Glossary – VANs

Virtual Account Number; also known as a Virtual Card or Virtual Card Number

Card Not Present (CNP) transactions are performed when a physical card is not present to make a payment

Mail Order Telephone Order transaction, a type of CNP transaction

A transaction performed online, often using a card for payment; a type of CNP transaction

The Financial Institution that you use to process the monies related to your card transactions. This may be the same as your Corporate/Merchant Bank

The Financial Institution licenced to issue a Credit or Debit card on behalf of a Card Scheme. Here, Optal is the Issuer

The Financial Service company that runs the associated Card Network. Examples include Mastercard, Visa, American Express and Discover. Here, Mastercard is the Card Scheme

Point of Sale (POS) Terminal used for taking a card payment. This is a physical device that can process both Card Present and CNP transactions

The application(s) you use to connect to the Acquiring bank to process card payments for physical POS, eCommerce or MOTO transactions. This might be provided by your Acquiring Bank but could be a separate company

An online portal for processing CNP card payments; the virtual equivalent of a POS Terminal. Typically provided by your Payment Gateway and/or Acquiring Bank

Your company

Credit Card Verification/Card Verification Value. The 3-digit security code (for Mastercard and VISA) for CNP transactions

Address Verification Service. Legacy security check performed by some Issuers that check the first 6 numerical digits of an address (typically house number and postcode digits)

Bacs (Bankers' Automated Clearing Services) is the scheme responsible for the clearing and settlement of UK automated payment methods - Direct Debit and Bacs Direct Credit. A bank-to-bank payment method

The Clearing House Automated Payment System is a British, same-day GBP bank-to-bank payment facility. An alternative to Bacs

Single Euro Payments Area; an initiative of the European Union to allow simplified bank transfers across the EU. Typically used for bank-to-bank payments outside of the UK

Society for Worldwide Interbank Financial Telecommunication; provides a network that aids worldwide bank-to-bank payments in a secure and reliable manner

Payment Card Industry Data Security Standard; an information security standard mandated by the Card Schemes covering all companies that handle card data

A leading, global provider of Financial Services. They are a trusted, global Card Scheme and Optal issue Mastercard VANs to their client base to enable secure, fast and easy payments

The company that is paying you for your goods and services

Talk to us to discover how Optal can add value to your organisation.

General Enquiries: +44 (0)2038 924 928
Invapay Technical Support: +44 (0)3308 387 490

info@optal.com

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