Short definitions, in the sense the terms are used across these guides. For a fuller banking glossary, see iGaming bank terminology in the Payments hub.
Accounts and money
Operating account. An account holding the operator's own money, in one currency, for paying suppliers, staff and affiliates.
Segregated player account. An account holding player balances, kept separate from operating funds, per licensed entity. See segregating player funds.
Treasury hub. The one account, usually EUR or GBP, that operating accounts sweep into and draw from, and where FX and intercompany transfers are run.
Sweep. A scheduled transfer that moves surplus above a ceiling into the hub, or tops up below a floor.
Intercompany transfer. A payment between two entities in the same group, with approvals and audit trail.
Entity. A legal company within a group. In Xace, users have one login and a role per entity.
Identifiers
IBAN. International Bank Account Number: country code, check digits, bank identifier and account number. See how IBANs are structured.
BIC. Bank Identifier Code, also called a SWIFT code. Identifies the bank, not the account. Required for SWIFT, usually optional within SEPA.
Intermediary bank. A correspondent bank a SWIFT payment passes through on the way to the beneficiary's bank.
ABA. The routing number for US banks. Needed for USD payments alongside intermediary details.
Rails
Faster Payments. The UK's near-real-time GBP rail. CHAPS is the UK high-value same-day rail.
SEPA. The Single Euro Payments Area and its standard credit transfer. SEPA Instant settles in seconds, around the clock. TARGET2 is the Eurosystem's high-value settlement system.
SWIFT. The messaging network for international payments outside a single-currency area. One to five business days.
Settlement. The point at which money actually moves between banks. Finality is the point after which it cannot be reversed.
Checks and controls
CoP, Confirmation of Payee. The UK check that the name you entered matches the destination account. VoP, Verification of Payee is the euro equivalent. Results are Match, Close Match or No Match. See the explainer.
Maker-checker. One person creates, a different person approves. Four-eyes is the same idea; multi-eye or many-eyes means more than two.
Approval policy. A rule that says when an action needs sign-off, by whom, in what order, and for how long the request stays open.
Payment limit and approval limit. The most a user can create in one payment, and the most they can approve.
Whitelisting. Marking an external account, usually another group company's, as trusted for agreed inter-group flows.
Velocity limit. A cap on how many transactions a card can make in a time window.
MCC. Merchant Category Code, the code that identifies what kind of business a card transaction is with. Used to restrict cards to the categories they should touch.
Processors and integrations
PSP. Payment service provider: the company that takes player deposits on your behalf and settles the money to you.
Settlement currency. The currency a PSP pays you in, which is not always the currency the player paid in.
AISP and PISP. Under Open Banking, an account information service reads balances and transactions; a payment initiation service starts payments. See Open Banking with Xace.
Webhook. A message Xace sends to your system when something happens, such as a payment being approved, so you do not have to poll.
CAMT.053. The ISO 20022 daily bank statement format, used for automated reconciliation.
