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Eurogiro list of Acronyms and glossary.

ABCDEFGHIJKLMNOPQRSTUVWXY

A  
ABA

US ACH rules:

A 9-digit routing number that identifies the financial institution in the US (similar to the BIC address used in SWIFT).

See also FedACH

Directory of ABA numbers can be found on: www.fededirectory.frb.org

ABE Association Bancaire Euro. See EBA
ACH Automated Clearing House
ACH files

US ACH rules:

Means data transmitted between the USGO and DFIs in the United States in NACHA format.

ACH Network

US ACH rules:

Means the automated system through which United States DFIs transmit and settle payment orders subject to the NACHA Rules.

AFU Her Majesty Treasury Asset Freezing Unit (UK)
AML Anti Money Laundering
APG /APGML Asia Pacific Group on Money Laundering is an international organisation (regionally focused) consisting of 40 members and a number of international and regional observers including the United Nations, IMF, FATF, Asian Development Bank and World Bank, see www.apgml.org
ATF Anti Terrorist Financing
ATM Automated Teller Machine
B [Back to the top]
B2B Business to Business (or Bank to Bank)
B2C Business (Bank) to Customer
Bank notes dealing A service by which a bank offers the regular supply of bank notes in different currencies on agreed conditions.
Banker's draft A draft drawn by a bank on its account with a financial Institution abroad.
Banking holiday Means those days specified as holidays by each country.
BBAN Basic Bank Account Number
BCBS Basel Committee on Banking Supervision
BEN Charging code in SWIFT. In MT103 series BEN indicating that transaction charges on the sender’s side are borne by the beneficiary customer. Transaction charges on the receiver’s side are also borne by the beneficiary. See also Eurogiro Message Type Specification.
Beneficiary Customer to whom the payment is made.
Beneficiary’s Institution/bank Financial Institution/bank making the final credit or out-payment to the beneficiary.
BIC Bank Identification Code, ISO standard issued by SWIFT. Furnishes each bank with a unique identification.
BIS Bank for International Settlement.
Booking day The day on which a payment is credited to the account of the beneficiary
Branch counter Counter at a branch, either post office or bank branch, associated with the institution participating in the service.
C [Back to the top]
CA

Certificate Authority.

Designates the computer system that generates and maintains the security certificates and associated keys.

Cash letter Personal cheques and bank cheques or banker’s drafts, which are honoured by a foreign bank are cleared and credited to the sending bank’s account under usual reserve.
Cash Payment A payment paid in from a counter or from an account to be paid out in cash: cash payments, money orders, cheque payments.
CBR

US ACH rules:

Corporate Cross-border Payment

CEBS Committee of European Banking Supervisors
CESR Committee of European Securities Regulatiors
CFATF Caribbean Financial Action Task Force,  is an organisation of thirty states of the Caribbean Basin , which have agreed to implement common countermeasures to address the problem of criminal money laundering. see http://www.cfatf-gafic.org
CFT Counter Financing of Terrorism
Cheque collection Personal cheques, bank cheques, banker’s drafts, bills of exchange etc. which are sent by a foreign bank for collection are collected and will be credited after final payment to the sending bank’s account.
Cisco router Network equipment. In Eurogiro the Cisco is configured with VPN to secure the communication (authentication of site and encryption of data).
Clean collection Personal cheques, bank cheques, banker’s drafts, bills of exchange etc. which are sent by a foreign bank for collection are collected and will be credited after final payment to the sending bank’s account.
COBIT

Control Objective for Information and Related Technology Standards of Compliance. COBIT is an ISACA brand and is the most commonly used model in IT audits.

CoC

Certificate of Compliance.

Eurogiro request our members to return a yearly statement that they are in compliance with our security policies.

COD

Cash on Delivery.

A service provided by the Post (parcel provider) which guarantees that the parcel is only delivered upon immediate payment. The payment side of the service is handled by banks/postal financial service departments, typically as a payment into an account or in cash. The in-payment is in principle in cash, but card payments occur if offered by the domestic provider of the financial services. In Eurogiro, all message types are available, but the payment must be flagged as "COD" and equipped with a reference number.

Collection accounts Collection accounts are held for foreign non-bank customers to receive funds through domestic channels.
Cover message MT202. Message sent from sending bank to settlement bank stating the amount to be settled based on a payment transfer sent direct to the receiving bank. Also called Capacity Transfer.
Credit Transfer A transfer from an account or from cash in-payment to an account.
CSM Clearing and Settlement Mechanism. Typically within SEPA
CTF Counter Terrorist Financing
CUG Closed User Group.
Cut-off time Latest acceptable time for receiving of transaction and funds on value date.
D [Back to the top]
Depository Financial Institution See DFI.
Depository Institution See DFI.
DES

Data Encryption Standard is a widely-used method of data encryption using a private (secret) key. Both the sender and the receiver must know and use the same key. In Eurogiro DES is used for the MAC-ing.

See also Triple DES

DFI

US ACH rules: Depository Financial Institution

Means an entity in the United States that is authorised by law to accept deposits and is authorised to participate in electronic exchange of payment instructions and to settle for such payments.

In Europe: Depository Institution

Means an entity in certain countries in Europe that is authorised by law to accept deposits and is authorised to participate in electronic exchange of payment instructions and to settle for such payments.

DMZ In computer networks, a DMZ (demilitarized zone) is a computer host or small network inserted as a "neutral zone" between a company's private network and the outside public network. It prevents outside users from getting direct access to a server that has company data. A DMZ is an optional and more secure approach to a firewall.
Documentary collection The collection of documents in relation to a trade transaction, in combination with the collection of the financial documents.
DSU Another name for the modem. DSU /CSU used in digital circuits.
E [Back to the top]
E&I

Exceptions and Investigations.

EACB

European Association of Co-operative Banks.

It represents one of the leading banking groups in Europe. The EACB represents the common interests of co-operative banks and acts as their official spokesperson towards the European institutions.

EACHA European Automated Clearing House Association. EACHA is the technical cooperation forum of European ACHs. Its membership, currently comprising 22 institutions, gathers twice a year to discuss European developments in retail payments. www.eacha.org
EAG Eurasia Group. The world's leading global political risk research and consulting firm helping clients make informed business decisions in countries where understanding the political landscape is critical. see www.eurasiagroup.net
EASG Eurogiro Audit and Security Group.
EBA

Euro Banking Association.

Acts as an initiator and assists in the development of European-wide payment infrastructures.

Banks which have their registered office or a branch office in a Member State of the European Union as well as banks, which have their registered office in one of the EU Accession countries as well as in any EEA Member State, are eligible for membership of the Association.

www.abe.org

EBA step 1

STEP1 allows banks not complying with EURO1 admission criteria, to process their cross border retail payments within a pan-European payment system.

The STEP1 system is open to any bank or financial institution having its registered office or a branch in the EU and that is a Full Member or a User Member of the Euro Banking Association.

EBA step 2

STEP2 provides a pan-European ACH solution for processing bulk payments. The system offers direct access to a wide banking community, whose payment instructions, routed through to STEP2, are distributed to any bank operating in the EU.

STEP2 participation is open to financial institutions having their registered office or a branch in the EU.

EBC European Banking Committee. 
It is run by the European Commission and generally meets three times a year. The Committee fulfils both comitology and advisory functions. It assists the Commission in adopting implementing measures for EU Directives and provides advice on policy issues related to banking activities. The EBC is composed of high level representatives from the Member States and chaired by a representative of the Commission.
EBF European Banking Federation.
The EBF is by far the largest and most representative banking association in the EU, made up of the national banking associations in all 27 EU Member States and representing more than 5.500 banks of all size.
EBICS Electronic Banking Internet Communication Standards
EBPP Electronic Bill Presentment and Payment.
ECB European Central Bank
ECBS the former "European Committee for Banking Standards".
ECI™ (former TMO)

Eurogiro Cash International® (former TMO). A semi urgent Money Order product developed by Eurogiro.

TMO also designates the application and system that holds the database for the transactions.

ECOFIN

Council of the European Union.

The Economic and Financial Affairs Council is, together with the Agriculture Council and the General Affairs Council, one of the oldest configurations of the Council. It is commonly known as the Ecofin Council, or simply "Ecofin" and is composed of the Economics and Finance Ministers of the MemberStates, as well as Budget Ministers when budgetary issues are discussed. It meets once a month.

EDFI

US ACH rules:

A DFI located in Europe

EEA

European Economic Area is an organisation under EU.

The EEA is maintained because of the wish of the 3 countries - Norway, Iceland and Liechtenstein - to participate in the Single Market, while not assuming the full responsibilities of membership of the EU.

www.europa.eu.int

EFI Eurogiro Fed Interface. Eurogiro central system to interface to FED.
EGO

US ACH rules:

A Gateway Operator located in Europe

EIS

Eurogiro Intermediate System.

This is a central store and forward system for connection to specific Members.

Electronic Payment A payment is considered electronic when received via Eurogiro network. Transactions issued via fax, paper, telex etc. are considered non-electronic transactions.
ELS

Eurogiro (Local) System.

The Eurogiro System (ELS) is a turnkey system including all the hardware and software needed to connect to the Eurogiro Network and the Western Union services.

EMIR European Market Infrastructure Regulation. A proposal from the European Commision on OTC derivatives, central counterparts and trade repositories.
ENOC Eurogiro Network Operation Centre. The centre monitors the network and the system resources and provides help desk service.
Entry date The entry date on the statement indicates value date either advised in the payment instruction or otherwise applied.
EODFI

US ACH rules:

An ODFI located in Europe.

EPC European Payment Council.
The purpose of the EPC is to support and promote the Single Euro Payments Area (SEPA).
The scope of the EPC is core payment services (retail and commercial payments) in Euro in Europe, and their settlement.
ERDFI

US ACH rules:

A RDFI located in Europe.

ERI standard SWIFT standard for EUR Related Information. See Eurogiro Message Type Specification document.
ESA European Supervisory Authority for the supervision of financial services in the EU
ESAAMLG Eastern and Southern Africa Anti-Money Laundering Group comprises fourteen countries from the Eastern region of Africa down to the southern tip of Africa. Two of the members are located in the Indian Ocean. See www.esaamlg.org
ESBG European Savings Banks Group. ESBG is a European banking association that represents the interests of its 26 members vis-à-vis the EU Institutions, with a specific focus on retail banking issues. www.esbg.eu
ESCB European System of Central Banks
ESM

Eurogiro SWIFT Middleware.

Software in the Eurogiro/SWIFT CUG solution for bulking and compression of Eurogiro envelopes.

ESSP

Euro Settlement Service Provider.

The Eurogiro member bank that is selected to provide all Eurogiro members with settlement of EUR for an agreed period of time. In principle, the concept provides settlement of all Eurogiro EUR payments at one institution, offering internet based information services for real-time liquidity handling.

Current: Deutsche Postbank

EURO 1

The EURO1 system is a same day payment system processing single end-to-end payment messages denominated in EUR.

Each EURO1 participant is a shareholder in equal share of EBA.

Eurogiro format Means a taxonomic ordering of data that conforms to the technical specifications for the exchange of payment messages in the Eurogiro network.
Eurogiro Master Agreement Means the agreement governing relations between Eurogiro and the institutions connected to the network.
F [Back to the top]
FATCA FATCA, the Foreign Account Tax Compliance Act which came into effect on 18 March 2010, requires that foreign financial institutions provide the US tax authority (IRS) with tax information on US persons. The new requirements will come in effect 2013.
FATCA “invites” all foreign financial institutions (FFIs) to enter into a contract with the IRS. With this agreement, the institutions undertake to identify US customers and to report their assets. According to initial estimates, FATCA affects 50,000 to 100,000 financial intermediaries worldwide.
FATF

The Financial Action Task Force.

Is an inter-governmental body whose purpose is the development and promotion ofnational and international policies to combat money laundering and terrorist financing.The FATF is therefore a "policy-making body" created in 1989that works to generate the necessary political will to bring aboutlegislative and regulatory reforms in these areas. www.fatf-gafi.org

FBE The European Banking Federation (FBE) is the united voice of the banks of the European Union (EU) and the European Free Trade Association (EFTA) countries. The FBE represents over 4000 banks, large and small, with almost 20 000 billion euros assets.
www.fbe.be
FCA Financial Conduct Authority (financial service regulator in UK)
FED Federal Reserve Bank
FedACH FedACH is the Federal Reserve's Automated Clearing House for financial institutions. Additional details about FedACH can be found on the Federal Reserve Financial Services web site: www.frbservices.org.
FELABAN Latin American Federation of Banks. A not for profit organisation constituted in 1965.
FileAct A SWIFT standard used for exchanging batches of structured financial messages and large reports. FileAct is the standard used on the SWIFTNet platform, and a prerequisite for joining the Eurogiro /SWIFT Closed User Group.
FinCEN Financial Crimes Enforcement Network by the US Department of the Treasury. FinCEN’s mission is to enhance U.S. national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems.
5x5 (Five by Five) An objective promoted by the G8 Global Remittance Working Group and the World Bank to reduce the average cost of sending remittances globally to 5% over 5 years.

In July 2009, at L´Aquila summit, the G8 Head of States endorsed the 5x5 objective.  
Flat Fee A fee that is set to a fixed amount regardless of the principal amount of the payment, in contrast to a percentage fee, dependent on the principal amount
Foreign Exchange See FX
FRB Federal Reserve Bank. Includes the 12 Federal Reserve banks and their branches.
FTA File Transfer Agent. An interface disk directory where the Envelope files are exchanged between ESM and SAG (Eurogiro/SWIFT solution)
Fund transfer Fund transfer means arranging funds to a nostro account held with a foreign administration. It is done by transferring funds from another nostro account held in the same currency or by a foreign exchange deal.
FX Foreign exchange. The sale of the amount of currency of the sender’s country in which an item or return was denominated, and the purchase of the currency of the receiver’s country in an amount equivalent to the amount of the currency of the sender’s currency multiplied by the applicable exchange rate.
G [Back to the top]
GAFI French abbreviation for FATF
GAFISUD Financial Action Task Force on Money Laundering in South America. The purpose is to work toward developing and implementing a comprehensive global strategy to combat money laundering and terrorist financing as set out in the FATF Forty. See www.gafisud.info
Gateway Operator

US ACH rules:

Means an institution that acts as an EGO or an USGO

GIABA Inter Governmental Action Group against Money Laundering in West Africa, see www.giaba.org
Giro transfer A giro transfer means a payment from one account with a giro administration to another account with a giro administration.
GUI Graphical User Interface
H [Back to the top]
Hub A Hub is a switch in a network infrastructure.
I [Back to the top]
IASB International Accounting Standards Board
IBAN

International Bank Account Number

is a standardised structured, unique account number and conforms to International Standards Organisation standard 13616 (issued by ECBS) as amended from time to time.

ID Valid ID, identification documents, to be presented for encashment are for instance: passport, driver’s license, and personal identification papers, depending on the local law.
IFS system The computer system used by postal organisations for financial transfers within the postal network and for exchange of TMO with the members of Eurogiro.
In-payment An in-payment means a cash payment made by the payer at the post office counter.
Interest, credit/debit Calculation must be announced prior to launch. Normal bank procedures include information on calculation method, margin, postage frequency.
IOSCO International Organisation of the Securities Commissions.
IPFA

International Payments Framework Association.

IPFA's mission is simple: Simplifying International Credit Transfers thru Global Standards. The concept of IPFA is to establish a membership organization providing rules, standards and operational procedures and guidelines. IPFA will improve non-urgent cross-border credit transfers through a member service agreement binding members to the operating rules. see www.internationalpaymentsframework.org

IPI International Payment Instruction.
IPSec

Internet Protocol - Secure.

An industry-standard technology to secure the IP-based communication between two parties. Eurogiro uses IPSec in all connections.

ISACA

Previously known as the Information Systems Audit and Control Association. ISACA defines the roles of information systems governance, security, audit and assurance professionals worldwide.

ISO

International Standards Organisation.

ISO (International Organization for Standardization) is the world's largest developer and publisher of International Standards.

ISO is a network of the national standards institutes of 162 countries, one member per country, with a Central Secretariat in Geneva, Switzerland, that coordinates the system. see www.iso.org

ISO 20022

The ISO 20022 standard provides the financial industry with a common platform for the development of messages in a standardized XML syntax, using:

  • a modelling methodology (based on UML) to capture in a syntax-independent way financial business areas, business transactions and associated message flows;
  • a set of XML design rules to convert the messages described in UML into XML schemas.

The business items used in financial communications, the resulting models and derived messages are stored on this website in a central Financial repository. See www.iso20022.org

ISP Internet Service Provider.
J [Back to the top]
K [Back to the top]
KYC Know Your Customer. The process of ascertaining the end user customer's identity.
L [Back to the top]
LAN Local Area Network
Liaison account Liaison account is de facto either a held with another administration or a loro/vostro account held for another administration. The account is used for settlement purposes caused by giro payments or other types of payables/receivables agreed upon between the administrations.
Loro account Loro account or vostro account is "their"/ "your" account, i.e a Vostro account foreign administration's account with "our" administration. It is usually held in the local currency of the account-holding administration but can be held in other currencies also.
LVP Low Value Payment.
M [Back to the top]
MAA

Message Authentication Agent.

Is also used to refer to the DES keys for the MAC calculation.

MAC

Message Authentication Code.

Used in Eurogiro to protect Envelopes from being tampered with in the communication between the Host and the ELS.

MENAFATF Middle East and North Africa Financial Action Task Force against Money Laundering and Terrorist Financing, see www.menafatf.org
MiFID

Markets in Financial Instruments Directive.

is a European Union law which provides a harmonised regulatory regime for investment services.

MLF

Multilateral Framework.

Eurogiro MLF is a concept for providing a simple multilateral framework of True International Payments based on: One signing - Simple payments - Global reach.

MLRO Money Laundering Reporting Officer
MNO

Mobile Network Operator. A company that has a government issued license to provide telecommunication services through mobile devices.

Modem This equipment provides the physical interface to the network.
MONEYVAL The council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, see www.coe.int/moneyval
MPLS

Multiprotocol Label Switching.

A network technique used by network providers as it gives them a great deal of flexibility to divert and route traffic around link failures, congestion, and bottlenecks.

MSISDN Mobile Station International Directory Subcriber Number.
MT Message type (SWIFT format)
MTO Money Transfer Organisation. A company that has a license to provide money transfer of remittance services thropugh its agent or distribution network.
MX Message type (XML format)
N [Back to the top]
NACHA

The National Automated Clearing House Association in the United States.

Sets standards for exchange of payments in US. See www.nacha.org.

NACHA format Means a taxonomic ordering of items, files, and batches that conforms to the Technical Specifications in the NACHA Rules.
NACHA Rules Means the rules published by the National Automated Clearinghouse Association, as they may be amended from time to time.
NASO National Adherence Support Organisation (SEPA)
NCA National Crime Agency. Leading UK's fight to cut serious and organised crime.
NCB National Central Bank
NLF

New Legal Framework.

EU directive for payment services in the international market. See PSD

Nostro Account Nostro account is "our" account with a foreign administration or bank. It is usually held in the local currency of the account-holding administration but can be held in other currencies also.
O [Back to the top]
ODFI

US ACH rules:

Originating DFI.

OFAC

The Office of Foreign Assets Control.

("OFAC") of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction.

OGO

US ACH rules:

Originating Gateway Operator

OPG Eurogiro Operational Performance Group.
OTC Over the counter.
OUR Charging code in SWIFT. Indication that all charges are borne by the sender, so no fees may be deducted from the principal amount. See also Eurogiro Message Type Specification.
Out-payment An out-payment means a payment typically from an account holder with a giroadministration to a beneficiary in cash at the post office counters.
P [Back to the top]
Payee The last person that receives the funds in a payment transaction.
Payor The first person that provides the funds for a payment transaction.
PCI Payment Card Industri. 

The PCI Security Standards Council is an open global forum for the ongoing development, enhancement, storage, dissemination and implementation of security standards for account data protection.

The PCI Security Standards Council’s mission is to enhance payment account data security by driving education and awareness of the PCI Security Standards.

PE-ACH Pan-European Automatic Clearing House.
PEP Political Exposed Person.
PKCS

Public-Key Cryptography Standard.

Specifications produced by RSA Laboratories in co-operation with secure systems developers world-wide.

PKCS documents have become the basis for the de facto standards for secure exchange of information.

www.rsasecurity.com/rsalabs/pkcs

PKI

Public Key Infrastructure.

A security system using digital certificates and keys for data protection based on the PKCS documents and standards.

POP

Point of Presence.

The location of the network partner’s access point. The leased line goes from the member site to the POP.

POS Point of Sale.
Proof of payment Photocopy of document with beneficiary’s signature stating that the payment has been out-paid, or similar solid proof.
PSD

Payment Service Directive EU directive for payment services in the international market.

The Directive on Payment Services (PSD) provides the legal foundation for the creation of an EU-wide single market for payments. The PSD aims at establishing a modern and comprehensive set of rules applicable to all payment services in the European Union. The target is to make cross-border payments as easy, efficient and secure as 'national' payments within a Member State. The PSD also seeks to improve competition by opening up payment markets to new entrants, thus fostering greater efficiency and cost-reduction. At the same time the Directive provides the necessary legal platform for the Single Euro Payments Area (SEPA).

 

The PSD sets out full harmonisation rules on the provision and use of payment services including on execution time and liability.

The PSD covers electronic payments made in any currency where either or both the payer’s payment service provider or the payee’s payment service provider is located in the EU. The PSD does not apply to cheque payments or most cash transactions.

Q [Back to the top]
QA Quality Assurance.
Query A defined message to be sent by one giro administration/bank to another giroadministration/bank to request information or clarification relating to a previous Eurogiro/non-Eurogiro message. It should contain at least the mandatory fields of the original message to which it is related. A query always requires a response by an MT n96 within 3 banking days.
R [Back to the top]
RDFI

US ACH rules:

Receiving DFI.

Recall / Request for cancellation Means a call-back of payment before settlement into the customers account or delivery into domestic clearing for 3rd bank credits. To be executed on best efforts basis.
Receiving Institution/bank Financial Institution/bank receiving the payment in the country of destination to credit the beneficiary or forward to beneficiary bank for credit or out-payment in cash.
Reference interest rates The interest rate defined by the receiving institution as the one applied to calculate due interest
Reimbursement If settlement is not effected through existing nostro and loroaccounts at bank of the administrations, payments can be settled through accounts held in other banks, called reimbursement banks. This is normally done for payments in third countries' currencies.
Remittance A remittance is a cross-border, person-to-person payment of relative low value.(CPSS/Worldbank definition).
Remuneration Charges, collected to compensate for the costs of handling the service on receiving side, covers all costs, which may include out-payment, return of funds, maintaining necessary proofs and due checks
RGO

US ACH rules:

Receiving Gateway Operator

RTGS

Real Time Gross Settlement System.

A gross settlement system in which both processing and final settlement of funds transfer instructions can take place continuously (i.e. in real time). An RTGS system can be characterised as a funds transfer system that is able to provide continuous intra-day finality for individual transfers.

RTGSplus

The RTGS system of Deutsche Bundesbank (German central bank).

The system is open to all credit institutions and security firms with registered offices in the European Economic Area (EEA).

S [Back to the top]
SAB

SWIFTAllianceWebstation.

An interface product enabling a person-to-application communication over the SWIFTNet services. Using a web browser environment, it provides access to business applications through service graphical user interfaces.

SAG

Swift Alliance Gateway.

It is an interface product enabling an application-to-application communication over the SWIFTNet services. Using host adapters, it connects to SWIFTNet, via SNL, business applications and service-specific interfaces that sometimes run on the same system as the SAG, but usually on a different one

SAR Suspicious Activity Report
SCF

SEPA Cards Framework.

The SCF spells out high level principles and rules which when implemented by banks, schemes, and other stakeholders, will enable European customers to use general purpose cards to make payments and cash withdrawals in Euro throughout the SEPA area with the same ease and convenience than they do in their home country. There should be no differences whether they use their card(s) in their home country or somewhere else within SEPA.

SCT SEPA Credit Transfer
SDD SEPA Direct Debit
SECUG SWIFT Eurogiro Closed User Group. Indicates the Eurogiro CUG on SWIFTNet.
SEEBA Single European E-Business Area.
Sending Institution/bank Financial Institution/bank forwarding the cross border credit transfer.
SEPA Single European Payment Area. The European Commission requires the banks to create a single payment area for the entire EU.
Settlement Settlement means paying or receiving funds in cover for e.g. reimbursement payments, cheques among administrations. Usually settlement is effected through existing nostro and loro accounts of the administrations
SHA Charging code in SWIFT MT103 series, indicating that transaction charges on the sender’s side are borne by the ordering customer. Transaction charges on the receiver’s side are borne by the beneficiary. See also Eurogiro Message Type Specification.
SLA Service Level Agreement
SME Small and Medium Enterprises
SNL SWIFTNet link. SWIFT’s mandated software to access SWIFTNet. It ensures technical interoperability between users providing the minimal functionality required for messaging applications to communicate with correspondents in the framework of a SWIFTNet service.
SSH Secure Shell, is an interface for secure access to another computer over a network. It provides strong authentication and login passwords are encrypted.
SSI Standard settlement instruction.
Step 1 See EBA step 1
Step 2 See EBA step 2
Stop payment facility A means to sop an out-payment of a cash payment with a validity that exceeds“running month plus next month”. The options of the facility should be well described toward Eurogiro partners from which cash payments are received.
STP Straight Through Processed: Processing of received transactions without manual intervention by the receiving Institution. – needs correct and validated IBAN and BIC
STR Straight Through Ratio. Relates to STP.
Sudo Sudo (superuser do). A utility on UNIX systems that provides an efficient way to give specific users permission to use specific privileged system commands without knowing the privileged system password. Sudoalso logs all commands and arguments.
SWIFT Means the payment transfer system provided and operated by the "Society for Worldwide Interbank Financial Telecommunication s.c"
SWIFT / Eurogirocheque A service to execute a transaction order received via SWIFT or Eurogiro Network in which the code "cheque" is indicated. A domestic cheque is printed in domestic currency and sent to the beneficiary.
SWIFTNet IP messaging platform using InterAct for high speed and low volumes and FileAct for high volumes and moderate speed (retail payments and bulk reporting).
SWWR SWIFT Workers Remittance.
T [Back to the top]
T2S Target2 Securities
TARGET Trans-European Automated Real-time Gross Settlement Express Transfer system. TARGET2 is the RTGS system for the euro, offered by the Eurosystem. It is used for the settlement of central bank operations, large-value euro interbank transfers as well as other euro payments. It provides real-time processing, settlement in central bank money and immediate finality.

Target Day

Means a day on which TARGET is open for transactions.

The Governing Council of the European Central Bank decided in 2000 that, from 2002 until further notice, the Trans-European Automated Real-time Gross settlement Express Transfer (TARGET) system will be closed, in addition to Saturdays and Sundays, on the following days:

  • New Year's Day,
  • Good Friday (Catholic/Protestant),
  • Easter Monday (Catholic/Protestant),
  • 1 May (Labour Day),
  • Christmas Day and
  • 26 December.

On these closing days, TARGET as a whole, including all the national real-time gross settlement (RTGS) systems will be closed.

TFTP Terrorist Finance Tracking Programme. A United States government programme to track financial transactions from SWIFT.
Triple DES

Although DES is considered "strong" encryption, many applications use "triple DES", which applies a three time encryption using three 64-bit keys in succession.

Triple DES is also referred to as 3DES.

U [Back to the top]
UEMOA Economic and Monetary Union of West Africa: Ivory Coast, Senegal, Maili, Burkina Faso, Benin, Niger and Togo.
UML The Unified Modeling Language (UML) is a standardized general-purpose modeling language in the field of software engineering.
USDFI

US ACH rules:

A DFI located in the United States

USGO

US ACH rules:

A Gateway Operator located in the United States

USODFI

US ACH rules:

An ODFI located in the United States

USRDFI

US ACH rules:

A RDFI located in the United States

USSP

USD Settlement Service Provider.

The Eurogiro member bank that is selected to provide all Eurogiro members with settlement of USD for an agreed period of time. In principle, the concept provides settlement of all Eurogiro USD payments at one institution.

V [Back to the top]
Value Date

The date on which the payment and the funds are settled with the receiving bank/post in their nostro/loro account

Vostroaccount See loro account
VPN

Virtual Private Network.

A technology to secure communication via external connections. Eurogiro uses VPN both on the EQUANT network as well as on the Internet connections.

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WSBI WSBI (World Savings Banks Institute) is the global representative of savings and retail banking. WSBI represents savings and socially committed retail banks or associations thereof in 92 countries. WSBI works closely with international financial institutions and represents its members’ interests at an international level. www.wsbi.org
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XBRL

eXtensible Business Reporting Language.

XBRL is a standard-based way to communicate and exchange business information between business systems. XBRL is an open, market-driven global standard.

XML

eXtensible Markup Language.

A way to describe format data. It represents not only the information to be exchanged, but also the metadata encapsulating its meaning and the structure of the information to be exchanged. The structure is readable for both humans and machines and is therefore a powerful tool for exchange of data.

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