Glossary

The regulatory requirement under PSD2 for banks to provide account access to authorized third parties, and the general term for the technical interfaces that do so.

A service that retrieves information about a payment account, such as its balance or transaction history, on behalf of its owner. Provided by an account information service provider.

A provider of an account information service, one of the regulated roles a third party provider can take under PSD2.

A payment service provider (PSP), typically a credit institution / bank, providing and maintaining a payment account for a payer.

A transfer made directly between bank accounts, without a card network in between.

See also Payment.

An agent is a financial institution involved in a payment, most importantly the debtor agent (the ASPSP) and the creditor agent. On a transaction, an agent is identified by the bic field of the creditor or debtor.

The secret key your backend uses to sign tickets and verify results. Each key belongs to a tenant and is scoped to an environment (Production or Integration); see Hub API.

The German national bank code. A BLZ identifies a clearing participant, not necessarily a single brand: several distinct banks can share one, e.g. where a banking-as-a-service platform operates multiple brands under one banking license.

A bank Connection that YAXI offers but still considers provisional, rather than at full production maturity. Beta connections are available by default; whether they are available to a given key is controlled by that key’s betaConnections flag (enabled by default). See Hub API.

Bulk payments are payments / transfers that involve multiple recipients or multiple transactions processed together as a single batch.

Submitting multiple entries to Transfer leads to a bulk payment, where supported by the connection.

The international identifier for a bank or Agent.

A connection refers to a technical integration of an ASPSP. A single bank can have more than one connection, and connections can differ in what they support.

A user’s authorization for a service to access their account. A one-time consent covers a single use with targeted, minimal permissions; a recurring consent can be reused for regular access and is carried in the connection data. See Recurring consents.

A creditor is the receiver of a payment from a debtor. The legal term is Payee.

Synonyms: Payee, Receiver, Recipient, Beneficiary

A debtor is a person sending a payment to a creditor. The legal term is Payer.

Synonyms: Payer, Sender

Strong customer authentication completed out-of-band, typically by confirming in the bank’s own app rather than through a redirect. Surfaces as a confirmation dialog that can be polled; see Handle dialogs and Polling.

Strong customer authentication performed directly in your own UI, e.g. by collecting credentials and a TAN through a login form rather than redirecting to the bank.

An identifier assigned by the party initiating a payment and carried through unchanged to the resulting transaction. Useful for reconciling a transaction against the payment that caused it.

A service call driven by the user in your frontend, as opposed to Non-interactive access. Most first-time connections and one-off actions are interactive.

The standard identifier for a bank account.

A service call made from your backend without the user present, typically to refresh account data on a connection that was already established through Interactive access. Only the read services (Accounts, Balances, Transactions) support it; payment initiation is always interactive. It is subject to its own access limits, tracked separately from interactive access: exceeding them results in AccessExceeded (see Handling errors), and if the bank requires the user, the call reports that user interaction is required.

A payee is the receiver of a payment from a payer. The more technical term is Creditor.

Synonyms: Creditor, Receiver, Recipient, Beneficiary

A payer is a person sending a payment to a payee. It normally matches the account holder, i.e., not necessarily the person acting on behalf of the account holder. The more technical term is Debtor.

In narrower terms, a payment is the transfer of money in exchange for products or services. More broadly, it commonly refers to any transfer.

A service that initiates a payment on the user’s behalf. Provided by a payment initiation service provider.

A provider of a payment initiation service, one of the regulated roles a third party provider can take under PSD2.

The payment service user is the natural or legal person using the ASPSP's service on behalf of the Payer.

The EU directive underlying Open Banking access in the EU/EEA, including strong customer authentication, consent rules, and the third party provider roles.

Periodic payments are payments / transfers made at regular intervals, such as monthly or quarterly.

Synonyms: Recurring payments, Standing orders

Strong customer authentication completed by sending the user to the bank’s own website or app. See Handle redirects.

The URI a bank redirect returns the user to. You register it with the client before a service call, either up front or in response to a redirect interrupt. See Handle redirects.

Synonyms: Callback URL

Free-text purpose information attached to a payment or transaction, e.g. an invoice reference. Often the most reliable way to reconcile a transaction against an order, since other identifiers are not always populated by the bank.

Synonyms: Purpose

Scheduled payments are payments / transfers that are set to occur at a specific future date or time.

Providing an execution date to Transfer schedules the transfer, where supported by the connection.

Synonyms: Future payments

The standard (non-instant) SEPA payment instrument. Contrast with SEPA instant credit transfer; see Instant by default.

The instant variant of a SEPA credit transfer, settling within seconds where supported. Not every bank or connection supports it; see Instant by default.

The point at which funds have actually moved, as opposed to a payment merely being accepted for processing. For Collect Payment and Transfer, a successful result confirms that the bank accepted the payment, not that it has settled.

Multi-factor authentication of a payment service user, typically required to authorize a payment or grant access to account information.

Your organization as YAXI knows it. API keys and usage all belong to a tenant, and each key is scoped to an environment (Production or Integration). See Hub API.

The PSD2 term for a regulated provider accessing account data or initiating payments on behalf of a user, in the role of an account information service provider or payment initiation service provider.

A short-lived, signed authorization for a single service call, issued by your backend. Carries the service to call and any input data the user cannot influence. See Issue a service ticket.

A transfer is the movement of money from one account to another, either within the same financial institution or between different institutions. In Open Banking, transfers are commonly referred to as Payments.

A human-readable message originating from the bank that describes a problem in terms meaningful to the end user, for example why access was blocked. Where present, prefer showing it over a generic message. See Handling errors.

An EU scheme requiring a check that a payment’s creditor name matches the account holder before the payment is authorized, intended to catch misdirected or fraudulent payments.