UNDERCODE COMMUNITY

Debit Card - Card, which resembles the credit card by the method of using, but making possible to realize direct buyer account debiting at the moment of the purchase of goods or service.

Delivery Versus Payment (DVP) - the system of calculations in the operations with the valuable papers, which ensures the mechanism, which guarantees that the delivery will occur only in the case of payment and at the moment of payment.

Direcht debit - payment levy method, mainly, with the repetitive nature (lease pay, insurance reward, etc.) with which the debitor authorizes his financial establishment to debit his current account when obtaining of calculation on payment from the indicated creditor.

Electronic Fund Transfer (EFT) - the remittance of means, initiated from the terminal, telephone or magnetic carrier (tape or diskette), by transfer of instructions or authorities to financial establishment, that concern to the debiting or crediting of the account (see Electronic Fund Transfer/Point of Sale - EFT/POS).

Electronic Fund Transfer/Point of Sale - EFT/POS - debiting from the electronic terminal, for the means transfer purpose from the account of a buyer into the payment on the obligations, which arose in the course of transaction at the point of sale.

Integrated Circuit (IC) Card - It is known also as chip card. Card equipped with one either several computer micros-chip or integrated microcircuits for identification and storing of data or their special treatment, utilized for the establishment of the authenticity of personal identification number (PIN), for delivery of permission for the purchase, account balance checking and storing the personal records. In certain cases, the card memory renewal during each use (renewed account balance).

Internet - the open world communication infrastructure, which consists of the interrelated computer networks and which provides access to the remote information and information exchange between the computers.

International Standardisation Organisation (ISO) - International organization, which carries out standardization, with the staff office in Geneva, Switzerland.

Magnetic Ink Character Recignition (MICR) - System, which ensures the machine reading of the information, substituted by magnetic inks in the lower part of the check, including the number of check, the code of department, sum and the number of account.

RSA - the coding and autentification technology, developed in 1977 in MIT by Rivest, Shamir and Adel'man, which subsequently opened their own company RSA Data Sechurity, Inc., purchased recently by the company Security Dynamics Technologies, Inc.

Real-Time Gross Settlement (RTGS) - the payment method, with which the transfer of means is achieved for each transaction in obtaining of instructions about the payment. Decrease the risk with the payment.

SSN (Social Security Number) - nine-digit number issued in US only to an individual. Its primary purpose is to track individuals for taxation purposes.

Smart Card - card equipped with integrated circuit and microprocessor, capable to carrying out the calculations.

System risk - the risk, with which the incapacity of one of the payment system participants either financial market participants as a whole to fullfill their obligations causes the incapacity of other participants or financial establishments to fulfill its obligations (including obligations regarding the realization of calculations in means transfer systems) properly. This failure can cause significant liquidity or crediting problems and, as result, it can cause loss to the stability of financial markets (with the subsequent action on the level of economic activity).

Truncation - procedure, which makes it possible to limit the physical displacements of a paper document, in the ideal version, by the bank of the first presentation, by the replacement by electronic transfer of entire or part of the information, which is contained on this document (check).

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