Glossary Of Terms

Dictionary of terms

Anti-Money Laundering

Anti-money laundering (AML) is a term mainly used in the legal and financial industries to describe a set of procedures, regulations, or legal controls designed to detect, prevent, and report the practice of generating a source of income through illegal actions (money laundering).

Application Programming Interface (API) 

API stands for Application Programming Interface. This is a general term for programming techniques that are available for software developers when they integrate with a particular service or application. These techniques vary on the software type and may include web API, remote API, SDKs, libraries, frameworks, and much more.

In the payments industry, APIs are usually provided by any party participating in the money flow (e.g. payment gateways, processors, service providers) to facilitate the money transferring process. 


Bacs provide the system for the clearing and settlement of UK automated payment methods, including Direct Debit and Bacs Direct Credit payments. Payments sent via this method take 3 working days to clear.

Bank Identifier Code

BIC stands for Bank Identifier Code. This is often referred to as a SWIFT code or SWIFT address as SWIFT owns and administers the BIC system.

Bank Identification Number (BIN) 

The first six to eight digits of a card number are known as the BIN. In some situations, these numbers will alternatively be referred to as the Issuer Identification Number (IIN).

They can be used to quickly determine the card network and the financial institute that issued the card.

Card number (PAN) 

Every payment card (be it a debit, credit, gift, or a similar card) has a unique number associated with it. This number is usually printed on the card and required to uniquely identify this card and to refer to it in every transaction.

The whole card number is called Primary Account Number (PAN), and the first six digits of it are also called as the Bank Identification Number (BIN).

Also, a card may contain a card security code, which, along with the card number, can be used in card-not-present transactions.

Card security code (CVC, CVV, CID) 

The 3- or 4-digit numeric code that is printed on a card in addition to the card number. The security code is used in card-not-present transactions to verify the identity of a cardholder.

This code may have different names, for instance:

  • Visa: Card Verification Value (CVV, CVV2)
  • Mastercard: Card Validation Code (CVC, CVC2)
  • Amex and Discover: Unique Card Code (CID)

Juni cards can be Visa or Mastercard.


What we give you!


A charge to an account. Basically any amount proposed to be withdrawn from an account is referred to as a debit.

Debit Card

 A payment card that primarily accesses a Deposit Account and which can be used to make purchases or withdraw cash.


The transaction request has been refused, usually by the issuing bank but sometimes by other entities along the processing chain. Reasons are typically insufficient funds or more rarely fraud or theft. Reasons are coded for return with the decline.

Deposit Account

A financial account with a balance of funds rather than a credit account. Examples include checking, savings, share draft, and many others.

Europay, MasterCard, and Visa

Europay, MasterCard, and Visa (EMV) is a worldwide technical standard for payment cards that provides global telecommunications between all cards and acceptance networks (payment terminals). The EMV standard also applies to mobile payment solutions including mobile EMV with NFC (Near-Field-Communication).

Faster Payments

These are electronic payments for GBP to GBP account payments. 
As long as the receiving bank or building society uses Faster Payments too, the payment will arrive almost immediately (though sometimes, it can take up to 3 hours).

FX / Forex
Foreign Exchange

Foreign Exchange (FX) is the exchange, or conversion, of one currency into another currency. Foreign Exchange also refers to the global trading market whereby currencies are virtually exchanged around the clock, with the largest centres being based in London, New York, Tokyo, and Singapore. The term Foreign Exchange is frequently abbreviated to ‘forex’ as well as ‘FX’.

International Bank Account Number

An International Bank Account Number (IBAN) is an account number written in a standardised internationally recognised format which is used to identify an individual account, making it faster easier to process cross border transactions across Europe. An IBAN is made up of a code that identifies the country the account belongs to, the bank the account belongs to, followed by the account number.

Know Your Business

Know Your Customer (KYB) is a mandatory banking regulation designed to protect the integrity of the banking system by reducing the likelihood of financial institutions becoming vehicles for money laundering, terrorist financing, and other unlawful activities. To mitigate risk, financial institutions perform KYB checks by obtaining sufficient information that can be used to develop a comprehensive profile of the business and the customer, such as proof of company document and photographic identification.

Directive on Payment Services (AKA Payment Service Directive)

Established in 2007, the Directive on Payment Services (PSD) is EU legislation that provides the legal foundation for the creation of a single market for payments across the Eurozone, and the necessary legal platform for the Single Euro Payments Area (SEPA). The introduction of PSD made cross-border payments easier and faster with SEPA payments being used to make transfers across the majority of Europe.

Another key goal for the PSD is to improve competition by opening up payment markets to new entrants, providing greater efficiency and cost-reduction to end users.

Revised Directive on Payment Services (AKA Payment Service Directive II)

The Revised Directive on Payment Services (PSD2) builds on the existing PSD, and has been developed to make certain provisions in PSD clearer, as well as putting emphasis on further opening up the payments industry for third party businesses and non-banks, to increase competition.

Single Euro Payments Area

The Single Euro Payments Area (SEPA) is a European payment initiative which was introduced in order to establish a single payment market; making it simple and less costly for consumers and businesses to make and receive payments across Europe.

SEPA payments are available in 35 countries, and provide cross border bank transfer capabilities for businesses, merchants, and consumers in a way which is equivalent to making a domestic payment

Society for Worldwide Interbank Financial Telecommunication

Founded in 1973, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a cooperative utility that was initially made up of 239 banks from 15 countries. Their goal was to develop standardised messaging and processing of transaction services for financial institutions globally; making global cross border transfers possible.

SWIFT is often considered to be the backbone of the international finance industry and now serves more than 200 countries and territories. SWIFT payments are a type of international transfer sent via the SWIFT network; however, SWIFT does not facilitate the transfer of funds. Instead, it sends payment orders via its secure and reliable network, which must be then settled by the correspondent accounts that institutions have with each other. When sending or receiving international payments, a SWIFT code is used to identify a specific bank.

What is an account number?

A bank account number is a number that is tied to your bank account. If you have several bank accounts, such as personal, joint, business (and so on), each account will have a different account number.

What is a sort code?

A sort code is an important factor of your GBP bank account. A sort code is a 6 digit number that identifies your bank. It’s usually split up into pairs; the first two digits identify which bank it is and the last four digits refer to the specific branch of the bank, where you opened the account.