There are a few terms it's worth familiarizing yourself with when using or implementing Banked's platform. A few of these terms are unique to Banked but most are related more generally to payments and account-to-account transfers:
| Term | Definition |
|---|---|
| A2A | Account-to-Account payments - direct bank-to-bank transfers that bypass traditional card networks. Core to open banking payments across UK, EU, and Australia. |
| Account | A bank account used for sending or receiving payments. In different regions, accounts are identified by Sort Code + Account Number (UK), IBAN (EU), or BSB + Account Number/PayID (Australia). |
| Account on File Mandates | Mandates that store customer payment credentials for future ad-hoc purchases with predefined transaction limits. Ideal for marketplace transactions and one-click checkout experiences. |
| BSB | Bank State Branch - a six-digit code used in Australia to identify bank branches, used with account numbers for domestic payments and PayTo mandates. |
| Business | An entity with its own Banked ID. |
| Business Application | An application allows Merchants to logically separate payments within a business. As such, a business may have multiple applications. An application is scoped to be either Test (only test payments are allowed), or Live (only live payments are allowed). |
| Checkout | The system to process a PaymentSession using a Provider of the Payer's choice. |
| Credentials | Authentication information including API keys, secrets, and OAuth tokens required to access Banked's APIs and process payments securely. |
| Dashboard | Banked's web-based interface for merchants to monitor transactions, manage settings, view analytics, and configure payment processing across all regions and payment methods. |
| Embedded | A payment flow where the customer authentication and payment process happens within the merchant's website or application using Banked's JavaScript SDK. |
| Faster Payments | The UK's real-time payment system enabling instant transfers between UK bank accounts 24/7, typically settling within seconds. |
| Hosted | A payment flow where customers are redirected to Banked's secure pages to complete payment authentication and authorization before returning to the merchant's website. |
| IBAN | International Bank Account Number - a standardized format for identifying bank accounts across Europe and other regions, essential for SEPA payments. |
| Line item | A specific item with a name, description, quantity, and amount to charge. A PaymentSession can contain an arbitrary number of line items. |
| Mandates | Pre-authorized payment agreements that allow merchants to collect recurring payments from customers without requiring authentication for each transaction. Available in Australia using PayTo scheme. |
| NPP | New Payments Platform - Australia's real-time payment infrastructure that enables instant payments 24/7 using BSB + Account Number or PayID identifiers. |
| OAuth 2.0 | An authorization framework used in open banking that allows third-party applications to access customer bank accounts with explicit customer consent and bank approval. |
| OpenID Connect | An identity layer built on OAuth 2.0 that provides secure user authentication and identity verification, commonly used in open banking for customer identification and consent management. |
| Payee | The individual or business receiving the payment created through Banked. This can be different for each PaymentSession generated, and can be anonymous (i.e. only sort code and account number). |
| Payer | The individual or business making a payment via Banked. |
| PayID | A unique identifier linked to an Australian bank account (such as mobile number or email) that simplifies payments without needing to share BSB and account numbers. |
| Payment ID | A unique ID for a payment within the Banked platform. |
| Payment Session | The core object you create and manage via our API which contains all the information required to submit a payment. |
| Payment Status | The current state of a payment (e.g., pending, processing, completed, failed, cancelled) that indicates progress through the payment lifecycle from initiation to settlement. |
| PayTo | Australia's real-time payment mandate system built on the New Payments Platform (NPP) that enables pre-authorized, recurring, and on-demand payments with instant settlement. |
| PISP | Payment Initiation Service Provider - a regulated entity authorized under PSD2 (EU) or Open Banking (UK) to initiate payments on behalf of customers from their bank accounts. |
| Provider | This is how we refer to a bank that's supported by our platform. |
| PSD2 | Payment Services Directive 2 - European regulation that enables open banking by requiring banks to provide secure API access to licensed third-party providers for payment initiation and account information. |
| Refunds | The process of returning funds to customers for previously completed payments. Available in Australia using AccountToAccount (NPP) or Mandated refund methods through the banking network. |
| Request Uniqueness | A mechanism ensuring that duplicate API requests with the same unique key produce the same result, preventing accidental duplicate payments or operations. |
| Sandbox | A testing environment that mirrors production functionality, allowing developers to test payment flows and integrations without processing real money or affecting live systems. |
| SEPA Credit | Single Euro Payments Area Credit Transfer - the standard method for EUR payments within the EU, typically settling within one business day through traditional banking rails. |
| SEPA Instant | Real-time EUR payment method within the EU that settles within seconds, available 24/7 and supported by an increasing number of European banks. |
| Sort Code | A six-digit code used in the UK to identify specific bank branches, used together with account numbers to route payments through the UK banking system. |
| Strong Customer Authentication (SCA) | A security requirement under PSD2 that requires multi-factor authentication for payment initiation, typically combining knowledge, possession, and inherence factors. |
| Subscription Mandates | Mandates designed for recurring payments with fixed or variable amounts and predictable billing cycles. Perfect for subscription services, memberships, and ongoing service relationships. |
| Tenant | A logical separation within Banked's platform allowing businesses to manage multiple brands, regions, or business units independently while sharing the same merchant account. |
| Token | A secure, temporary credential used for API authentication and payment authorization. Tokens have limited scope and expiration times to enhance security. |
| Transaction | A complete payment operation including initiation, authorization, processing, and settlement. Encompasses both the financial transfer and associated metadata and status updates. |
| Web Hooks | HTTP callbacks sent by Banked to merchant endpoints to provide real-time notifications about payment status changes, mandate updates, and other important events. |