Glossary

BIC stands for Bank Identification Code or Business Identifier Code. It is an 8 or 11-character code that is used to identify a specific bank when you make an international transaction. For more information check the SWIFT documentation here.

C

Cartridges (mapping) can transform payments from one model to another. In general, we are talking about input and output cartridges. The first allows you to convert any format of an input file into an internal model, while the second allows you to change an internal format to any output format.

Canadian Payments Association (CPA) layout is used by Canadian Banks when exchanging electronic CAD or USD payment details with other Canadian Banks.

F

Files are text messages received or generated by the platform. They can contain payment information, status reports, or any other type of financial information referring to one or more transactions. The inbound files are the messages received in the platform while the outbound files are those sent by the platform to a correspondent.

The Financial Institutions File (FIF) is an electronic directory containing routing numbers to facilitate payments to the appropriate deposit-taking institution in Canada. The FIF is updated weekly. Updates include changes to addresses, banking arrangements, addition and removal of institutions and branches. For more information check the Payment Canada documentation here.

I

IBAN, or International Bank Account Number, is an internationally agreed standard numbering system developed to identify an overseas bank account. The IBAN consists of up to 34 alphanumeric characters comprising a country code; two check digits; and a number that includes the domestic bank account number, branch identifier, and potential routing information. Check this SWIFT page for more information.

M

Multi-factor authentication is a way of system authentication using multiple-level security. For example, while trying to log in to an application on the desktop, the system may require a One-Time Passcode (OTP) sent to your mobile or there can be an authentication app installed on both your desktop and the smartphone and you will need to scan the QR code to gain access to the application and so on. To login to the platform, you need to install a two-step authentication tool. To install a two-step authentication tool, please follow this guide.

O

Organizations in the platform allow a set of financial configurations and messages to be tied together. A client or user can have one or more organizations depending on their needs as well as the structure of their institution. An organization represents a particular space comprising its options (configurations) and a list of associated financial messages (messages sent through these configurations). Organizational structure means that in a Client Organization, you could create several sub-organizations. Each sub-organization can create its own sub-organizations, and so on up to 5 levels deep: this allows separation of data. For example, a client can manage its different branches by representing each of them using sub-organizations.

P

PSR stands for Payment Status Report, it is a status report concerning one or several files & transactions. It is generally sent by the next participant in the payment chain to the previous one. This report is used to inform the previous participant about the positive, negative, or pending status of a financial message.

Possible Duplicate Emission engine validates if the transaction is a duplicate into the same organization, based on SWIFT criteria:

• Transaction Reference

• Transaction Amount

• Transaction Value Date

• Transaction Instructing Agent BIC

• Operation type (Credit/Debit)

S

SWIFT stands for “Society for Worldwide Interbank Financial Telecommunication”. This is a global network that processes payments between different countries.

“SWIFTRef is SWIFT's unique reference data and financial information service. It offers a single and unique source for all the reference data and financial information you need for flawless payment processing, accurate regulatory reporting, and in-depth counter-party risk analysis”. To learn more about this directory, please refer to: SWIFT site.

The platform makes available to its customers all of the institution information provided by SWIFTREF. You can simply perform a search in the SWIFTREF directory. You can enrich all your transaction agents (DOCUMENTATION UNDER CONSTRUCTION ) or you can directly find the agents you want in manual transaction entry (Transaction - WIRE - Creation).

T

Transactions bring together all the information necessary to carry out a movement of funds between two individuals or companies. When financial messages are received in the platform, all the transactions available in these files are extracted and separated to offer the user a detailed view of each of them. It is also possible to enter the information necessary for a new transaction (Transaction - WIRE - Creation ) to send it to the next payment participant if necessary.

U

A Unique End-to-end Transaction Reference (commonly known as a UETR) is a string of 36 unique characters featured in all payment instruction messages carried over SWIFT. UETRs are designed to act as a single source of truth for payment and provide complete transparency for all parties in a payment chain. For more information visit the SWIFT site.

W

Wire transfers are a quick, safe, and reliable way for businesses to transfer funds both domestically and internationally. Check this Payments Canada page for more information.