modern information and communication technologies within the context of Innovation
IBAN International Bank Account Number Features: Standards
ISO20022 XML Mandatory message format for transmission of SEPA transactions, inter alia between PSPs Features: Standards
MIF Multilateral Interchange Fee. Collective agreement on mutual fees between more than two PSPs, for instance applied on card payments or direct debit transactions. Regulation 260/2012 bans MIFs on direct debit transactions.
NASO National Adherence Support Organisation About: Countries
PE-ACH Pan-European automated clearing house Features: Compliance – Infrastructures
PSD Payment Services Directive (Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services) Features: Legal basis
PSP Payment service provider. A bank or other payment institution offering payment services to customers, as defined in the PSD
PSU Payment service user. A natural or legal person making use of a payment service, either as payer or payee.
SCF SEPA Cards Framework About: Payment instruments
SCT SEPA credit transfer About: Payment instruments
SDD SEPA direct debit About: Payment instruments
SEPA Single Euro Payments Area