A

account

A financial account with a provider: for example, a current account.

account verification

A process that ensures only the bank account owner can authorise access to their account.

access token

A token that carries the necessary information to access a resource directly. When a client passes an access token to a server managing a resource, that server uses the information contained in the token to decide whether the client is authorised.

Access tokens usually expire after one hour, though this depends on the provider.

AIS

Account Information Services. Regulated providers (like TrueLayer) access a customer’s bank account data, so that the provider can offer services to that customer. They must have permission to do this.

AISP

Account Information Service Provider. A company authorised to access bank account data with the explicit consent of your user.

API-only

The server-side integration to use if you want to build your own UI, integrate into your existing UI, or want more flexible customisation options.

App2App, app-to-app

A flow where the user authorises a payment or connection in their banking app, rather than a webpage.

ASPSP

Account Servicing Payment Service Provider. A company that provides and maintains a payment account for a payer.

authentication

A process in which a consumer logs in to online banking to create a secure connection between their bank and a third party provider.

authorisation flow, auth flow

A method by which a bank allows their users to authorise a payment (eg provider selection, then scheme selection, bank login and redirect to merchant). Currently, we support redirect and embedded authorisation flows, but we may support more in the future.

authorisation server, auth server

The secure service hosted by TrueLayer that allows users to authenticate with their credentials. It also has API endpoints that you can use to obtain and renew an access_token.

B

beneficiary

The bank account that receives money when a payment is made. For pay-ins, the beneficiary is your account.

BIC

Business Identifier Code. A number used to identify a specific bank as part of an international transaction. Also known as a SWIFT code.

Biller

An individual, company, or organization that issues bills or invoices to customers for goods or services provided.

C

client

An application that implements our APIs.

credentials

Information which identifies you or your user. This can include a username and password, API keys, a pair of certificates, etc.

Console

Our billing platform, where you can get your send/create invoices, customise your UI, manage invoices and customers.

F

Faster Payments

The payment scheme that all TrueLayer payments are made through in the UK. It's free, and Faster Payments payments are instant.

H

hosted payment page

An out-of-the-box web UI that makes it easy to accept payments from your customers, including all the screens you need to accept payments.

I

IBAN

International Bank Account Number. A number that identifies a bank account.

ISV

Independent Software Vendor is a company or individual that creates, develops, and sells software solutions that run on one or more platforms (e.g., operating systems, cloud services, or hardware) provided by third parties, such as Microsoft, Apple, or Amazon Web Services (AWS).

ISVs operate independently of the platform providers, and their software products are designed to meet specific needs of businesses or consumers, such as accounting software, customer relationship management (CRM) systems, or industry-specific tools. Many ISVs partner with platform providers to distribute their software and integrate it with other systems.

M

mandate

An authorization given by a customer to a business or organization, allowing them to collect payments directly from the customer’s bank account. This mandate grants permission for the business to take payments on agreed dates, for varying or fixed amounts, without needing individual approvals for each transaction.

O

oAuth 2.0

The industry standard authorisation protocol.

open banking

Open banking involves giving regulated companies secure, limited, authorised access to user bank accounts, so that those companies can provide useful services.

open banking payments

A way for your customers to pay by bank transfer from their bank account.

P

payables

Amounts of money that a business owes to its suppliers or vendors for goods and services received but not yet paid for.

payment status

A value which indicates where a payment is in its lifecycle (for example: failed or successfully settled).

PIS

Payment Initiation Services. Gives regulated providers authorised access to a customer’s bank account to make payments on the customer’s behalf. The customer must give consent for this.

PISP

Payment Initiation Service Provider. Initiates account-to-account payments with the explicit consent of the user.

platform

A platform refers to the underlying technology or environment on which the ISV’s software applications run.

provider

A bank or other financial institution that provides Adfin with access to financial data through APIs.

PSU

Payment Service User. Any user who can make a payment through your customer interface is a PSU.

R

receivables

Amounts of money owed to a business by its customers for goods or services provided on credit. They represent the company's right to receive payment in the future.

refresh token

A token you need to get a new access token. Usually used to get a new access token after the previous one has expired, or to get access to a new resource for the first time.

Refresh tokens expire until the user needs to reconfirm consent (usually after 90 days). If not used, they expire after 30 days.

reminders

Any communication relating to a payment or invoice sent to your customers (e.g. invoice distribution with payment request, direct debit mandate request, payment reminder). Reminders can be sent via email, SMS or Whatsapp.

S

SCAN

Sort Code and Account Number. Bank details used to identify accounts in the UK and Ireland.

scheme

A payment scheme is the infrastructure that allows you to transfer money digitally from account to account.

scopes

A set of permissions that the user grants to the client so that the client can access data on their behalf.