Glossary

View all of Azupay's terms or acronyms.

Welcome to Azupay's glossary, where we simplify the language of payments and technology.

Here are key terms to help your understanding:

A-D

Term	Acronym	Definition
Application Programming Interface	API	A set of defined rules that enable different applications to communicate with each other. It acts as an intermediary layer that processes data transfers between systems, letting companies open their application data and functionality to external third-party developers, business partners, and internal departments within their companies.
Applications	Apps	Software applications, often simply referred to as "Applications" or "Apps," are computer programs designed to perform specific tasks or functions for the user. They run on various platforms, including desktops, laptops, smartphones, and tablets.
Australian Payments Plus	AP+	Australia’s domestic payment companies BPAY Group, eftpos and NPP Australia have come together to shape the future of payments for Australia.
Authorised Deposit-taking Institution	ADI	A financial institution licensed by the Australian Prudential Regulatory Authority (APRA) to carry on banking business, including accepting deposits from the public.
Bank identifier code	BIC	See definition for SWIFT
Bulk Electronic Clearing System	BECS	A streamlined electronic payment method used to process low-value, bulk transactions in Australia and New Zealand. BECS governs how automatic payments, direct debits and credits, and one-off bank transfers are made in both countries.
Call to action	CTA	A marketing term that refers to the next step a marketer wants its audience or reader to take.
Consumer Data Right	CDR	An opt-in service, giving you the choice about whether to share your data, with full visibility of who it’s being shared with and the purpose for sharing it.
Consumer Price Index	CPI	The Consumer Price Index (CPI) is a measure that examines the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. CPI is a widely used economic indicator that helps to gauge inflation by tracking the cost of living.
Customer experience	CX	Refers to how Azupay engages with its customers at every point of their onboarding journey - from Sales, implementation, Risk & Compliance and everywhere in between. In large part, it’s the sum total of all interactions a customer has with our brand.
Data protection software	SDP	Enables timely, reliable and secure backup of data from a host device to destination device. It is designed to provide data backup, integrity and security for data backups that are in motion or at rest.
Direct Entry	DE	Used for such payments as internet banking transactions and direct debit and direct credit instructions. It is generally used for smaller day-to-day payments but is available for payments up to $100 million.
Distribution Partner	DP	Business with an AMLTCF Program that can onboard client sub-merchants to Azupay, fulfil some tasks Azupay would otherwise need to do themselves and that Azupay can rely on the KYC they have done of their sub-merchants
Domain Name System	DNS	A hierarchical and distributed naming system for computers, services, and other resources in the Internet or other Internet Protocol (IP) networks.
Due Diligence	DD	A comprehensive appraisal of a customer undertaken by Azupay prior to moving dealings forward.

E-K

Term	Acronym	Definition
Electronic Signature	(e-signature)	This type of signature has the same legal standing as a handwritten signature as long as it adheres to the requirements of the specific regulation under which it was created.
Go Live Date	GLD	The "Go Live Date" refers to the specific day when a new system, process, software, or project is officially put into operation and made available for use by its intended users. This date marks the transition from the development or testing phase to the operational phase, indicating that the product or system is ready for full-scale deployment and use in a live environment
Graphic User Interface	GUI	A Graphical User Interface (GUI) is a type of user interface that allows users to interact with digital systems through graphical icons, visual indicators, and other visual elements. GUIs provide an intuitive and user-friendly way for users to control and interact with software applications and operating systems.
International Funds Transfer Instructions	IFTI	An instruction to transfer funds or property to either: Australia from another country or another country from Australia.
Internet Protocol	IP	The network layer communications protocol in the Internet protocol suite for relaying datagrams across network boundaries. Its routing function enables internetworking, and essentially establishes the Internet.
Impact Assessment	IA	Impact assessment is a formal process used to measure the effectiveness, relevance, and sustainability of an organisation’s current and proposed actions and interventions.
Implementation		Implementation refers to the process of installing, configuring, integrating, and deploying a software application or system into a specific environment so that it becomes operational and available for use.
Implementation - Technical		Planning how a customer will implement Azupay services and when.
Know Your Customer	KYC	KYC guidelines in financial services/fintechs require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank's anti-money laundering (AML) policy. KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant, and are actually who they claim to be.

L-O

Term	Acronym	Definition
Merchant Services Agreement	MSA	A commercial agreement between Azupay and a Merchant.
Non Disclosure Agreement	NDA	A Non-Disclosure Agreement (NDA), also known as a confidentiality agreement, is a legally binding contract that establishes a confidential relationship between parties. The purpose of an NDA is to protect sensitive information, trade secrets, and proprietary data from being disclosed to unauthorized parties.
New Payments Platform	NPP	The New Payments Platform is a real-time payments infrastructure designed to enable fast, flexible, and data-rich payments between participating financial institutions and their customers.
Ongoing Customer Due Diligence	OCDD	Part A of your AML/CTF program must include ongoing customer due diligence (OCDD) systems and controls to decide whether additional customer and beneficial owner information should be collected and verified on an ongoing basis. OCDD includes ensuring the information you have about your customer is up to date, and processes for transaction monitoring and enhanced customer due diligence (ECDD). Enhanced customer due diligence procedures must be applied when there is a high risk of money laundering or terrorism financing.
Operational Maturity		The overall consistency, reliability, resilience, coherence, and sophistication of an IT system at the levels of management, design, and operation.

P-S

Term	Acronym	Definition
Payment Access Gateway	PAG	A PAG is a piece of the NPP infrastructure that enables the transmission and exchange of messages between other PAG holders.
Payment Gateway		A service built to help businesses initiate and accept payments, sitting between the merchant and acquirer.
Payment Service Provider	PSP	Third-party companies that facilitate electronic payments for merchants. They do this by providing the right infrastructure and connections with multiple acquiring banks (also known as acquirers or merchant acquirers) that process payments on behalf of merchants.
Post Implementation Review	PIR	A reflective survey issued to merchants by Azupay that have completed their integration. This is aimed to nurture our relationship and identify any points of improvement.
Product Validation Testing	PVT	Testing of your idea with real people to get feedback on its viability.
Product Verification Testing	PVT	Used to confirm that a product meets specifications or requirements as defined in Phase Zero of the product development process. Verification testing should be conducted iteratively throughout a product design process, ensuring that the designs perform as required by the product specifications.
Proof of Concept	POC	Evidence, typically deriving from an experiment or pilot project, which demonstrates that a design concept, business proposal, etc. is feasible.
Prospect (Sales)		An individual who is a potential purchaser of your product or service. However, a prospect has not yet entered the sales process.
Purchased Payment Facility (Stored Value Facility)	PPF/SVF	Azupay provides a Purchased Payment Facility (PPF) to the Merchant. This results in the Merchant's settlement/float account being classified as a Customer Funds Account. Azupay will hold funds within Azupay’s Customer Funds Account in trust for the benefit of the Merchant.
Real-Time Gross Settlement	RTGS	The term "real-time gross settlement (RTGS)" refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities. RTGS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank. Once completed, real-time gross settlement payments are final and irrevocable. In most countries, the systems are managed and run by their central banks.
Single Credit Transfer	SCT	Single Credit Transfer (SCT) is a service on the NPP that enables near real-time payments 24/7, including weekends and public holidays.
Secure File Transfer Protocol	SFTP	Secure File Transfer Protocol (SFTP) is a file protocol for transferring large files over the web. It builds on the File Transfer Protocol (FTP) and includes Secure Shell (SSH) security components.
Software as a Service	SaaS	A software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. It is also known as on-demand software, web-based software, or web-hosted software.
Statement of Work	SOW	A legally binding document that captures and defines all the work management aspects of a project.
Stand In Processing Account	STIP	STIP accounts are accounts maintained at Cuscal on behalf of Azupay or other clients.
System Integration Partner	SIP	A System Integration Partner (SIP) is a business that enables another business to gain access to Azupay services by providing them with an overall payments platform. SIP owns the relationship with the merchant.
Sub Merchant		Australian business or merchant needing to send or receive payments under control, or using platform of, one of Azupay's Distribution Partners. Azupay will rely on the Distribution Partner’s KYC and AMLCTF. Sub-merhcants are created by Distribution Partner using Azupay's ClientsAPI or created manually by Azupay under the instruction of a Distribution Partner.
The Society for Worldwide Interbank Financial Telecommunication	SWIFT	A SWIFT code is a standard format used when making international transfers between banks and financial institutions. It identifies the branch, bank, and country an account is registered in and communicates the who, what, and where, through BIC (Bank Identifier Codes).

T-Z

Term	Acronym	Definition
Technical Integration Partner	TIP	A Technical Integration Partner (TIP) basically is a business that enables another business to gain access to Azupay services by providing them with an overall payments platform. Azupay owns relationship with merchant.
Telegraphic Transfer	TT	An electronic method of transferring funds used primarily for overseas wire transactions.
Transaction Per Second	TPS	A computer software and hardware measurement that represents the number of transactions completed in one second by an information system.
User Acceptance Testing	UAT	UAT is short for 'User Acceptance Testing' the final stage of a software development or technical integration project to verify that the application that has been produced or the outcome of the integration aligns with the organisation's business requirements.
User Experience	UX	The overall experience of a person using Azupay services to make a payment, especially in terms of how easy or pleasing it is to use. Deals more with the intangibles of a product, like how you feel and what you're thinking during the process of using it.
User Interface	UI	A User Interface (UI) is the point of interaction between a user and a computer system, software application, or device. It encompasses all the elements that a user interacts with to control and use the system. The primary goal of a UI is to facilitate user interaction in an efficient, intuitive, and user-friendly manner.
Web Form		Forms that capture new leads directly from our website and automatically send them to HubSpot. It creates a contact and a company or updates an existing record.

Updated about 2 months ago