Payer - A private or legal person to a payment transaction that issues the payment order or agrees to transfer the money to the payee.
Beneficiary or Payee - The person receiving the money from a payment transaction.
Payment counterparties - The parties participating in the payment transaction - payer and beneficiary.
Payment - A transfer of funds that discharges an obligation on the part of a payer vis-à-vis a payee. However, the term is in Tuum also used as a synonym for “payment order”.
Payment order - An order or message requesting a money transfer from the payer to the payee.
IBAN - An International Bank Account Number. The number contains the account number, bank and branch information and country code.
BBAN - The Basic Bank Account Number. The number contains the domestic bank code, branch identifier, and account number.
BIC - An eight-digit number referred to as Business Identifier Code, also known as SWIFT code.
Payment operator - A generic term for any financial institution employee responsible for monitoring and resolving issues related to payment processing. In practice, organisations might divide the tasks of the payment operator between several persons according to the division of work within their organisation.
Payment Service Provider - A bank or a clearing and settlement mechanism or a payment intermediary providing a settlement service for Tuum customers.