D-F

D

debit card
A payment card linked to a bank or a building society account, used to pay for goods and services by debiting the holder's account; usually also combined with other facilities such as ATM and cheque guarantee functions.

Direct Credit
An electronic credit to a customer's account initiated directly by the payer. Direct Credits consist primarily of business-to-individual payments for wages, salaries, pensions, state benefits and tax credits, and payments initiated by businesses to pay their trading partners or by individuals to pay bills.

Direct Debit
A pre-authorised debit on the payer's account initiated by the payee (known as an originator). Direct Debits are typically used to make regular payments for debts such as utility bills and insurance payments and amounts may be variable.

Direct Payment
The payment by direct credit of state benefits and pensions into an account nominated by the recipient. The account could be a current or basic bank account with a bank or building society or a post office card account.

E

electronic banking
A service enabling users to access banking facilities over the Internet or other computer network. Also known as e-banking and, when the Internet is used, Internet banking (see also remote banking).

Electron
A Visa debit card. All Electron purchases are subject to electronic authorisation.

electronic purse
See pre payment card.

EMV
The internationally-agreed standards for chip payment cards, originally agreed by Europay, MasterCard and Visa. EMV standards are maintained by EMVCo, an organisation owned and managed by MasterCard, Visa and JCB.

euro-denominated bulk debit clearing (euro debit clearing)
An operational clearing for presenting and exchanging euro-denominated cheques drawn on a UK account between Settlement Members and their branches in order to transfer funds to named accounts.

eurocheque
A Europay scheme, withdrawn on 1 January 2002, which allowed cash withdrawals by plastic card and retail payments by uniform cheques (eurocheques) drawn against the customer's current account in the currency of the country where the transaction took place.

F

floor limit
A limit on the value of each transaction, agreed between the merchant and acquiring bank, above which authorisation must be obtained by the merchant, from the card issuer.

fully-authorised debit card
A debit card where every purchase is subject to electronic authorisation (see Electron and Solo).