Terminology
Below you find a list of the various terms used in the various APIs.
The list is not exhaustive and the listed terms are in no particular order.
| Term | Description |
|---|---|
| Account | A ledger of Postings. |
| Account Number | A fully qualified number that identifies an Account. The format of this number is country-specific, e.g. BBAN in Denmark. |
| BBAN | A fully qualified account number as defined by iban.com . |
| Balance | Refers to the amount of money on an Account. |
| Clearing | The process of sending a Transfer to a national/international clearing system. |
| Creditor | The legal entity that has a claim of funds. |
| Debitor | The legal entity that owes funds. |
| Domestic Credit Transfer | A Transfer that is submitted to the national Clearing and where the Sender is the Debitor. |
| Ledger | A Ledger is an immutable and ordered list of Postings. Often used interchangeably with Account. |
| Legal entity | An individual, company, or organization that has legal rights and obligations. |
| Market rate | The market exchange rate excluding markup. Multiply the source amount by the market rate to get the target amount. |
| Posting | A Posting is the result of a Transfer between two Ledgers. |
| Posting Time | Refers to when the Posting was booked on the account. |
| Posting Type | Denotes a specific type of Posting, e.g. a Posting from a Domestic Credit Transfer. |
| Rate | The exchange rate (including markup) between two currencies. Multiply the source amount by the rate to get the target amount. |
| Receiver | The legal entity that receives the Transfer. |
| Receiver Message | A text description that can be set by the Sender on a Transfer as a message to the Receiver. Both a short and long version exists of this message. |
| Reversal | If a cleared Transfer “bounces” – i.e. could not be processed by the receiving institution – the posted amount will be returned to the Sender. |
| Sender | The legal entity that sends the Transfer. |
| Sender Message | The Sender’s note to self so the Transfer can be identified later. |
| Transfer | A transfer of funds between two accounts. |
| Watermark | Data synchronization mechanism which helps with data ordering and progress tracking – the watermark time usually lags behind real-time. |
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