term definition
Accounting Economic operation and event registration, grouping and generalization system used for making economic decisions, receiving and (or) creating report sets.
Central bank State Bank responsible for monetary policies seeking to assure price, rate of exchange or other macroeconomic stability.
CRM system CRM (Customer Relationships Management) system used for client relationship management. CRM systems often have loyalty, communication, analytical, data exchange and modules and client interface for customers. CRM systems should be created only after setting a long-term business strategy.
Distribution A cargo, goods or other material value delivery from a manufacturer (or warehouse) to the receiver.
EMV standard EMV – an international standard created in 1999 by the payment companies Europay, MasterCard and VISA. It determines safety requirements for all the companies working with chip card operations and their software – payment card readers, ATMs etc. – and their interactions.  One more EMV standard aim is to unify these requirements irrespective of the payment system. Currently, the standard is monitored by the EMVCo organization which has 6 main members: – American Express, Discover, JCB, MasterCard, UnionPay and Visa.
POS terminal Electronic card reader is an electronic device used for payment card reading and accepting payments for goods and services. POS terminal must be connected to the payment cards receiver system of Your choice after the signing of the payment card service contract.
Loyalty program It is one client oriented strategies creating form which ensures client loyalty which cornerstone is the creation of supplementary value. For the implementation of the loyalty program the Loyalty and CRM systems are usually used.
Payment card Payment card is a tool for non-cash payments. When paying by card in merchant or service places the money is transferred to the company by the acquirer who receives it from the issuer.
Payment card issuer It is a bank, financial organization or a company with the same rights (the issuer) which has the right to emit the tools for non-cash payments – payment cards.
Payment card receiver It is a bank, financial organization or a company with the same rights (the acquirer) which has the right to service (accept and process) the tools of non-cash payments – payment cards.
Magnetic payment card Payment card where the data is saved in a magnetic strip. Usually, the information about the card owner and some specific information set by card issuer is saved there.
EMV payment card A payment card with installed chip where the information about the owner and specific information set by the issuer is saved. All the chip cards must meet EMV standards. This type of card is significantly safer than magnetic cards.
Debit payment card Payment card which is usually issued without a credit limit, i. e. without a possibility to spend more than there is on Your account. Maestro and VISA Electron are assigned to this type.
Credit payment card Card is usually issued with a credit limit, i. e. with a possibility to spend more than there is on the account. MasterCard (Classic, Standard, Gold, Platinum) and VISA (Classic, Gold, Platinum) are assigned to this type.
Payment card authorization In order to ensure uninterrupted sales process, credit card owner identification and creditworthiness is checked. The seller asks the bank emitent (a person buying over the bank) in order to reduce current account balance on the invoice without an immediate charge from the account.
Payment card pre-authorization In order to ensure uninterrupted sales process, credit card owner identification and creditworthiness is checked. The seller asks the bank emitent (a person buying over the bank) in order to reduce current account balance on the invoice without an immediate charge from the account. If there is no standardized authorization the pre-authorization expires after the time period set by the bank emitent.
OS OS (Operational system) is a special software ensuring user interface and control of computers’ technical equipment, applications and data.
PA DSS PA DSS (Payment Application Data Security Standard) is a standard created by VISA, MasterCard and other corporations’ board which defines safety requirements for bank payment card software. This certificate guarantees the safety of important client data and their safety from illegal use or theft.
PCI DSS PCI DSS (Payment Card Industry Data Security Standard) standard regulates requirements for companies and retail and services who accept, transfer and process payments by bank cards.
Money A tool for paying for the goods or services, accumulation as well.
PIN code PIN (Personal Identification Number) is used for client identification and/or operation confirmation.
PIN code generator An electronic device granted by the bank for a single-time PIN code generation. PIN code generator is used for client identification or an approval for internet or mobile operation. Main advantages: unlimited number of codes, safety of generator itself assured by a PIN code.
PIN code card Plastic card with printed PIN codes issued by a bank which are used for telephone or internet operation verification. Main disadvantage: limited number of codes which negatively influences tool safety.
SEPA SEPA (Single Euro Payments Area) project goal is to create a common area for payments in euro where the payments are not divided into national and international. In SEPA area, credit transactions in euro and direct debit operations are implemented by the same schemes where the same main conditions, rights and commitments are applied. Currently, SEPA area covers 34 countries one of which is Lithuania.
Transaction Logic database work unit, operations in database sequence. Transaction can be defined as a database transformation from one coordinated to another coordinated state, however, in the intermediate points database is in not coordinated state.